Common use of Corruption, bribery and extortion Clause in Contracts

Corruption, bribery and extortion. Minimum requirements for partners The partner is obliged not to commit or refrain from any actions that could lead to criminal liability for fraud or breach of trust, insolvency offences, offences against competition, granting of advantages, acceptance of advantages, bribery, corruptibility or comparable offences by persons employed by the partner or other third parties. In the event of a breach of this provision, voestalpine shall be entitled to withdraw from or terminate all legal transactions with the partner without notice and to break off all negotiations. Notwithstanding the above, the partner is obliged to comply with all laws and regulations concerning him and the business relationship with voestalpine. In the case of transactions involving raw materials, the partner must in particular prohibit the solicitation of bribes with the aim of concealing or disguising the origin of minerals. Taxes, fees and royalties paid to governments for purposes of extraction, trade, handling, transportation and export must be truthfully declared. Suppliers of raw minerals must commit to disclose payments in accordance with the Extractive Industries Transparency Initiative (EITI) principles.

Corruption, bribery and extortion. Minimum requirements for partners The partner is obliged not to commit or refrain from any actions that could lead to criminal liability for fraud or breach of trust, insolvency offences, offences against competition, granting of advantages, acceptance of advantages, bribery, corruptibility or comparable offences by persons employed by the partner or other third parties. In the event of a breach of this provision, voestalpine shall be entitled to withdraw from or terminate all legal transactions with the partner without notice and to break off all negotiations. Notwithstanding the above, the partner is obliged to comply with all laws and regulations concerning him and the business relationship with voestalpine. In the case of transactions involving raw materials, the partner must in particular prohibit the solicitation of bribes with the aim of concealing or disguising the origin of minerals. Taxes, fees and royalties paid to governments govern ments for purposes of extraction, trade, handling, transportation and export must be truthfully declared. Suppliers of raw minerals must commit to disclose payments in accordance with the Extractive Industries Transparency Initiative (EITI) principles.