Regulatory Deficiencies Clause Samples
The Regulatory Deficiencies clause defines the parties' obligations and remedies if a product, service, or transaction fails to meet applicable legal or regulatory requirements. Typically, this clause outlines the steps to be taken if a deficiency is identified, such as notifying the affected party, suspending activities, or making necessary corrections to achieve compliance. Its core function is to allocate responsibility and provide a clear process for addressing regulatory shortfalls, thereby minimizing legal risk and ensuring ongoing compliance with relevant laws.
Regulatory Deficiencies. Philips is not responsible for any regulatory deficiencies for assets that are NOT registered against a National Standard model.
Regulatory Deficiencies. Supplier agrees to perform, at no cost to Company, all corrective action needed to fix regulatory deficiencies in Products. In the event of any corrective action or recall of Products by Supplier, Company will either notify its customers of such actions or advise them of the remedy to be provided by Supplier or provide Supplier a list of customers that have purchased said product for Supplier to give such notice. Supplier will affect all such remedies by providing instructions to Company to provide to its customers for return of Product to Supplier for correction and/or modification. Supplier will be responsible for all costs and expenses incurred in affecting such a remedy including costs of service, replacement, and shipping, as applicable.
Regulatory Deficiencies. Prior to the Effective Date, BANCORP and BANK shall have taken corrective action to cure any existing regulatory deficiencies provided, however, that BANCORP and BANK shall not be required to take corrective action prior to the date by which such corrective action is required by the applicable law or regulation or regulatory order or agreement.