Good Industry Practice definition

Good Industry Practice means standards, practices, methods and procedures conforming to the Law and the degree of skill and care, diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled and experienced person or body engaged in a similar type of undertaking under the same or similar circumstances.
Good Industry Practice means the exercise of that degree of skill, diligence and prudence which would reasonably and ordinarily be expected from a reasonably skilled and experienced Operator engaged in the same type of undertaking under the same or similar circumstances.

Examples of Good Industry Practice in a sentence

  • The Concessionaire shall, in event of any accident, incur any expenditure or take any other action as necessary, in accordance with Good Industry Practice.

  • DISTRIBUTOR further agrees and covenants to use DISTRIBUTOR's commercially reasonable best efforts to maximize the sale of Authorized Products to those Outlets in the Territory for which such Authorized Products have been produced and to distribute such Authorized Products to such Outlets in accordance with Good Industry Practice as defined above, including servicing all Outlets in accordance with the Outlet’s then- established service requirements.

  • At all times during the Term hereof, the [LOI Holder / Approval Holder] will maintain, and cause its contractors and sub-contractors to maintain, with financially sound and reputable insurers, insurance against such casualties and contingencies, ofsuch types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is consistent with Good Industry Practice.

  • For the avoidance of doubt, it is expressly agreed that the Independent Monitor[s] may require the Concessionaire to carry out or cause to be carried out additional Tests, in accordance with Good Industry Practice, for determining the compliance of the Project with Specifications and Standards.

  • THE DESIGN CONSTRUCTION AND COMMISSIONING PROCESS31 Overall Responsibility‌ 12.1 D&B Co shall carry out the Works: 12.1.1 so as to procure satisfaction of the Authority's Construction Requirements; 12.1.2 in accordance with D&B Co's Proposals; 12.1.3 in accordance with the Quality Plans; 12.1.4 in accordance with Good Industry Practice; and 12.1.5 in accordance with the terms of this Agreement.


More Definitions of Good Industry Practice

Good Industry Practice means, in relation to the Supply or the performance of any other obligation under this Agreement, the practices, and the application of the skill, care, diligence, prudence and foresight, which would reasonably and ordinarily be expected from a skilled and experienced international contractor carrying out or procuring equivalent services of similar type, scope and value, in the same or similar location and in similar circumstances to those pertaining to the Supplier;
Good Industry Practice means the exercise of that degree of skill, care, prudence, efficiency, foresight and timeliness as would be expected from a leading company within the relevant industry or business sector.
Good Industry Practice means, in relation to any undertaking and any circumstances, the exercise of the degree of skill, care, prudence and foresight which would be expected from a skilled and experienced person engaged in the same type of undertaking under the same or similar circumstances;