Risk Management Clause Examples
The Risk Management clause outlines the procedures and responsibilities for identifying, assessing, and mitigating potential risks associated with the agreement or project. Typically, it requires the parties to implement risk assessment processes, maintain appropriate insurance, and develop contingency plans to address foreseeable issues such as financial loss, safety hazards, or operational disruptions. By establishing clear expectations and proactive measures, this clause helps minimize the impact of adverse events and allocates responsibility for managing risks, thereby promoting stability and reducing uncertainty for all parties involved.
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Risk Management.Ěý7.1 Where Transnet determines appropriate, within 2 weeks from the date of contract signature, the Parties are to meet to prepare and maintain a contract Risk Register. The Risk Register shall include a description of the risks and a description of the actions which are to be taken to avoid or reduce these risks which both Parties shall jointly determne.
7.2 Contract progress meetings shall be held monthly, or unless otherwise agreed between the Parties in writing. The purposes of these progress meetings shall be to capture the number of late deliverables against agreed milestones, actual costs against payment plans, performance issues or concerns, contract requirements not achieved, the status of previous corrective actions and risk management. Minutes of meetings shall be maintained and signed off between the Parties throughout the contract period
Risk Management.ĚýExcept as required by applicable law or regulation, (i) implement or adopt any material change in its interest rate and other risk management policies, procedures or practices; (ii) fail to follow its existing policies or practices with respect to managing its exposure to interest rate and other risk; or (iii) fail to use commercially reasonable means to avoid any material increase in its aggregate exposure to interest rate risk.
Risk Management.Ěý1. A Party shall adopt the risk management approach in its customs activities based on its identified risk of goods in order to facilitate the clearance of low risk consignments, while focusing its inspection activities on high-risk goods. Accordingly, each Party undertakes that customs compliance activities at the time of entry shall not normally exceed 5 per cent of total customs transactions.
2. The Parties shall apply and further develop risk management techniques in the performance of their customs compliance activities.
3. The Parties shall exchange information on risk management techniques in the performance of their customs procedures.
Risk Management.Ěý1. Each customs administration shall focus its inspection activities on high-risk shipments of goods and facilitate the clearance, including release, of low-risk goods in administering customs procedures. Additionally, customs administrations shall exchange information related to applied techniques on risk management, ensuring the confidentiality of the information.
2. Each Party shall endeavor to mutually accept the certification given to the economic operator by the customs administration of the exporting Party throughout its supply chain which follows international standards and promotes safer trade in cooperation with governments and international organizations. 3. The Parties shall fully implement the obligation under paragraph 2 within three years following the date of entry into force of this Agreement.
Risk Management.Ěý1. Each Party shall use risk management systems in order to enable its customs authorities to focus their inspection activities on high risk operations and to speed up the release of low risk goods.
2. The importing Party shall note the efforts carried out by the exporting Party in relation to the security of the trade supply chain.
3. The Parties shall work towards exchanging information on risk management techniques applied by their respective customs authorities, respecting the confidentiality of the information and, whenever necessary, transfer knowledge.
Risk Management.Ěý1. The Parties shall administer customs procedures so as to facilitate the clearance of low-risk goods and focus on high-risk goods. To enhance the flow of goods across their borders the customs administration of each Party shall regularly review these procedures.
2. Where a customs administration of a Party deems that the inspection of goods is not necessary to authorise clearance of the goods from customs control, that Party shall endeavour to provide a single point for the documentary or electronic processing of those goods.
Risk ManagementĚýa. The Chair, on behalf of the Board, is responsible for ensuring that a risk management strategy is developed for the Agency, in accordance with the OPS Risk Management process.
b. The Agency shall ensure that the risks it faces are addressed in an appropriate manner.
Risk Management.ĚýPerform and comply in all material respects, and require its Subsidiaries to perform and comply in all material respects, with any risk management policies developed by the Borrower, including such policies, if applicable, related to (i) the retail and wholesale inventory distribution and trading procedures and (ii) dollar and volume limits.
Risk Management.Ěýâ€� The Contractor may insure any portion of the risk under the provision of the Contract based upon the Contractor’s ability (size and financial reserves included) to survive a series of adverse experiences, including withholding of payment by the Division, or imposition of liquidated damages by the Division. On or before beginning performance under this Contract, the Contractor shall obtain from an insurance company, duly authorized to do business and doing business in Mississippi, insurance as follows:
Risk Management.Ěý1. Each Party shall base its examination, release and post-entry verification procedures on risk assessment principles, rather than requiring each shipment offered for entry to be examined in a comprehensive manner for compliance with import requirements.
2. Each Party shall adopt and apply its import, export and transit requirements and procedures for goods on the basis of risk management principles and focus compliance measures on transactions that merit attention.
3. Paragraphs 1 and 2 do not preclude a Party from conducting quality control and compliance reviews that can require more extensive examinations.