Common use of Testing Process Clause in Contracts

Testing Process. Prior to being permitted to participate in the Exchange via any Application, Licensee must complete the CBOT’s market entry testing process, which process is designed to safeguard the integrity of the Exchange by verifying that (a) Licensee demonstrates an appropriate level of technical and operational readiness to participate in the Trading System; and (b) each Application conforms to a series of criteria to ensure it will not cause degradation of the Trading System and is fit for the purpose of participating in the Exchange (“Market Entry Testing”). Upon request by Licensee, the CBOT shall provide Licensee a test environment loaded with a dummy market and a pre-defined script known as a “Market Entry Test” or “MET,” and Licensee shall undertake the testing process. If the CBOT deems, in its sole discretion, that Licensee and the particular Application being tested have met all of the relevant Market Entry Testing requirements, the CBOT will issue to Licensee, if required by the operation of the Interface, an appropriate encrypted license key which will permit Licensee to participate in the Exchange utilizing the Application tested. If the CBOT determines, in its sole discretion, that Licensee has not met all of the Market Entry Testing requirements, the CBOT will so notify Licensee, which will then be provided a subsequent and reasonably prompt opportunity to undertake Market Entry Testing during a commercially reasonable time period specified by the CBOT.

Testing Process. Prior to being permitted to participate in the Exchange via any Application, Licensee must complete the CBOT’s market entry testing 's Market Entry Testing process, which process is designed to safeguard the integrity of the Exchange by verifying that (a) Licensee demonstrates an appropriate level of technical and operational readiness to participate in the Trading System; and (b) each Application conforms to a series of criteria to ensure it will not cause degradation of the Trading System and is fit for the purpose of participating in the Exchange (“Market Entry Testing”)Exchange. Upon request by Licensee, the CBOT shall provide Licensee a test environment loaded with a dummy market and a pre-defined script known as a “"Market Entry Test” " or “"MET,” " and Licensee shall undertake the testing process. If the CBOT deems, in its sole discretion, that Licensee and the particular Application being tested have met all of the relevant Market Entry Testing requirements, the CBOT will issue to Licensee, if required by the operation of the CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**] Interface, an appropriate encrypted license key (which key will be a view only key unless Licensee is a Member) which will permit the Licensee to participate in the Exchange utilizing the Application tested. If the CBOT determines, in its sole discretion, that Licensee has not met all of the Market Entry Testing requirements, the CBOT will so notify Licensee, which will then be provided a subsequent and reasonably prompt opportunity to undertake Market Entry Testing during a commercially reasonable the time period specified by the CBOT.