CONTROLLED BUSINESS Clause Samples

The "Controlled Business" clause defines and regulates transactions or business activities that are influenced or directed by a party to the agreement, often to prevent conflicts of interest or self-dealing. Typically, this clause outlines what constitutes controlled business, such as transactions with affiliates, subsidiaries, or entities in which a party has a significant ownership or management role. By clearly identifying and setting boundaries for such business dealings, the clause helps ensure transparency and fairness, mitigating the risk of biased decision-making or improper benefit within contractual relationships.
CONTROLLED BUSINESS. (a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if: (1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; and (2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year. (b) Not later than 90 days after the first annual settlement for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph. (c) Not later than 120 days after the first annual settlement for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE. (d) Non-compliance (1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h): (A) Individuals who failed to timely provide the required certification; (B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; or (C) Individuals who certified compliance but who have been determined to not be in compliance. (2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1). (e) If the amount of compensation to which the i...
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CONTROLLED BUSINESS a. No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale or service of an eligible livestock price insurance contract if: i. The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible livestock price insurance contract; and ii. The total compensation to be paid to the individual with respect to the sale or service of the eligible livestock price insurance contract that meets the condition described in subclause (1) exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for all eligible livestock price insurance contracts sold and serviced by the individual for the reinsurance year. b. Not later than 90 days after the end of the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible livestock price insurance contract in the prior reinsurance year shall certify to the applicable Company, in a format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph. c. Not later than 120 days after the end of the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non-compliance with the requirements of this paragraph. d. Individuals who failed to timely provide the required certification, certified that the individual was not in compliance with the requirements of this paragraph, or certified the individual as being in compliance when they were not are subject to disqualification and civil fines under the procedures implementing section 515(h) of the Federal Crop Insurance Act and any other procedures approved by FCIC implementing section 515(h). Reinsurance will not be denied for the eligible livestock price insurance contracts associated with any failure to timely provide the required certification, certification that the individual was not in compliance with the requirements of this paragraph, or certification of the individual as being in compliance when they were not.
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CONTROLLED BUSINESS. Insurance policies or investment products sold by an RR/Agent for RR/Agent's own account, or to RR/Agent's spouse, parents, children, employee(s), or to another USPA&IRA RR/Agent, or to the spouse, parents, children, or employee(s) of said RR/Agent, shall be identified as "controlled business" on the Cover Memo provided to USPA&IRA by the RR/Agent and shall be subject to the following special rules: (1) If any such "controlled business" becomes nonpersistent (as described in Annexes A and B), the PC penalty normally applicable to such "nonpersistent business" shall be double that described in the respective Annexes. (2) In addition, USPA&IRA may retroactively apply the PC penalty to the date of the original sale and adjust accordingly any commissions which may have been awarded as a result of the originally credited PC. (3) If any insurance sale defined as "controlled business" directly or indirectly replaces existing insurance sold through ERA, no commissions shall be paid or PC credited as a result of the issuance of the "controlled business." For purposes of this provision, an indirect replacement will be deemed to have occurred if insurance sold through ▇▇▇ was terminated by the purchaser within six (6) months prior to the issuance of the "controlled business."
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Related to CONTROLLED BUSINESS

  • Outside Businesses Subject to the provisions of Section 6.3, any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the activities of the Trust, and the Trust and the Holders of Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware Trustee or the Property Trustee shall be obligated to present any particular investment or other opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Covered Person, the Delaware Trustee and the Property Trustee may engage or be interested in any financial or other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates.

  • Restricted Business For all purposes under this Agreement, “Restricted Business” shall mean the design, development, marketing or sales of software, or any other process, system, product, or service marketed, sold or under development by the Company at the time Executive’s Employment with the Company ends.

  • Historically Underutilized Businesses (“HUBs”). In accordance with state law, it is TFC’s policy to assist HUBs whenever possible to participate in providing goods and services to the agency. TFC encourages those parties with whom it contracts for the provision of goods and services to adhere to this same philosophy in selecting subcontractors to assist in fulfilling PSP’s obligations with TFC. If PSP subcontracts with others for some or all of the services to be performed under an Assignment to this Agreement, PSP shall comply with all HUB requirements pursuant to Chapter 2161 of the Texas Government Code. At or prior to the execution of an Assignment with a value that is anticipated to meet or exceed One Hundred Thousand and No/100 Dollars ($100,000.00), PSP must provide a completed HUB Subcontracting Plan, which shall be approved by TFC prior to execution of the Assignment. A copy of the HUB Subcontracting Form is attached hereto and incorporated herein for all purposes as Exhibit G. PSP shall provide the HUB Program of TFC with pertinent details of any participation by a HUB in fulfilling the duties and obligations arising under an Assignment, on the HUB Subcontracting Plan Progress Assessment Report (“PAR”). A copy of the PAR Form is attached hereto and incorporated herein for all purposes as Exhibit H.

  • DISADVANTAGED BUSINESS ENTERPRISE OR HISTORICALLY UNDERUTILIZED BUSINESS REQUIREMENTS The Engineer agrees to comply with the requirements set forth in Attachment H, Disadvantaged Business Enterprise or Historically Underutilized Business Subcontracting Plan Requirements with an assigned goal or a zero goal, as determined by the State.

  • Disadvantaged Business Enterprises The sponsor shall not discriminate on the basis of race, color, national origin, or sex, in the award and performance of any DOT-assisted contract covered by 49 CFR Part 26, or in the award and performance of any concession activity contract covered by 49 CFR Part 23. In addition, the sponsor shall not discriminate on the basis of race, color, national origin or sex in the administration of its Disadvantaged Business Enterprise (DBE) and Airport Concessions Disadvantaged Business Enterprise (ACDBE) programs or the requirements of 49 CFR Parts 23 and 26. The sponsor shall take all necessary and reasonable steps under 49 CFR Parts 23 and 26 to ensure nondiscrimination in the award and administration of DOT-assisted contracts, and/or concession contracts. The sponsor’s DBE and ACDBE programs, as required by 49 CFR Parts 26 and 23, and as approved by DOT, are incorporated by reference in this agreement. Implementation of these programs is a legal obligation and failure to carry out its terms shall be treated as a violation of this agreement. Upon notification to the sponsor of its failure to carry out its approved program, the Department may impose sanctions as provided for under Parts 26 and 23 and may, in appropriate cases, refer the matter for enforcement under 18 U.S.C. § 1001 and/or the Program Fraud Civil Remedies Act of 1986 (31 U.S.C. §§ 3801-3809, 3812).