Common use of MSME ACT Clause in Contracts

MSME ACT. SERVICE PROVIDER hereby agrees to take the full responsibility of notifying IIMC if SERVICE PROVIDER is qualified or gets qualified during the Term of this Agreement as a micro, small or medium enterprise as defined under the Micro, Small and Medium Enterprises Development Act, 2006 (“MSME Act”). To comply with the above requirement, SERVICE PROVIDER is required to notify IIMC in writing within fifteen (15) days of applying or getting covered under the ambit of the MSME Act as mentioned above. 14.1 SERVICE PROVIDER further acknowledges that in the event it fails to comply with the aforementioned requirement, IIMC shall assume that the SERVICE PROVIDER does not fall under the ambit of the MSME Act to the extent provided above.

MSME ACT. SERVICE PROVIDER hereby agrees to take the full responsibility of notifying IIMC if SERVICE PROVIDER is qualified or gets qualified during the Term of this Agreement as a micro, small or medium enterprise as defined under the Micro, Small and Medium Enterprises Development Act, 2006 (“MSME Act”). To comply with the above requirement, SERVICE PROVIDER is required to notify IIMC in writing within fifteen (15) days of applying or getting covered under the ambit of the MSME Act as mentioned above. 14.1 15.1 SERVICE PROVIDER further acknowledges that in the event it fails to comply with the aforementioned requirement, IIMC shall assume that the SERVICE PROVIDER does not fall under the ambit of the MSME Act to the extent provided above.