SOPs and Financial Controls Sample Clauses

SOPs and Financial Controls. In addition to the standard operating procedures and financial controls relating to its ordinary course of business apart from the Services, Optime shall establish and maintain standard operating procedures (“SOPs”) and financial controls (“Financial Controls”) that are related to the performance of the Services. As implemented by Optime, the Financial Controls shall be sufficient to permit Corcept to rely on the data provided by Optime to prepare its financial reports according to generally accepted accounting principles (“GAAP”) and the requirements of the Xxxxxxxx-Xxxxx Act of 2002. As soon as practicable after the Effective Date, Optime shall [****] and [****]. During the Term, Optime shall also [****] and [****] and whether those [****]. Optime must [****]. Optime shall [****]. For the avoidance of doubt, [****].
Sample 1
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SOPs and Financial Controls. Optime shall maintain standard operating procedures (“SOPs”) and financial controls to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements (“Financial Controls”) related to the performance of the Services. As implemented by Optime, the Financial Controls shall be sufficient to permit Corcept to rely on the data provided by Optime to prepare its financial reports according to generally accepted accounting principles ("GAAP") and the requirements of the Xxxxxxxx-Xxxxx Act of 2002. Optime shall maintain (and renew each year thereafter) and provide to Corcept a Service Organization Controls ("SOC") report covering the business processes, computer systems and other mechanisms by which Optime produces and transmits to Corcept the financial data relating to the Services. Such SOPs shall be reviewed by Optime on a regular basis, and in all events at least annually. In the event that Optime seeks to amend any such SOP or Financial Control, the Parties shall confer and reasonably cooperate to ensure that any such amendments comply with all Applicable Law. During the Term, Optime shall also retain a third-party auditor (the "Internal Auditor") to review and test Optime's Financial Controls and produce a report setting forth the controls tested, the outcome of those tests and whether those tests, in the opinion of the Internal Auditor, provide reasonable assurance that the control objectives were achieved. Optime must receive Corcept's advance written consent to its choice of Internal Auditor [**]. Optime shall [**] provide Corcept with all reports it receives from the Internal Auditor and a description of any findings. All such reports [**].
Sample 1
SOPs and Financial Controls. The Parties shall jointly own [**] established and maintained for the purposes of providing the Services herein. Nonetheless, Optime acknowledges that SOPs and Financial Controls relating to Products and Services provided in support of such Products constitute Corcept Confidential Information and include trade secret information developed using substantial Corcept resources, which is integral to Corcept’s business, and the disclosure of which would cause irreparable harm to Corcept. As such, during the term of this Agreement and for a period of [**] thereafter, Optime shall not [**]. Notwithstanding any other provision in this Agreement, this Section 13.6 shall survive termination of this Agreement for any reason.
Sample 1

Related to SOPs and Financial Controls

  • Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act), which (i) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii) have been evaluated by management of the Company for effectiveness as of the end of the Company’s most recent fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were established. Since the end of the Company’s most recent audited fiscal year, there have been no significant deficiencies or material weakness in the Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is not aware of any change in its internal control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

  • Internal Control Over Financial Reporting The Company and each of its Subsidiaries maintain a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act Regulations) that complies with the requirements of the Exchange Act and the Exchange Act Regulations and has been designed by the Company’s principal executive officer and principal financial officer and is sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including that (A) transactions are executed in accordance with management’s general or specific authorizations; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (C) access to assets is permitted only in accordance with management’s general or specific authorization; (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (E) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement is accurate and fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. The systems of internal control over financial reporting of the Company and its Subsidiaries are overseen by the Audit Committee of the Board of Directors of the Company in accordance with Nasdaq rules and regulations. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, since the end of the Company’s most recent audited fiscal year, (i) there has been no material weakness in the Company’s internal control over financial reporting (whether or not remediated), (ii) there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting and (iii) the Company has not been advised of (a) any significant deficiencies in the design or operation of internal controls that could adversely affect the ability of the Company or any Subsidiary to record, process, summarize and report financial data, or any material weakness in internal controls, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls of the Company and each of the Subsidiaries.

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