Improper Replacement Sample Clauses
The Improper Replacement clause defines the consequences and procedures that apply when a party replaces a person, product, or service in a manner that does not comply with the contract's requirements. Typically, this clause outlines what constitutes an improper replacement, such as substituting a subcontractor or component without prior approval or failing to meet specified standards. Its core function is to protect the interests of the non-breaching party by ensuring that any replacements meet agreed-upon criteria, thereby maintaining quality and consistency and preventing unauthorized or substandard substitutions.
Improper Replacement. Broker-Dealer and its Registered Representatives shall not make any misrepresentation or in complete comparison of products for the purpose of inducing a current or potential contract owner or policyholder to lapse, forfeit or surrender his or her current insurance contract in favor of purchasing Company’s or other insurer’s product. Communication with clients shall include sufficient information regarding the appropriateness of the transaction to allow the client to make an informed decision.
Improper Replacement. Producer and its registered representatives shall not make any misrepresentation or materially incomplete comparison of Products for the purpose of inducing a current or potential contract owner or policy holder to lapse, forfeit or surrender his or her current insurance contract in favor of purchasing MassMutual's or other insurer's product. Communication with clients shall include sufficient information regarding the appropriateness of the transaction to allow the client or potential client to make an informed decision.