Permits and Good Industry Practice Sample Clauses
The "Permits and Good Industry Practice" clause requires parties to obtain and maintain all necessary permits, licenses, and approvals relevant to their activities under the agreement, and to perform their obligations in accordance with recognized standards of professional conduct. In practice, this means that a contractor, for example, must secure all building permits before commencing work and must adhere to safety and quality standards commonly accepted in the industry. The core function of this clause is to ensure legal compliance and uphold quality and safety standards, thereby reducing the risk of regulatory violations and substandard performance.
Permits and Good Industry Practice. The Concessionaire shall provide 2 (two) copies of its balance sheet, cash flow statement and profit and loss account, along with a report thereon by its Statutory Auditors, within 90 (ninety) days of the close of the Accounting Year to which they pertain and such audited accounts, save and except where expressly provided to the contrary, shall form the basis of payments by either Party under this Agreement. The Authority shall have the right to inspect the Revenue records of the Concessionaire during office hours and require copies of relevant extracts of books of accounts, duly certified by the Statutory Auditors, to be provided to the Authority only for verification of basis of payments, and in the event of any discrepancy or error being found, the same shall be rectified and such rectified account shall form the basis of payments by either Party under this Agreement.
Permits and Good Industry Practice. If more than one standard, including building codes, requirements of an authority having jurisdiction, work practices and procedures, and specifications, applies to the performance of the Work, then the strictest of such will apply.