Notice of Sanctions Clause Samples
A Notice of Sanctions clause requires one party to formally inform the other if they or their affiliates become subject to government-imposed sanctions. Typically, this clause obligates the affected party to provide prompt written notice upon learning of any sanctions, such as those related to trade restrictions or financial penalties. Its core function is to ensure transparency and allow the non-affected party to assess potential legal or business risks, thereby protecting both parties from inadvertently violating laws or regulations.
Notice of Sanctions. (1) A participating audit firm that is subject to sanctions imposed by the CPAB must provide notice to
(a) the audit committee of each reporting issuer for which it is appointed to prepare an auditor’s report, or, if a reporting issuer does not have an audit committee, the board of directors or the person or persons responsible for reviewing and approving the reporting issuer’s financial statements before they are filed, and
(b) the regulator, if the participating audit firm is appointed to prepare an auditor’s report with respect to the financial statements of a reporting issuer.
(2) The notice required under subsection (1) must be in writing and include a complete description of the sanctions imposed by the CPAB, including the date the sanctions were imposed.
(3) The notice required under subsection (1) must be delivered within 10 business days of the sanctions being imposed.
Notice of Sanctions. The State agency must notify a vendor in writing when an investigation reveals an initial incidence of a violation for which a pattern of incidences must be established in order to impose a sanction, before another such incidence is documented, unless the State agency determines that notifying the vendor would compromise an investigation. Vendors will receive a warning at least 15 days prior to imposing any federally-mandated sanctions that require a pattern. Violations will receive a warning prior to imposing any state agency sanctions. The effective date of the WIC Program sanction shall be the date the Vendor receives written notice of that sanction.
Notice of Sanctions. Notice to provider—Before imposing any of the sanctions described above, DHS must give the affected Contractor written notice that explains the following:
Notice of Sanctions. Department will formally notify Contractor in writing when a sanction is imposed (with the exception of accelerated monitoring, which may be unannounced), stating the nature of the sanction(s), the reasons for imposing them, the corrective actions, if any, that must be taken before the actions will be removed and the time allowed for completing the corrective actions, and the method, if any, of requesting reconsideration of the sanctions imposed. Contractor is required to file, within fifteen (15) calendar days of receipt of notice, a written response to Department acknowledging receipt of such notice. If requested by the Department, the written response shall state how Contractor shall correct the noncompliance or demonstrate in writing that the findings on which the sanctions are based are either invalid or do not warrant the sanction(s). If Department determines that a sanction is warranted, unless the sanction is subject to review under a federal or state statute, regulation or guideline, Department’s decision is final. Department shall provide written notice to Contractor of Department’s final decision. If required by the Department, Contractor shall take corrective action.
Notice of Sanctions i. Notice to MCO Except as provided in Article XVI.E.2.e.iv. or 42 C.F.R. § 438.706(c), before imposing any of the sanctions described in Article XVI.E.2., the Department must give the affected MCO written notice that explains the following:
a) The basis and nature of the sanction.
b) Any other due process protections that the Department elects to provide.
Notice of Sanctions