Operational Independence Sample Clauses
The Operational Independence clause establishes that each party retains autonomy over its own internal operations and decision-making processes, even while collaborating or engaging in a contractual relationship. In practice, this means that neither party can dictate or interfere with the other's business methods, staffing, or management decisions, and each remains responsible for its own employees and resources. This clause is essential for preventing overreach or unwanted control, ensuring that both parties maintain their separate identities and operational freedom throughout the duration of the agreement.
Operational Independence. We are in possession of all relevant licenses, approvals and permits from the relevant regulatory authorities that are necessary to carry out and operate our business and we have sufficient operational capacity in terms of capital and employees to operate independently. Our Group have established our own organizational structure with independent departments, and each department is assigned to specific areas of responsibilities. Our operating functions, such as cash and accounting management, invoices and bills, operate independently of our Controlling Shareholders and their close associates. We have independent access to suppliers and customers and are not dependent on our Controlling Shareholders and their respective close associates with respect to supplies for our business operations. We also maintain a set of comprehensive internal control procedures to facilitate the effective operation of our business. Based on the above, our Directors are of the view that we are able to operate independently from our Controlling Shareholders and their respective close associates.
Operational Independence. We have full rights to make business decisions and to carry out our business independent of our Controlling Shareholders and their respective close associates. On the basis of the following reasons, our Directors consider that our Company will continue to be operationally independent from our Controlling Shareholders and their respective close associates after the [REDACTED]:
Operational Independence. We have full rights to make all decisions on, and to carry out, our own business operations independently. Our Company, through our subsidiaries, holds the licenses and qualifications necessary to carry on our current business, and has sufficient capital, facilities, technology and employees to operate the business independently from our Single Largest Shareholders Group. We have access to third parties independently from and not connected to our Single Largest Shareholders Group for sources of suppliers and customers. Based on the above, our Directors are satisfied that we will be able to function and operate independently from our Single Largest Shareholders Group and its close associates.
Operational Independence. The Successor Group has full rights to make business decisions and to carry out its business independently from the Controlling Shareholders. On the basis of the following reasons, the Directors of the Successor Company consider that the Successor Company will continue to be operationally independent from the Controlling Shareholders after Closing:
Operational Independence. Although our Controlling Shareholders will retain a controlling interest in us after [REDACTED], we have full rights to make all decisions on, and to carry out, our own business operations independently. Our Company, through our subsidiaries, holds the licenses and qualifications necessary to carry on our current business, and has sufficient capital, facilities, technology and employees to operate the business independently from our Controlling Shareholders. We have access to third parties independently from and not connected to our Controlling Shareholders for sources of suppliers and customers. Our Directors are of the view that there is no operational dependence by us on our Controlling Shareholders, and our Group is able to operate independent from our Controlling Shareholders after the [REDACTED]. We have established our own finance department with a team of financial staff, who are responsible for financial control, accounting, reporting, group credit and internal control functions of the Company, independent from the Controlling Shareholders. We are able to make financial decisions independently and the Controlling Shareholders and their respective close associates do not intervene with our financial matters. We have also established an independent audit system, a standardized financial and accounting system and a complete financial management system. In addition, we are capable of obtaining financing from third parties at reasonable costs without relying on any guarantee or security provided by the Controlling Shareholders or their close associates (other than the Group). As of the Latest Practicable Date, there are no outstanding loans or guarantees provided by, or granted to, our Controlling Shareholders or their respective associates. Based on the above, our Directors are of the view that we are capable of carrying on our business independently of, and do not place undue reliance on the Controlling Shareholders and their respective close associates after the [REDACTED].
