Limitation of Delegation Clause Samples
A Limitation of Delegation clause restricts a party’s ability to transfer its contractual duties or responsibilities to another party without prior consent. In practice, this means that if one party wishes to delegate tasks or obligations under the agreement, they must first obtain written approval from the other party, ensuring that only approved third parties may perform critical functions. This clause serves to maintain control over who is responsible for fulfilling contractual obligations, thereby protecting the interests of the non-delegating party and preventing unwanted or unqualified third parties from becoming involved in the contract.
Limitation of Delegation. The Funds and the Bank acknowledge and agree that in accepting their duties hereunder, they are agreeing to perform only those aspects of the other parties AML Program as specified in Section 1 above. The Funds and the Bank are not undertaking and shall not be responsible for any other aspect of a party’s AML Program or for a party’s overall compliance with the USA PATRIOT Act.
Limitation of Delegation. The Trust acknowledges and agrees that in accepting the delegation hereunder, the Distributor is agreeing to perform only those aspects of the Trust’s AML Program relating to the implementation and operation of customer accounts as specified in Section 1 above that have been expressly delegated hereby and is not undertaking and shall not be responsible for any other aspect of the Trust’s AML Program or for the overall compliance by the Trust with the USA Patriot Act.
Limitation of Delegation. The Trust acknowledges and agrees that in accepting the delegation hereunder, DSI is agreeing to perform only those aspects of the Trust's AML Program relating to the implementation and operation of customer accounts as specified in Section 1 above that have been expressly delegated hereby and is not undertaking and shall not be responsible for any other aspect of the Trust's AML Program or for the overall compliance by the Trust with the USA Patriot Act.
Limitation of Delegation. The Fund acknowledges and agrees that in accepting the delegation hereunder, the Distributor is agreeing to perform only those aspects of the Fund’s AML Program relating to the implementation and operation of customer accounts as specified in Section 1 above that have been expressly delegated hereby and is not undertaking and shall not be responsible for any other aspect of the Fund’s AML Program or for the overall compliance by the Fund with the USA Patriot Act.
Limitation of Delegation. The Trust acknowledges and agrees that in accepting the delegation hereunder, the Bank is agreeing to perform only those aspects of the Trust's AML Program relating to the customer accounts as specified in Sections 1.2 and 2 above and the Bank is not undertaking and shall not be responsible for any other aspect of the Trust's AML Program or for the overall compliance by the Trust with the USA PATRIOT Act.
Limitation of Delegation. To the extent that this Agreement constitutes a delegation of authority by the County, this Agreement shall not be construed to delegate any authority other than the authority to provide the services described in this Agreement, consistent with the terms and provisions of this Shared Services Agreement. Neither County nor Municipality intends by this Agreement to create any agency relationship other than that which may be specifically required by the Shared Services Agreement Act for the limited purpose of the provision of service by the County pursuant to this Agreement.
Limitation of Delegation. The Fund and the Bank acknowledge and agree that in accepting their delegations
Limitation of Delegation. The Fund acknowledges and agrees that in accepting the delegation hereunder, IFA is agreeing to perform only those aspects of the Fund's AML Program relating to the implementation and operation of customer accounts as specified in Section 1 above that have been expressly delegated hereby and is not undertaking and shall not be responsible for any other aspect of the Fund's AML Program or for the overall compliance by the Fund with the USA Patriot Act.
Limitation of Delegation. The Fund acknowledges and agrees that in accepting the delegation hereunder, the Bank is agreeing to perform only those aspects of the Fund’s AML Program as specified in Section 1.5 above, and the Bank is not undertaking and shall not be responsible for any other aspect of the Fund’s AML Program or for the overall compliance by the Fund with the USA PATRIOT Act. This Amendment applies solely to the matters discussed herein. In all other regards, the terms and provisions of the Agreement shall continue to apply with full force and effect. Each party represents to the other that the execution and delivery of this Amendment has been duly authorized.
Limitation of Delegation. (a) The Funds understand and agree that the Bank’s and the Transfer Agent’s only responsibilities under this Supplement are in performing the AML/Sanctions Assistance Functions as set forth herein and that each Fund is ultimately responsible for ensuring that it is compliant with its own regulatory obligations relative to applicable anti-money laundering and sanctions laws, regulations and rules. For the avoidance of doubt, the Bank and the Transfer Agent shall not be Information Classification: Limited Access Information Classification: Limited Access responsible for any other aspect of the Fund’s AML & Sanctions Program or for the overall compliance by the Funds with the U.S. Bank Secrecy Act, as amended by the USA PATRIOT Act, and the applicable rules and regulations promulgated thereunder, including, but not limited to, any Customer Due Diligence Requirements for Financial Institutions published by FinCEN on May 11, 2016, together or collectively with any amendments thereto, or for the overall compliance by the Funds with any applicable sanctions laws, rules or regulations, or for any other matters that have not been delegated hereunder. Additionally, the parties acknowledge and agree that the Bank and the Transfer Agent shall only be responsible for performing the AML/Sanctions Assistance Functions with respect to the ownership of, and transactions in, shares in the Funds for which the Transfer Agent maintains the applicable investor information and records.
(b) The Funds understand and agree that, notwithstanding the Bank’s agreement to perform the AML/Sanctions Assistance Functions, the Bank shall be ultimately responsible for, and have complete discretion in, ensuring that it is compliant with its own anti-money laundering and sanctions screening and reporting obligations.