The inclusion of an honourable-engagement clause in a reinsurance contract enables arbitrators to consider the overall intent of the agreement, rather than solely adhering to rigid legal regulations or technical jargon. This provision promotes a fair and reasonable assessment of the reinsurance arrangement.
A reinsurance contract with an honourable-engagement clause allows arbitrators to interpret the agreement in a reasonable manner, considering its general purposes and the parties’ expectations, rather than strictly following legal rules or technical contract language. For example, if an insurance company files a claim with a reinsurer after a natural disaster, the honourable-engagement clause would allow arbitrators to consider the intent of the agreement and the broader context, rather than just the strict wording of the contract. This flexibility can help ensure a fair resolution of disputes between the insurer and reinsurer.
An Honorable-Engagement Clause is a provision in a contract that requires the parties to act in good faith and with integrity towards each other.
The purpose of an Honorable-Engagement Clause is to ensure that the parties to a contract act in a fair and ethical manner towards each other.
Yes, an Honorable-Engagement Clause is legally binding and enforceable in court.
If one party violates the Honorable-Engagement Clause, the other party may be entitled to damages or other legal remedies.
Yes, an Honorable-Engagement Clause can be included in any type of contract, including employment contracts, partnership agreements, and vendor contracts.
The Honorable-Engagement Clause is enforced through legal action, such as a breach of contract lawsuit.
An Honorable-Engagement Clause requires parties to act in good faith towards each other, while a non-compete clause restricts one party from competing with the other party.
Yes, an Honorable-Engagement Clause can be waived if both parties agree to do so in writing.
Examples of behavior that would violate an Honorable-Engagement Clause include lying, stealing, and intentionally misleading the other party.
You can ensure that an Honorable-Engagement Clause is included in your contract by working with a qualified attorney who can draft the clause and include it in the contract.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/honourable-engagement-clause/
- Modern Language Association (MLA):Honorable-Engagement Clause. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/honourable-engagement-clause/.
- Chicago Manual of Style (CMS):Honorable-Engagement Clause. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/honourable-engagement-clause/ (accessed: May 09 2024).
- American Psychological Association (APA):Honorable-Engagement Clause. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/honourable-engagement-clause/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts