Failure to Obtain, Maintain or Renew Licences and Permits Sample Clauses

Failure to Obtain, Maintain or Renew Licences and Permits. Although as of the date of starting of the Token sale there are no statutory requirements obliging Company to receive any licences and permits necessary for carrying out of its activity, there is the risk that such statutory requirements may be adopted in the future and may relate to any of Company Parties. In this case, Company Parties' business will depend on the continuing validity of such licences and permits and its compliance with their terms. Regulatory authorities will exercise considerable discretion in the timing of licence issuance and renewal and the monitoring of licencees’ compliance with licence terms. Requirements which may by imposed by these authorities and which may require any of Company Party to comply with numerous standards, recruit qualified personnel, maintain necessary technical equipment and quality control systems, monitor our operations, maintain appropriate filings and, upon request, submit appropriate information to the licensing authorities, may be costly and time-consuming and may result in delays in the commencement or continuation of operation of the Platform. Further, private individuals and the public at large possess rights to comment on and otherwise engage in the licensing process, including through intervention in courts and political pressure. Accordingly, the licences any Company Party may need may not be issued or renewed, or if issued or renewed, may not be issued or renewed in a timely fashion, or may involve requirements which restrict any Company Party's ability to conduct its operations or to do so profitably.