Common use of Proof of Compliance a Clause in Contracts

Proof of Compliance a. Supplier must reasonably cooperate with Verizon’s efforts to verify Supplier’s compliance with these Requirements, which efforts may include periodic audits of Supplier’s operations by Verizon or a third party at Verizon request and on reasonable notice. Supplier will reasonably cooperate with security assessment activities that Verizon may undertake from time to time in connection with Supplier’s performance under any Agreement, and will address in a timely manner, security issues that are uncovered in such assessments. b. In the event Verizon discovers that Supplier is non-compliant with these Requirements, Supplier must implement corrective action as soon as practicable, but in no event more than (30) days after Verizon’s initial notification to Supplier of the non-compliance. These Requirements supplement security requirements set forth in any Agreement(s). These Requirements specify minimum expectations of Verizon for Supplier engagements. Additional safeguards and controls may be required in an Agreement, statement of work or other engagement document between Supplier and Verizon, and if such safeguards and/or controls exceed those set forth in these Requirements, those obligations will continue to apply.

Appears in 4 contracts

Samples: Transfer and Servicing Agreement (Verizon Owner Trust 2020-C), Transfer and Servicing Agreement (Verizon Owner Trust 2020-C), Transfer and Servicing Agreement (Verizon Owner Trust 2020-B)

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Proof of Compliance a. Supplier must will reasonably cooperate with Verizon’s efforts to verify Supplier’s compliance with these Requirements, which efforts may include periodic audits of Supplier’s operations by Verizon or a third party at Verizon request and on reasonable notice. Supplier will reasonably cooperate with security assessment activities that Verizon may undertake from time to time in connection with EA-8 Baseline Security Requirements For Verizon Suppliers Supplier’s performance under any Agreement, and will address in a timely manner, security issues that are uncovered in such assessments. b. In the event Verizon discovers that Supplier is non-compliant with these Requirements, Supplier must will implement corrective action as soon as practicable, but in no event more than (30) days after Verizon’s initial notification to Supplier of the non-compliance. These Requirements supplement security requirements set forth in any Agreement(s). These Requirements specify minimum expectations of Verizon for Supplier engagements. Additional safeguards and controls may be required in an Agreement, statement of work or other engagement document between Supplier and Verizon, and if such safeguards and/or controls exceed those set forth in these Requirements, those obligations will continue to apply.

Appears in 4 contracts

Samples: Transfer and Servicing Agreement (Verizon Master Trust), Transfer and Servicing Agreement (Verizon Master Trust), Transfer and Servicing Agreement (Verizon Master Trust)

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