Old Mutual Multi-Managers’ use of Third-party Service Providers
Old Mutual Multi-Managers makes use of various third-party service providers to ensure we can provide the best service to our clients. Old Mutual Multi-Managers performs the appropriate level of due diligence on such third-party service providers to ensure that they are fit for purpose to perform such services.
We only engage the services of those third-party service providers who take the utmost care to protect themselves from Force Majeure events. The steps taken by Old Mutual Multi-Managers and/or our third-party service providers to avoid Force Majeure events are in line with industry standards. Old Mutual Multi-Managers will therefore use all reasonable endeavours in accordance with, inter alia, Old Mutual Limited’s “Information Security Policy Statement” to mitigate the impact of a Force Majeure event on the services provided by such third-party service providers.
Should the third-party service provider be subject to a Force Majeure event and such Force Majeure event results in a non-performance by the third-party service provider, the third-party service provider shall be subject to the same terms and conditions set out in the Policy and should such terms and conditions be imposed on the third-party service provider, such event shall suspend Old Mutual Multi-Managers’ obligations in terms of the Policy for such Policy obligations that are impacted by the services provided by such third-party service provider.
Force Majeure event
The Force Majeure events are defined in the Policy.
If a Force Majeure event occurs, Old Mutual Multi-Managers will give written notice to the Retirement Fund within 24 hours of such Force Majeure event occurring. Such written notice will advise the nature and cause of the Force Majeure event, and the consequences, or likely consequences, of the Force Majeure event on Old Mutual Multi-Managers’ obligations in terms of the Policy.
The Party claiming Force Majeure relief will be relieved from liability for any consequences arising from a breach of the Policy provisions as a result of such Force Majeure event. Such relief shall take effect from the date upon which such Party gives notice to the other Party of the Force Majeure event, and will terminate on the date on which such Force Majeure event ceases to exist.
Old Mutual Multi-Managers will use all reasonable endeavours in accordance with, inter alia, Old Mutual Limited’s “Information Security Policy Statement” to mitigate the effect of a Force Majeure event on the performance of its obligations in terms of the Policy.
Where a Party’s performance of its obligations in terms of the Policy has been suspended for a period of 5 Business Days or more, the Parties will engage in order to agree on the options available in the circumstances.
Where a Force Majeure event continues for a period of more than 10 Business Days, either Party will be entitled to effect a full termination of the Policy, where such full termination will be subject to the terms and conditions of the Policy.