I guess it's fine for now. Normally what you do is you have 2 (or more) places alert about errors. First a general header at the top of the page "Error! Some shit went tits up and the form couldn't be saved" and then you also pinpoint exactly which fields went wrong using tooltips, error messages, red borders. 
But let's not drag this out even more. It's a very AJAX tool this thing so it's not your traditional form.