Common use of Procedures for Administrative or Other Minor Errors Clause in Contracts

Procedures for Administrative or Other Minor Errors. As provided in Article 5(1) of the IGA, the U.S. Competent Authority would notify the Cayman Islands Competent Authority when the U.S. Competent Authority has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or result in other infringements of the IGA. The Cayman Islands Competent Authority would then apply its domestic law (including applicable penalties) to obtain complete and correct information or to resolve other minor or administrative infringements of the IGA and exchange such information with the U.S. Competent Authority.

Procedures for Administrative or Other Minor Errors. As provided in Article 5(1) of the IGA, the U.S. Competent Authority would notify the Cayman Islands The Bahamas Competent Authority when the U.S. Competent Authority has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or result in other infringements of the IGA. The Cayman Islands Bahamas Competent Authority would then apply its domestic law (including applicable penalties) to obtain complete and correct information or to resolve other minor or administrative infringements of the IGA and exchange such information with the U.S. Competent Authority.