Initial Qualifications Clause Samples
The Initial Qualifications clause sets out the minimum requirements or credentials that a party must possess at the outset of an agreement or engagement. This may include specific licenses, certifications, experience levels, or other objective criteria that must be met before the party can participate or perform under the contract. By clearly defining these prerequisites, the clause ensures that only suitably qualified parties are involved, thereby reducing the risk of non-performance or disputes over competency.
Initial Qualifications. The Company reserves the right to have all its contributions returned to it free of this Trust, and to terminate said Plan and Trust, if the Trust does not initially meet the qualification requirements of the Internal Revenue Code for an employee stock option plan.
Initial Qualifications. Contributions to the Trust Fund are conditioned on the initial qualification of the VEBA as a voluntary employees’ beneficiary association under Section 501(c)(9) of the Code. If the VEBA is not determined to be tax-exempt under Section 501(c)(9), this VEBA shall terminate, and the Trustees shall, on the written request of the affected Employers, return allocable portions of the Trust Fund to the contributions employer within one year after the date such qualification of the VEBA is denied.