Operational Risk Clause Samples
The Operational Risk clause defines the allocation and management of risks arising from failures in internal processes, people, systems, or external events that could impact the performance of contractual obligations. It typically outlines the responsibilities of each party to implement adequate controls, report incidents, and mitigate potential disruptions, such as system outages or human errors. By clearly delineating how operational risks are handled, this clause helps prevent disputes and ensures both parties are prepared to address unforeseen operational issues, thereby maintaining the continuity and reliability of the agreement.
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Operational Risk. .1 The position of all pole lines, conduits, pipes, watermains, sewers and other covered, underground and overground utilities and structures in, on, adjacent to under or over the Site (collectively, the “Utilities and Structures”) are not necessarily provided in the Agreement, and where provided, the accuracy of the position of such Utilities and Structures is not guaranteed and the Owner disclaims all liability with respect to same except to the extent explicitly stated otherwise in row E.3 of the Information Sheet. The Contractor shall be liable for damages to the Utilities and Structures as a result of any act or omission, whether or not the result of negligence, by the Contractor Parties and the Losses relating to such damage shall not be chargeable to the Owner and shall be at the cost of the Contractor.
.2 Without limiting the generality of GC 4.1.4.1, before commencing any Work, the Contractor shall inform itself of the existence and exact condition, size, depth and location of all Utilities and Structures in accordance with the Standard of Care and the Specifications, if applicable, and such process shall occur in conjunction with the Contractor’s review of the Agreement pursuant to GC 3.
6.1. For clarity, to the extent the Owner is required to provide such information to the Contractor as a part of its obligation under Laws, including the Ontario Underground Infrastructure Notification System Act, 2012, any work required to obtain such information shall be performed by the Contractor as a part of the Work without any increase to the Contract Price or extension of the Contract Time.
.3 As a part of, and in co-ordination with, the Work, the Contractor shall provide for the removal, protection, support, temporary and permanent relocation and restoration of the Utilities and Structures to the satisfaction of the owners of the Utilities and Structures, and in performing such Work, the Contractor shall comply with the requirements of the owners of the Utilities and Structures. The Contractor shall arrange with the appropriate owners for the stake out of all Utility and Structure connections that may be affected by the Work. The Contractor shall maintain records of such stake outs and make such records available to the Owner upon request. The Contractor shall observe the location of such stake outs, prior to commencing the Work, and in the event that there is a discrepancy between the location of such stake outs and the locations provided in the Agreeme...
Operational Risk. It is possible that due to a shortcoming in our procedures transactional errors are not discovered and corrected. We aim to counter this by means of a sound division of tasks, a well-documented administration organisation and supervision of the compliance with the agreed procedures but will not be liable for any losses or damage you suffer.
Operational Risk. The Customer’s funds may not move instantly to the intended destination with each instruction to the Bank. This arises as a result of the Bank’s operating hours and other system-related factors. Therefore, there may be mismatches or delays in the timing of cash flows due from or to counterparties in investment transactions which may lead to the Customer not having sufficient cash available to fund outstanding obligations.
Operational Risk. The fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The fund and BFA seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.
Operational Risk. Operational risk, such as breakdowns or malfunctioning of essential systems and controls, including IT systems, can impact on all financial products. Business risk, especially the risk that the business is not run in accordance with reasonable standards, could also impact on shareholders of, or investors in, such a business.
Operational Risk. 29.15.1 Service Provider must notify Aspen immediately when Service Provider becomes aware of the potential for or a material deficiency in the provision of the Services or this Agreement, including in relation to conformity to the Performance Metrics and compliance with applicable laws and regulatory requirements ("Operational Risk").
29.15.2 Aspen will inform Service Provider immediately when ▇▇▇▇▇ becomes aware of an Operational Risk in the provision of the Services or this Agreement.
29.15.3 Service Provider will register and maintain a risk register of all Operational Risks raised by either Service Provider or Aspen.
29.15.4 Within five (5) working days of the Operational Risk being registered in the risk register Service Provider will provide, for agreement with Aspen, a mitigation plan to mitigate the Operational Risk.
Operational Risk. Operational risk is the exposure to loss due to human error or fraud, or from a system of internal controls that fails to adequately record, monitor and account for transactions or positions. In addition to the daily and monthly reporting obligations described in Section VII, NJNG has implemented the following personnel and system controls to mitigate operational risks.
Operational Risk. Operational risk is the risk that is derived from the deficiencies relating to the Seller’s information technology and control systems as well as the risk of human error and natural disasters. The Buyers faces the risk of loss due to the Seller’s failure to continuously evaluate, maintain and upgrade existing systems and processes.
Operational Risk. A risk that the Individual Portfolio will incur losses due to the lack of satisfactory control over documentation, procedures, payments, accounting entries, transactions and activities of personnel. Operational risk also includes risks of operating system breakdowns, equipment failure risks, risks of damaging or destructing property by fire, natural disasters as well as malicious intent and fraud.
Operational Risk. Customer acknowledges and agrees that Hosting Facility operations are subject to various risks, including, but not limited to, risks related to Hosting Facility logistics, power supply, compliance with agreements, compliance with regulatory requirements, construction delays. In addition, due to the nature of complex global supply chain issues a variety of disruptions are possible for manufacturers, retailers, and various other types of companies including, without limitation, the ability to source and obtain raw materials, delays in shipping, and the availability of end user products. Ongoing labor shortages have created challenges for companies across industries, including the manufacturing and transportation industries, further exacerbating supply chain disruptions. As a result of these disruptions, Compass and/or the Hosting Facility may experience increased costs, inventory shortages, and temporary shutdowns. In addition to supply chain disruptions and labor shortages, Compass and/or the Hosting Facility may experience increased inflation in the costs of various goods and services, including the costs of power supply.