Common use of Non-Conformance Clause in Contracts

Non-Conformance. If a party determines that Tested Systems of the other party fail to conform to the Acceptance Criteria in one or more material respects (each, a “Defect”), then the party refusing acceptance shall provide the other party a report identifying each such Defect. Thereafter, the parties shall cooperate to allocate responsibility for remedying each such Defect and each party shall, as applicable in accordance with such allocation, (i) use good faith efforts to promptly remedy the Defect(s), and (ii) notify the other party once it reasonably believes such Defect(s) has (have) been remedied.

Appears in 3 contracts

Sources: Services Agreement (Nymex Holdings Inc), Services Agreement (Nymex Holdings Inc), Services Agreement (Chicago Mercantile Exchange Holdings Inc)