Define: As soon as practicable

How is As soon as practicable defined in a legal contract?

• As soon as practicable means as soon as both possible and practical, taking into account all the facts and circumstances of the individual case. Seen in 32 SEC filings
• As soon as practicable means as soon as both possible and practical, taking into account all the facts and circumstances in a case. Normally, it means verbal notification to the appropriate party within a couple of business days of when the need for action becomes known. Seen in 20 SEC filings
• As soon as practicable means when a reasonable period of time has passed. Seen in 9 SEC filings
• As soon as practicable means when a firm acquires knowledge, suspicion, or reasonable grounds to suspect illicit activity. Once established, the firm should immediately report the activity. Seen in 4 SEC filings
• As soon as practicable means when there is enough information to communicate about a problem, issue, or opportunity, making the communication worthwhile. Seen in 3 SEC filings
• As soon as practicable means without undue delay. Seen in 3 SEC filings
• As soon as practicable means when a firm acquires knowledge, suspicion, or reasonable grounds to suspect illicit activity. This could be before, during, or after a transaction, depending on the nature of the knowledge or suspicion. In all cases, the firm should report the activity immediately once such knowledge, suspicion, or reasonable grounds have been determined. Seen in 3 SEC filings

Note: The Genie AI Legal Assistant 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.

Search EDGAR for 'Definitions of as soon as practicable' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant 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.

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Genie Definition 1

• As soon as practicable means being able to carry out an action immediately without undue delay, considering all relevant circumstances.

Relevant Contract Types

• Partnership Agreement
• Non-disclosure Agreement
• Employment Contract
• Traditional Lease

Relevant Circumstances

• When immediate actions are required.
• For time-sensitive contracts.
• Where regulatory compliance is necessary.

Relevant Sectors

• Banking and Finance
• Human Resources
• Real Estate
• Healthcare

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Genie Definition 2

• As soon as practicable means when a firm detects potential illicit activity and is able to report it immediately.

Relevant Contract Types

• Compliance Agreement
• Vendor Agreement
• Consulting Agreement

Relevant Circumstances

• When suspicious activities are detected.
• In situations requiring immediate reporting of illicit activities.

Relevant Sectors

• Consulting
• Cybersecurity
• Information Technology
• Financial Services

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