How is Compliance Status defined in a legal contract?
- Compliance Status means a determination that a party has the necessary trade qualifications, certifications, licenses, memberships, registrations, and other requirements related to compliance, and is insured. Seen in 2 SEC filings
- Compliance Status means the outcome of assessing a system's quality to determine its conformance with regulatory requirements. Seen in 1 SEC filing
- Compliance Status means the actual status of a supplier's IT system compliance level, referring to specific industry standards. Seen in 1 SEC filing
Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
yourself to verify these results. We are always keen to point people to source documents.
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Which definition should you use?
π€ has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Compliance Status means having all necessary qualifications, certifications, and requirements upheld under [governing law].
Relevant Contract Types
- Employment Contracts
- Independent Contractor Agreements
- Non-disclosure Agreements
- Service Level Agreements
Relevant Circumstances
- Hiring a new employee
- Engaging a contractor for a project
- Entering into a partnership with another business
- Providing services to a client
Relevant Sectors
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Genie Definition 2
Compliance Status means achieving [specific industry standard level] in system assessment outcomes.
Relevant Contract Types
Relevant Circumstances
- Procuring products or services from a supplier
- Licensing technology from a third party
- Developing software in-house or with a development firm
- Conducting a quality assurance review
Relevant Sectors
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