Common use of Recording of Transactions Clause in Contracts

Recording of Transactions. The Confirming Party shall at its expense maintain equipment necessary to regularly record Transactions; provided, the Confirming Party shall not be liable for any malfunction of equipment or the operation thereof in respect of any Transaction WITHOUT REGARD TO THE CAUSE OR CAUSES RELATED THERETO, INCLUDING, WITHOUT LIMITATION, THE NEGLIGENCE OF ANY PARTY, WHETHER SUCH NEGLIGENCE BE SOLE, JOINT OR CONCURRENT, OR ACTIVE OR PASSIVE. For those Transactions documented by telephone recordings, no such Transaction shall be vitiated should a malfunction occur in equipment regularly utilized for recording Transactions or retaining any recorded Transactions or the operation thereof, and in such event the Transaction shall be evidenced by the written and computer records of the Parties concerning the Transaction made contemporaneously with the telephone conversation. Each Party consents to the recording of its employees' telephone conversations. The Parties agree not to contest or assert a defense to the validity or enforceability of any recorded telephonic Transactions entered into in accordance with this Agreement under laws relating to (i) whether certain agreements are to be in writing or signed by the Party to be thereby bound or (ii) the authority of any employee of the Party if the employee name is stated in the recording.