Operational Independence. We have sufficient capital, facilities and employees to operate our business independently from our Controlling Shareholders. We also have independent access to our customers and suppliers. We are in possession of all relevant licenses, trademarks and intellectual property right and an independent management team necessary carry on and to operate our business. To the best knowledge of our Directors, all our suppliers are Independent Third Parties. Thus, our Directors are satisfied that we will be able to function and operate independently from our Controlling Shareholders and their close associates. In addition, pursuant to the Contractual Arrangements, our Directors are authorized to exercise all of the rights of the shareholders of our Consolidated Affiliated Entities, and our Group is entitled to enjoy all the economic benefits of our Consolidated Affiliated Entities and to exercise management control over the operations of our Consolidated Affiliated Entities. Pursuant to the Exclusive Option Agreement, Beijing Flowing Cloud (or its designated third party) has been granted an exclusive, unconditional and irrevocable option to purchase from the Registered Shareholders all or part of the equity interest in and/or the relevant assets of Ophyer Technology at the lowest price permitted under the PRC laws and regulations. Based on the above, our Directors believe that we are able to operate independently of our Controlling Shareholders. We have an independent internal control and accounting systems. We also have an independent finance department responsible for discharging the treasury function. We are capable of obtaining financing from third parties, if necessary, without reliance on our Controlling Shareholders. As of the Latest Practicable Date, (i) we did not have any outstanding loans or borrowing from our Controlling Shareholders or any of his/its close associates; (ii) borrowings amounted to approximately RMB6 million were guaranteed by third-party financial guarantee companies and counter guaranteed by ▇▇. ▇▇▇▇, our Controlling Shareholder, and his close associate. We have obtained written confirmations from the third-party financial guarantee companies that the counter guarantees provided by ▇▇. ▇▇▇▇ and his close associate will be released prior to the [REDACTED] and replaced by security deposit pledges provided by our Group; and (iii) our unutilized banking facilities amounted to approximately RMB18.7 million. No loans or guarantees provided by, ...
Operational Independence. Our Company has full rights to make all decisions on, and to carry out, our own business operations independently. We hold our own operation resources including but not limited to franchisees and suppliers, as well as our own registered patents which can be used for producing our products. We have a team of senior management to operate the business independently from our Controlling Shareholders and their respective close associates. We also have access to third parties independently from, and not connected with, our Controlling Shareholders for sources of suppliers, franchisees and business partners. Based on the above, our Directors believe that we are operationally independent from our Controlling Shareholders and their respective close associates. Our management and operational decisions are made by the Board in a collective manner. The Board comprises seven Directors, including four executive Directors and three independent non-executive Directors. Our Directors have relevant experience to ensure the proper functioning of the Board. We further believe that our Directors and members of the senior management are able to perform their roles in our Company in managing our business independently from our Controlling Shareholders and their respective close associates for the following reasons:
Operational Independence. Each Party shall maintain an operationally independent authority which is responsible and competent for the effective enforcement of its competition law.
Operational Independence. We do not rely on our Controlling Shareholders and their close associates for our finance, audit and control, sales and marketing, human resources, administration or company secretarial functions. We have our own departments specializing in these respective areas which have been in operation and are expected to continue to operate separately and independently from our Controlling Shareholders and their close associates. We have access to suppliers and customers independent of our Controlling Shareholders. We are also in possession of all relevant licenses and own all relevant intellectual properties and research and development facilities necessary to carry on and operate our business, and we have sufficient operational capacity in terms of capital and employees to operate independently from our Controlling Shareholders. Based on the above, our Directors are of the view that we are able to operate independently from our Controlling Shareholders after the [REDACTED].
Operational Independence. Subject to the terms of this Agreement and the Ancillary Agreements, subsequent to the Closing, the Purchaser shall have sole discretion with regard to all matters relating to the operation of the Business, including but not limited to, increasing the prices charged for services of Business, terminating existing clients accepting or rejecting new clients, including those referred to the Company by Selective Agents; provided, however, that the Purchaser shall use commercially reasonable efforts to preserve the operation of the Business and shall take no action for the primary purpose of reducing the Purchase Price payable to the Seller hereunder.