How Important Is Due Diligence? | (2024)

This privacy policy has been compiled to better serve those who are concerned with how their 'Personally Identifiable Information' (PII) is being used online. PII, as described in US privacy law and information security, is information that can be used on its own or with other information to identify, contact, or locate a single person, or to identify an individual in context. Please read our privacy policy carefully to get a clear understanding of how we collect, use, protect or otherwise handle your Personally Identifiable Information in accordance with our website.

What personal information do we collect from the people that visit our blog, website or app?

When ordering or registering on our site, as appropriate, you may be asked to enter your name, email address, mailing address, phone number or other details to help you with your experience.

When do we collect information?

We collect information from you when you register on our site, subscribe to a newsletter, respond to a survey, fill out a form, Use Live Chat. enter information on our site or provide us with feedback on our products or services.

How do we use your information?

We may use the information we collect from you when you register, make a purchase, sign up for our newsletter, respond to a survey or marketing communication, surf the website, or use certain other site features in the following ways:
• To personalize your experience and to allow us to deliver the type of content and product offerings in which you are most interested.
• To allow us to better service you in responding to your customer service requests.
• To administer a contest, promotion, survey or other site feature.
• To send periodic emails regarding your order or other products and services.
• To follow up with them after correspondence (live chat, email or phone inquiries)

How do we protect your information?

We do not use vulnerability scanning and/or scanning to PCI standards.

We only provide articles and information. We never ask for credit card numbers.

We use regular Malware Scanning.

Your personal information is contained behind secured networks and is only accessible by a limited number of persons who have special access rights to such systems, and are required to keep the information confidential. In addition, all sensitive/credit information you supply is encrypted via Secure Socket Layer (SSL) technology.

We implement a variety of security measures when a user enters, submits, or accesses their information to maintain the safety of your personal information.

All transactions are processed through a gateway provider and are not stored or processed on our servers.

Do we use 'cookies'?

Yes. Cookies are small files that a site or its service provider transfers to your computer's hard drive through your Web browser (if you allow) that enables the site's or service provider's systems to recognize your browser and capture and remember certain information. For instance, we use cookies to help us remember and process the items in your shopping cart. They are also used to help us understand your preferences based on previous or current site activity, which enables us to provide you with improved services. We also use cookies to help us compile aggregate data about site traffic and site interaction so that we can offer better site experiences and tools in the future.

We use cookies to:
• Understand and save user's preferences for future visits.
• Compile aggregate data about site traffic and site interactions in order to offer better site experiences and tools in the future. We may also use trusted third-party services that track this information on our behalf.

You can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies. You do this through your browser settings. Since browser is a little different, look at your browser's Help Menu to learn the correct way to modify your cookies.

If you turn cookies off, some of the features that make your site experience more efficient may not function properly. It won't affect the user's experience that make your site experience more efficient and may not function properly.


Third-party disclosure

We do not sell, trade, or otherwise transfer to outside parties your Personally Identifiable Information unless we provide users with advance notice. This does not include website hosting partners and other parties who assist us in operating our website, conducting our business, or serving our users, so long as those parties agree to keep this information confidential. We may also release information when it's release is appropriate to comply with the law, enforce our site policies, or protect ours or others' rights, property or safety.

However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses.

Third-party links

Occasionally, at our discretion, we may include or offer third-party products or services on our website. These third-party sites have separate and independent privacy policies. We therefore have no responsibility or liability for the content and activities of these linked sites. Nonetheless, we seek to protect the integrity of our site and welcome any feedback about these sites.

California Online Privacy Protection Act

According to CalOPPA, we agree to the following:

•Users can visit our site anonymously
•Once this privacy policy is created, we will add a link to it on our homepage or, at a minimum, on the first significant page after entering our website
• Our Privacy Policy link includes the work "Privacy" and can easily be found on the page specified above

You will be notified of any Privacy Policy changes:
• On our Privacy Policy Page

Can change your personal information:
• By emailing us
• By calling us
• By logging in to your account
• By chatting with us

How does our site handle Do Not Track signals?
We honor Do Not Track signals and Do Not Track, plant cookies, or use advertising when a Do Not Track (DNT) browser mechanism is in place.

Does our site allow third-party behavioral tracking?
It's also important to note that we allow third-party behavioral tracking

COPPA (Children Online Privacy Protection Act)

When it comes to the collection of personal information from children under the age of 13 years old, the Children's Online Privacy Protection Act (COPPA) puts parents in control. The Federal Trade Commission, United States' consumer protection agency, enforces the COPPA Rule, which spells out what operators of websites and online services must do to protect children's privacy and safety online.
We do not specifically market to children under the age of 13 years old.

Fair Information Practices

The Fair Information Practices Principles form the backbone of privacy law in the United States and the concepts they include have played a significant role in the development of data protection laws around the globe. Understanding the Fair Information Practice Principles and how they should be implemented is critical to comply with the various privacy laws that protect personal information.
In order to be in line with Fair Information Practices we will take the following responsive action, should a data breach occur:
We will notify you via email
• Within 7 business days

We also agree to the Individual Redress Principle which requires that individuals have the right to legally pursue enforceable rights against data collectors and processors who fail to adhere to the law. This principle requires not only that individuals have enforceable rights against data users, but also that individuals have recourse to courts or government agencies to investigate and/or prosecute non-compliance by data processors.

