Common use of Regulatory Flexibility Clause in Contracts

Regulatory Flexibility. The Secretary of Commerce and Trade and VEDP acknowledge that a key component of the long-term success of the Facility, as well as the Commonwealth as a whole, will be the Commonwealth’s ability to ▇▇▇▇▇▇ an innovative economy. Therefore, the Secretary of Commerce and Trade and VEDP will actively encourage the Commonwealth’s regulatory authorities to implement forward-looking regulatory frameworks that, to the extent appropriate: (i) increase consumer choice and allow new and innovative forms of technologies and services to enter the marketplace; (ii) reassess existing laws and regulations to assure they are not unduly harming innovation and competition in pursuit of their objectives; (iii) are performance-based and technology neutral; (iv) limit prescriptive conditions on the design and operation of new technologies or devices; and (v) support environmentally-sustainable technologies and cost-competitive renewable energy.