Reporting the violation Clause Samples
The "Reporting the violation" clause requires parties to promptly notify relevant stakeholders or authorities when they become aware of a breach or non-compliance with the agreement. Typically, this involves specifying the method and timeframe for reporting, such as written notice within a certain number of days after discovering the violation. By establishing clear procedures for reporting, this clause ensures that issues are addressed quickly, helping to mitigate potential damages and maintain transparency between parties.
Reporting the violation. The Officer shall report the failure to the CEO, Chief Financial & Operating Officer, and according to the severity of the case, also to the chairman of the Audit Committee/Board of Directors, all according to the reporting requirements in this plan. Insofar as the CEO and/or Chief Financial & Operating Officer are involved in the failure, the Officer shall contact the chairman of the Audit Committee. Insofar as the members of the Committee are involved in the matter, the Officer shall contact the internal auditor. 1See quote from the minutes of an Audit Committee meeting dated February 5, 2012, which appears in Annex A.