How is System Reliability defined in a legal contract?
- System Reliability means the comparison between the actual time a unit is in service and the potential maximum time it could be in service during a specified period. Seen in 2 SEC filings
- System Reliability means the ability of a power system to continuously supply power to its users despite facing multiple potential disruptions. Seen in 2 SEC filings
- System Reliability means the probability that a system, including hardware, software, and firmware, will satisfactorily perform its intended function for a specified time, in a designated environment. 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.
Which definition should you use?
🤔 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
System Reliability means the consistency of a system to operate and provide its intended function over a specific period without interruption.
Relevant Contract Types
- IT Services Agreement
- Software Development Agreement
- Manufacturing Agreement
- Hardware Purchase Agreement
Relevant Circumstances
- Contracts involving the procurement or delivery of hardware or software services
- Agreements regarding the manufacturing of technology-based products or equipment
Relevant Sectors
Genie Definition 2
System Reliability means the successful performance of a unit or system compared to its maximum possible operational time.
Relevant Contract Types
Relevant Circumstances
- When defining performance standards, guarantees, or service level commitments
- Contracts involving the management and operation of supply chains or maintenance services
Relevant Sectors
System Reliability means the consistency of a system to operate and provide its intended function over a specific period without interruption
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