Business Omission Form

BUSINESS OMISSION FORM

Parties and Effective Date

Reporting Party:

Recipient Business:

Effective Date:

Recitals

WHEREAS, the Reporting Party has identified an omission in records, deliverables, services, or communications provided to the Recipient Business and seeks to document the omission and prescribe remedial action; and

WHEREAS, the Recipient Business acknowledges receipt of notice of the omission described herein and agrees to review, verify, and, where applicable, accept responsibility for remediation in accordance with the terms set forth below; and

WHEREAS, the parties desire to set forth in writing the scope of the omission, the corrective measures, compensation (if any), timetable for correction, and the respective rights and obligations of the parties with respect to such omission.

Description of Omission

Scope of Remedial Work

Payment Terms

Compensation Amount:

Late Payment Fee:

The Recipient Business shall remit any undisputed payments within the time specified above. Disputed amounts must be identified in writing within ten (10) business days of receipt of an invoice. Interest and late fees, if applicable, shall accrue from the date payment was due until paid.

Term and Termination

Term Start Date:     Term End Date:

Notice Period for Termination: days written notice.

Either party may terminate this Agreement for material breach if the breaching party fails to cure the breach within the notice period specified above. Termination shall not relieve either party of obligations accrued prior to termination, including payment obligations and obligations to complete remedial actions already undertaken.

Confidentiality

Each party agrees that all non-public information disclosed in connection with this Business Omission Form, including the omission particulars, remediation plans, and any supporting documents, constitutes Confidential Information. Confidential Information shall not be disclosed to third parties except as required by law or with the prior written consent of the disclosing party. The receiving party shall use at least the same degree of care to protect Confidential Information as it uses to protect its own confidential information, but in no event less than reasonable care.

The recipient acknowledges that the omission details are confidential.
The recipient will restrict access to personnel on a need-to-know basis.
Upon request, the recipient will return or destroy confidential materials.

Representations; Remedies

Each party represents that it has the authority to enter into this Agreement and that the information provided herein is true and accurate to the best of its knowledge. The parties' remedies for material breach include specific performance, monetary damages, and equitable relief, as determined by applicable law and subject to any limitations herein.

Governing Law; Entire Agreement

Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state of , without regard to conflict of law principles.

Entire Agreement: This Business Omission Form, including any attachments or schedules executed by the parties, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements, whether written or oral, relating to such subject matter. Any amendment must be in writing and signed by authorized representatives of both parties.

Certifications

By signing below, each signatory certifies that they are duly authorized to execute this Business Omission Form on behalf of the party indicated and that the information provided in this document is true, complete, and accurate to the best of their knowledge.

Sign Now