CAN SPAM Act

The CAN-SPAM Act is a law that sets the rules for commercial email, establishes requirements for commercial messages, gives recipients the right to have emails stopped from being sent to them, and spells out tough penalties for violations.
We collect your email address in order to:
• Send information, respond to inquiries, and/or other requests or questions
• Process orders and to send information and updates pertaining to orders.
• Send you additional information related to your product and/or service
• Market to our mailing list or continue to send emails to our clients after the original transaction has occurred.

To be in accordance with CANSPAM, we agree to the following:
• Not use false or misleading subjects or email addresses.
• Identify the message as an advertisem*nt in some reasonable way.
• Include the physical address of our business or site headquarters.
• Monitor third-party email marketing services for compliance, if one is used.
• Allow users to unsubscribe by using the link at the bottom of each email.

If at any time you would like to unsubscribe from receiving future emails, you can email us at
• Follow the instructions at the bottom of each email and we will remove you from this system's correspondence.


Contacting Us

If there are any questions regarding this privacy policy, you may contact us using the information below.
The Firm
210 N 78th St, Second Floor
Omaha, NE 68114
info@thefirmb2b.com

Last Edited on May 1st, 2017

How Important Is Due Diligence? | (2024)

FAQs

How Important Is Due Diligence? |? ›

Due diligence serves as a critical investigation tool employed by businesses and individuals before entering into an agreement or a transaction with another party. The primary objective of this process is to minimise potential risks and maximise the assurance of making an informed decision.

Why is due diligence so important? ›

Due diligence is crucial for several reasons: Financial Loss: Without proper due diligence, you risk entering transactions with customers who may default on payments, engage in fraudulent activities, or lack the financial stability to honour their commitments. These situations can lead to substantial financial losses.

What happens if you don't do due diligence? ›

Failure to provide due diligence can result in an unjust outcome for the case and may require a retrial to resolve the matter, as well as a legal malpractice claim to recover any damages the victim has suffered.

Who needs due diligence? ›

Due diligence is crucial when making major business investments, such as buying a business or merging with another company. It allows you to gather information and make an informed decision before acquiring a company.

Why is customer due diligence necessary? ›

Conducting thorough CDD helps businesses identify and assess potential risks, implement appropriate risk management strategies, and enhance overall security and fraud prevention measures.

Is due diligence mandatory? ›

An ongoing due diligence is required for all your business partners, vendors, buyers & sellers to ensure compliance. It is also a good idea to assess your target company, prospects before signing a sales contract to avoid issues in future.

Can a buyer back out after due diligence? ›

Once the due diligence period ends, the buyer cannot back out of the contract (except under a different, applicable contingency – financing or appraisal, for instance).

How much money do you need for due diligence? ›

Due diligence money is typically between five hundred and two thousand dollars, whereas the earnest fee is a percentage of the purchase price of the home. In cases where there are multiple offers on a home, some sellers will consider the due diligence amount in deciding which bid should win the war.

How to get out of due diligence? ›

Answer: Let your agent know of your decision. The contract requires a Notice of Termination be delivered to the Seller before the due diligence period expires. Depending upon the terms of your specific contract, you may also be required to pay a Termination Fee to the seller.

What are the 4 P's of due diligence? ›

What are the 4 P's of due diligence? The 4 P's of due diligence are People, Performance, Philosophy, and Process.

What are the 4 due diligence requirements? ›

The Four Due Diligence Requirements
  • Complete and Submit Form 8867. (Treas. Reg. section 1.6695-2(b)(1)) ...
  • Compute the Credits. (Treas. Reg. section 1.6695-2(b)(2)) ...
  • Knowledge. (Treas. Reg. section 1.6695-2(b)(3)) ...
  • Keep Records for Three Years.
Jan 22, 2024

Is due diligence an obligation? ›

Due diligence can be a legal obligation, but the term more commonly applies to voluntary investigations. It may also offer a defence against legal action.

What is the main purpose of due diligence? ›

Due diligence is a systematic way to analyze and mitigate risk from a business or investment decision. An individual investor can conduct due diligence on any stock using readily available public information. The same due diligence strategy will work on many other types of investments.

What happens if CDD is not done properly? ›

The overall brand is likely to suffer from reputational damage by being linked to criminals laundering money. Even when a financial institute isn't used for money launderers, they can still face penalties for not complying with CDD and risk having their products and services banned by the FCA.

Which customer require higher due diligence? ›

The Enhanced Due Diligence procedures are used for high-risk customers. An example of such customers can be Politically Exposed Persons (PEPs). By FATF standards, PEPs fall under the category of high-risk customers because they are in positions that can be potentially abused for the purpose of money laundering.

Why is diligence the key to success? ›

It is the quality of being persistent and hardworking towards achieving a goal. To be diligent, one must have a clear vision, a strong work ethic, and a determination to overcome obstacles. With perseverance and dedication, anything is possible.

What is the main purpose of ongoing due diligence? ›

Ongoing Due Diligence entails routinely monitoring transactions in a customer's account to ensure that they are consistent with the customer's business, risk profile, and source of funds. Continuous monitoring is a critical component of effective KYC procedures.

What is diligence and why is it important? ›

It is the quality of being committed to one's duties and responsibilities, and it involves taking the necessary steps to achieve a particular objective. Diligence is crucial because it helps individuals to stay focused and motivated, even when faced with challenging situations.

What is the purpose of due diligence in real estate? ›

Due diligence is designed to safeguard the seller and buyer, by permitting both parties to engage in the discovery of the facts. Once the contingencies are removed, the parties can confidently proceed with the closing. Again, due diligence permits the buyer to work with his or her lender.

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