Define: Professional competence

How is Professional competence defined in a legal contract?

• Professional competence means possessing required knowledge, skills and abilities to deliver quality services that meet the technical and ethical standards of a particular profession. It also implies having the expertise necessary to fulfill professional responsibilities and serve the public interest. Seen in 11 SEC filings
• Professional competence means having personal qualities that are formed from gained knowledge and skills. These qualities contribute to initiative, teamwork, and quality practice of a profession, conforming to the state educational requirements for acquiring professional qualification. Seen in 4 SEC filings
• Professional competence means comprehensive knowledge of the financial sector and experience in finance. The trustworthiness of a person is also verified as part of professional competence. Seen in 4 SEC filings.
• Professional competence means having a completed degree, and at least three years of managerial experience in the fields of payment services, banking, or other financial market areas. Seen in 4 SEC filings
• Professional competence means the entirety of demonstrated experience, knowledge, skills, proficiency, and abilities needed to successfully execute a contract. Seen in 3 SEC filings
• Professional competence means the ongoing capacity to integrate and apply the knowledge, skills and judgement necessary to provide effective and ethical services within a designated area of practice. Seen in 2 SEC filings
• Professional competence means the ability to execute community association management services with skill of an acceptable quality as compared to other professionals in the field. Seen in 2 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 professional competence' 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

• Professional competence means possessing the necessary knowledge, skills, abilities, and experience relevant to the performance of a specific profession or field.

Relevant Contract Types

• Employment Contracts
• Consulting Agreements
• Service Level Agreements

Relevant Circumstances

• Hiring of new employees
• Negotiations with potential consultants
• Formation of partnerships between businesses
• When setting standards for service provision

Relevant Sectors

• Information Technology
• Accounting and Finance
• Healthcare and Pharmaceuticals
• Legal Services

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Genie Definition 2

• Professional competence means demonstrating an ongoing capacity to meet industry-specific standards and to deliver efficient, ethical services within the scope of one's professional responsibilities.

Relevant Contract Types

• Professional Services Agreements
• Vendor Contracts
• Partnership Agreements

Relevant Circumstances

• Vetting potential vendors
• Prioritising continuous professional development
• Collaboration between professionals from different industries

Relevant Sectors

• Engineering and Construction
• Education and Training
• Management Consultancy
• Creative Arts and Design

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