Common use of Modification of compliance statement Clause in Contracts

Modification of compliance statement. Once the compliance statement has been issued (based on the information provided), the Plan Sponsor cannot request a modification of the compliance terms except by a new request for a compliance statement. However, if the requested modification is minor and is postmarked within the correction period provided for in the compliance statement, the compliance fee will be equal to the lesser of one-half of the original compliance fee or $1,500. The request should be sent to the VCP mailing address provided for in section 11.13. The request should include a letter explaining the modification, a copy of the original compliance statement, a copy of the original application and if applicable any other pertinent correspondence relating to the issuance of the original compliance statement, and a check for the compliance fee payable to the U.S. Treasury.