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Conclusive evidence clause: Difference between revisions
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{{a|glossary|[[File: | {{a|glossary| | ||
[[File:Dramatic Chipmunk.png|450px|thumb|center|Did someone say ... ''[[indemnities]]''?]]}}Any finance lawyer will be familiar with the following kind of clause: | |||
''{{quote|In the absence of [[manifest error]], a [[certificate of indebtedness|certificate]] from the [[Lender]] as to any amount due will be [[conclusive evidence]] of the amount owing.}}'' | ''{{quote|In the absence of [[manifest error]], a [[certificate of indebtedness|certificate]] from the [[Lender]] as to any amount due will be [[conclusive evidence]] of the amount owing.}}'' | ||
[[Conclusive evidence]] clauses are meant to support — [[dramatic look gopher]] — ''[[indemnities]]''. There’s a wealth of snarkily-presented information in [[indemnities]] [[Indemnity|in the usual place]]<ref>Go on — honestly — you’ll love it: {{t|Indemnity}}</ref> but the key point to remember is that, a ''well-crafted'' {{tag|indemnity}}<ref>Much talked about, seldom seen.</ref> is meant to be a pre-agreement to pay an ''ascertainable sum'' of money: both parties are meant to have a fairly clear handle on what | [[Conclusive evidence]] clauses are meant to support — [[dramatic look gopher]] — ''[[indemnities]]''. There’s a wealth of snarkily-presented information in [[indemnities]] [[Indemnity|in the usual place]]<ref>Go on — honestly — you’ll love it: {{t|Indemnity}}</ref> but the key point to remember is that, a ''[[well-crafted indemnity|well-crafted]]'' {{tag|indemnity}}<ref>Much talked about, seldom seen.</ref> is meant to be a pre-agreement to pay an ''ascertainable sum'' of money: both parties are meant to have a fairly clear handle on what will have to be paid out. | ||
Thus you will see that tell-tale [[caveat]]: “in the absence of [[manifest error]]”: where the sum claimed was obvious and not really in dispute; the bank did certify it but a fly got in the typewriter or some such thing and they sent out a certificate containing obviously the wrong number. Well, clearly that’s not conclusive, right? | Of course, as we well know, most [[indemnities]] are ''not'' well-crafted, but will be hopelessly vague, woolly, all-you-can-possibly-think-of affairs — just the kind of thing that ''isn’t'' “readily ascertainable”, at least not without the need for the a full adversarial process, with a day’s cross examination from Sir Jerrold Buxomley Q.C., to thrash them out. | ||
Thus, you will see that tell-tale [[caveat]]: “in the absence of [[manifest error]]”: where the sum claimed was obvious and not really in dispute; the bank did certify it but a fly got in the typewriter or some such thing and they sent out a certificate containing obviously the wrong number. Well, clearly that’s not conclusive, right? | |||
In the traditional banking world — the one where lenders are prudent community pillars, obtain only the indemnities they need and that can be justified before a jury of their peers, and borrowers understand their place in the world — this is all straightforward: A banker ''ought'' to know how much {{sex|she}} is owed, and how much interest, and how it compounds, and ought not to be subjected to a tedious back-and-forth with a mendacious borrower trying prolong process of paying. That sort of carry-on only benefits one person, as we all know, O dear [[Mediocre lawyer|attorney]]. | In the traditional banking world — the one where lenders are prudent community pillars, obtain only the indemnities they need and that can be justified before a jury of their peers, and borrowers understand their place in the world — this is all straightforward: A banker ''ought'' to know how much {{sex|she}} is owed, and how much interest, and how it compounds, and ought not to be subjected to a tedious back-and-forth with a mendacious borrower trying prolong process of paying. That sort of carry-on only benefits one person, as we all know, O dear [[Mediocre lawyer|attorney]]. | ||