Safe Harbor
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The term safe harbor (safe harbour) has several special usages, in an analogy with its literal meaning, that of a harbor or haven which provides safety from weather or attack.A safe harbor is a provision of a statute or a regulation that reduces or eliminates a party''s liability under the law, on the condition that the party performed its actions in good faith. Legislators include safe-harbor provisions to protect legitimate or excusable violations. An example of saf...
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The term safe harbor (safe harbour) has several special usages, in an analogy with its literal meaning, that of a harbor or haven which provides safety from weather or attack.A safe harbor is a provision of a statute or a regulation that reduces or eliminates a party''s liability under the law, on the condition that the party performed its actions in good faith. Legislators include safe-harbor provisions to protect legitimate or excusable violations. An example of safe harbor is performance of a Phase I Environmental Site Assessment by a property purchaser: thus effecting due diligence and a "safe harbor" outcome if future contamination is found caused by a prior owner.Another example is regarding insider information laws. Broker-dealers are required to have in place Chinese walls that prevent the transmission of insider information from one department to another. Each broker-dealer firm is required to have its own barriers and to enforce them on its own. Thus, there is no safe harbor regarding this issue.
