Qualification Failure Clause Samples
The Qualification Failure clause defines the consequences and procedures that apply if a party does not meet specified qualifications or standards required under an agreement. Typically, this clause outlines what constitutes a failure to qualify, such as not obtaining necessary certifications, licenses, or approvals, and may specify remedies like suspension of obligations, opportunity to cure, or termination rights. Its core practical function is to protect parties by ensuring that only qualified entities participate in the contract, thereby reducing risk and maintaining the integrity of the agreement.
Qualification Failure. The term “Qualification Failure” means any failure that adversely affects the qualification of a plan. There are four types of Qualification Failures: (a) Plan Document Failures, (b) Operational Failures, (c) Demographic Failures, and (d) Employer Eligibility Failures.
Qualification Failure. A Quali- fication Failure is any failure that ad- versely affects the qualification of a plan. There are three types of Qualification Failures: (a) Plan Document Failures, (b) Operational Failures, and (c) Demo- graphic Failures.