Qualifications not met Clause Samples
The "Qualifications not met" clause defines the consequences and procedures that apply when a party fails to meet specified qualifications or requirements outlined in an agreement. Typically, this clause details what constitutes a failure to meet qualifications, such as lacking necessary certifications, licenses, or experience, and may outline steps for remediation or grounds for contract termination. Its core practical function is to ensure that only parties who meet agreed-upon standards participate in the contract, thereby protecting the interests of the other party and maintaining the integrity of the agreement.
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Qualifications not met. (a) If the requirements in Clauses 6.1 or 6.2 are at any time not met the Trustee must not exercise any discretion or power until the requirements are met except:−
(i) for the purpose of exercising a statutory power to appoint a new or additional Trustee;
(ii) to protect the Trust Fund; or
(iii) in the case of urgency.
(b) If the requirements in Clauses 6.1 or 6.2 are at any time not met and if the Trustee does not have or is unable to exercise a statutory power of appointing a new or additional Trustee as outlined in 6.3(a) the Trustee may by writing appoint a new or additional Trustee.
Qualifications not met. (a) If the requirements in clause 7.1 are at any time not met the Trustee must not exercise any discretion or power until the requirements are met except:
(1) for the purpose of exercising a statutory power to appoint a new Trustee;
(2) to protect the Trust Fund; or
(3) in the case of urgency.
(b) If the requirements in clause 7.1 are at any time not met and if the Trustee does not have or is unable to exercise a statutory power of appointing a new Trustee, the Trustee may by writing appoint a new Trustee.