Common use of Maintaining Compliance Clause in Contracts

Maintaining Compliance. i. Employees, officers and directors have the responsibility to maintain their understanding of the Standards of Business Conduct and for following them. ii. Supervisors have the responsibility to maintain an awareness on the part of their employees, officers and directors of the importance of their adhering to the Standards of Business Conduct and for reporting deviations to Management. iii. As requested by the Board of Directors or senior management, employees, officers and directors will be asked to re-verify their understanding of the Standards of Business Conduct and their compliance with them every year as a part of Biovail’s annual reporting. iv. Employees, officers and directors must inform their supervisors of any changes in their holdings or activities that might be, or appear to be in non-compliance with the Standards of Business Conduct. v. Employees, officers and directors must prepare written disclosure of such information, if requested, by supervisors. vi. Employees, officers and directors must take steps to correct any such changes, if necessary, to bring holdings and activities into full compliance. Such steps will be approved in writing by supervisors and Management and will be based on the written disclosures submitted by employees, officers and directors.