Prompt Corrective Actions Sample Clauses
The Prompt Corrective Actions clause establishes a framework for taking swift and predefined steps when certain financial or operational thresholds are breached. Typically, this clause applies to regulated entities such as banks or service providers, requiring them to implement specific measures—like increasing capital reserves or restricting certain activities—if their performance or compliance falls below set standards. Its core function is to mitigate risks and prevent further deterioration by ensuring that issues are addressed proactively and systematically, thereby protecting stakeholders and maintaining stability.
POPULAR SAMPLE Copied 1 times
Prompt Corrective Actions. In addition to the notification requirements in section 3.7 above, and with prior notice to the UNIVERSITY, BUSINESS ASSOCIATE shall take (i) prompt corrective action to remedy any Breach or Security Incident, (ii) mitigate, to the extent practicable, any harmful effect of a use or disclosure of PHI by BUSINESS ASSOCIATE, and (iii) take any other action required by applicable federal and state laws and regulations pertaining to such Breach or Security Incident.
Prompt Corrective Actions. In addition to the notification requirements in section 2.7 above, and with prior notice to UPHS, BUSINESS ASSOCIATE shall take (i) prompt corrective action to remedy any Breach or Security Incident, ii) mitigate, to the extent practicable, any harmful effect of a use or disclosure of PHI by BUSINESS ASSOCIATE in violation of this Agreement, and(iii) take any other action required by UPHS pertaining to such Breach or Security Incident (e.g. establishment of a toll-free telephone contact number, staff the toll-free telephone contact number, mail individual notifications, etc.).
Prompt Corrective Actions. In addition to the notification requirements in section 3.7 above, and with prior notice to the UNIVERSITY, BUSINESS ASSOCIATE shall take (i) prompt corrective action to remedy any Breach or Security Incident, (ii) mitigate, to the extent practicable, any harmful effect of a use or disclosure of PHI by BUSINESS ASSOCIATE, and (iii) take any other action required by applicable federal and state laws and regulations pertaining to such Breach or Security Incident. [This provision is indirectly required based on HITECH’s tiered penalties structure.]3