Common use of Occurrence Reports Clause in Contracts

Occurrence Reports. Within twenty-four (24) hours following Supplier’s discovery of the occurrence of a security breach or suspicious activity, Supplier shall provide Company with written documentation of the cause, remedial steps and future plans to prevent a recurrence of the same or similar breach or suspicious activity. If such remedial plan is acceptable to Company, Supplier shall immediately implement the proposed remedial plan or in a mutually agreed upon timeframe. If such remedial plan is unacceptable, based on Company’s reasonable judgment, Supplier shall promptly but in any event no later than five (5) days enter into good faith negotiations to address the proposed remedial plan. Supplier shall reasonably cooperate with Company security investigation activities and with the preparation and transmittal of any notice or any action, which Company in its sole discretion may deem appropriate or required by law, to be sent or done for customers or other affected third parties regarding any known or suspected security breach.