Common use of Suspension by Coordinating Committee Clause in Contracts

Suspension by Coordinating Committee. Upon the Coordinating Committee completing a preliminary investigation and determining that there is a substantial likelihood that a Participant’s acts or omissions create an immediate threat or will cause irreparable harm to another party including, but not limited to, a Participant; a Participant User; the integrity or operation of the Performance and Service Specifications; or an individual whose Message Content is Transacted using the Performance and Service Specifications; the Participants hereby grant to the Coordinating Committee the power to summarily suspend, to the extent necessary to address the threat posed by the Participant, a Participant’s Digital Credentials, pending the submission and approval of a corrective action plan, as provided in this Section. Upon suspension, the Coordinating Committee shall immediately suspend the Participant’s Digital Credentials and within twelve (12) hours of suspending a Participant’s right to Transact Message Content (i) provide Notice of such suspension to all Participants; and (ii) provide to the suspended Participant a written summary of the reasons for the suspension. The Participant shall use reasonable efforts to respond to the suspension notice with a detailed plan of correction or an objection to the suspension within three (3) business days or, if such submission is not reasonably feasible within three (3) business days, then at the earliest practicable time. If the Participant submits a plan of correction, the Coordinating Committee shall, within five (5) business days, review and either accept or reject the plan of correction. If the plan of correction is accepted, the Coordinating Committee shall, upon completion of the plan of correction, reinstate the Participant’s Digital Credentials and provide Notice to all Participants of such reinstatement. If the plan of correction is rejected, the Participant’s suspension will continue, during which time the Coordinating Committee and the Participant shall work in good faith to develop a plan of correction that is acceptable to both the Participant and the Coordinating Committee. At any time after the Coordinating Committee rejects a Participant’s plan of correction, either the Participant or the Coordinating Committee may submit a Dispute to the Dispute Resolution Process described in Section 21. If the Coordinating Committee and the Participant cannot reach agreement on a plan of correction through the Dispute Resolution Process, the Coordinating Committee may terminate the Participant in accordance with Section 19.04.

Suspension by Coordinating Committee. Upon the Coordinating Committee completing a preliminary investigation and determining that there is a substantial likelihood that a Participant’s 's acts or omissions create an immediate threat or will cause irreparable harm to another party including, but not limited to, a Participant; a Participant User; the integrity or operation of the Performance and Service Specifications; or an individual whose Message Content is Transacted using the Performance and Service Specifications; the Participants hereby grant to the Coordinating Committee the power to summarily suspend, to the extent necessary to address the threat posed by the Participant, a Participant’s 's Digital Credentials, pending the submission and approval of a corrective action plan, as provided in this Section. Upon suspension, the Coordinating Committee shall immediately suspend the Participant’s 's Digital Credentials and within twelve (12) hours of suspending a Participant’s 's right to Transact Message Content (i) provide Notice of such suspension to all Participants; and (ii) provide to the suspended Participant a written summary of the reasons for the suspension. The Participant shall use reasonable efforts to respond to the suspension notice with a detailed plan of correction or an objection to the suspension within three (3) business days or, if such submission is not reasonably feasible within three (3) business days, then at the earliest practicable time. If the Participant submits a plan of correction, the Coordinating Committee shall, within five (5) business days, review and either accept or reject the plan of correction. If the plan of correction is accepted, the Coordinating Committee shall, upon completion of the plan of correction, reinstate the Participant’s 's Digital Credentials and provide Notice to all Participants of such reinstatement. If the plan of correction is rejected, the Participant’s 's suspension will continue, during which time the Coordinating Committee and the Participant shall work in good faith to develop a plan of correction that is acceptable to both the Participant and the Coordinating Committee. At any time after the Coordinating Committee rejects a Participant’s 's plan of correction, either the Participant or the Coordinating Committee may submit a Dispute to the Dispute Resolution Process described in Section 21. If the Coordinating Committee and the Participant cannot reach agreement on a plan of correction through the Dispute Resolution Process, the Coordinating Committee may terminate the Participant in accordance with Section 19.04.