Common use of Failure to Timely Correct Clause in Contracts

Failure to Timely Correct. Failure by a Reporting HS/VCS Financial Institution to correct administrative or other minor errors may, in the discretion of the U.S. Competent Authority, lead to a determination of significant non-compliance. The Competent Authorities expect, however, that in the ordinary course a determination of such significant non-compliance would not occur until at least 120 days after the notice specified in Paragraph 4.3.1 is provided to, and received by, the HS/VCS Competent Authority (per Paragraph 3.3.4).