Suitability Determinations Clause Samples
A Suitability Determinations clause establishes the process and criteria by which one party assesses whether a product, service, or action is appropriate for a particular purpose or user. Typically, this clause outlines the factors to be considered in making the determination, such as regulatory requirements, user needs, or risk profiles, and may assign responsibility for conducting the assessment to a specific party. Its core practical function is to ensure that offerings are matched to the needs and circumstances of the recipient, thereby reducing the risk of inappropriate use and potential liability.
Suitability Determinations. AGNY, AGSI and DISTRIBUTOR wish to ensure that the Contracts, the applications for which will be solicited by Selling Group Members and their respective registered sales representatives (Selling Group Members and registered sales representatives may be referred to collectively as "Sales Persons"; if the context so warrants, registered sales representatives may be referred to as "Sales Persons.") will be issued to persons for whom the Contracts will be suitable. Each Selling Group Member shall take reasonable steps to ensure that neither it nor any other Sales Person makes recommendations to an applicant to purchase any of the Contracts, or to select any investment option thereunder, in the absence of reasonable grounds to believe that the purchase of the Contracts or selection of that option is suitable for such applicant in compliance with federal securities law requirements governing suitability obligations. While not limited to the following, a determination of suitability shall be based on information furnished to Sales Persons after reasonable inquiry of such applicant concerning the applicant's insurance and investment objectives and financial situation and needs, including the likelihood that the applicant will make sufficient premium payments to derive the benefits thereof, and tax status. The responsibility of Sales Persons to take such reasonable steps and make such determinations of suitability shall be a requirement of each selling group agreement entered into by DISTRIBUTOR.
Suitability Determinations. SCHWAB agrees to establish written procedures that will require SCHWAB employees to review all Contract applications to determine that the Contracts are a "suitable" investment vehicle for the applicant. While not limited to the following, such written procedures must provide that a determination of suitability shall be based on information furnished to a SCHWAB employee after reasonable inquiry of such applicant concerning the applicant's investment objectives and financial situation. In no event shall Contracts be sold describing premiums as "vanishing" or Contracts as being paid up at a time other than the date described in the Contract itself.
Suitability Determinations. All Contract employees requiring routine unescorted access to Federally-controlled facilities and/or information systems for more than 6 months (Regular Employees) may be required at the task order level to undergo a suitability determination before a facility identification card is issued. Prior to the time that an identification card is issued, such Regular Employees will be required to comply with normal facility access control procedures, including sign-in, temporary badges, and escorted entry, as applicable. Failure of a Regular Employee to receive a favorable suitability determination shall be cause for removal of the employee from the work site and from other work in connection with the Contract. Contract employees working less than 6 months (Temporary Employees) may, at the Government's option, be required to undergo a lesser form of suitability determination. Prior to the time that an identification card is issued, if at all, such Temporary Employees will be required to comply with normal facility access control procedures, including sign-in, temporary badge, and escorted entry, as applicable. Temporary Employees who have not received a favorable suitability determination shall be escorted at all times while in non-public space, as directed by the Government. The Government, at its sole discretion, may grant temporary suitability determinations to Regular or Temporary Employees. However, the granting of a temporary suitability determination to any such employee shall not be considered as assurance that a favorable suitability determination will follow. The OCO or his/her designated representative shall provide the Contractor with required forms for obtaining necessary clearances. The Contractor shall be required to cause such forms to be returned to the Government for processing not later than 14 days following being provided by the Government. The Contractor shall be responsible for planning and scheduling its work in such a manner as to account for facility access issues. Difficulties encountered by the Contractor in gaining access to facilities by its employees and subcontractors shall not be an excuse to any Contractor performance under the Contract.
Suitability Determinations. All post-employment suitability determinations are forwarded to ELR when suitability factors cannot be met. When a proposal for an adverse action is required, management will notify the union in accordance with the collective bargaining agreement.
Suitability Determinations. 2.5 SALES PERSONS/ASSOCIATED AGENCIES............................. 2.6