Common use of Aged Inventory Clause in Contracts

Aged Inventory. Within five (5) business days after the end of every calendar month, Flextronics shall report the Aged Inventory to Customer. Within five (5) business days of receiving such report, Customer shall review the report and advise Flextronics of any inventory that it believes is not Aged Inventory. The parties shall endeavor to finalize the Aged Inventory report to the reasonable satisfaction of both parties within fifteen (15) business days after the end of each month. After fifteen (15) business days after the end of each month, Customer shall issue a purchase order to Flextronics and purchase the undisputed Aged Inventory at a price equal to the Cost plus MOH and shall purchase any disputed Aged Inventory at the same price promptly following dispute resolution. Prior to invoicing Customer for the amounts due pursuant to (i), (ii) and (iii) of this Section, Flextronics shall use commercially reasonable efforts for a period not to exceed 30 days to return or repurpose unused Inventory and Special Inventory and to cancel pending orders for such Inventory, and to otherwise mitigate the amounts payable by Customer. Flextronics shall ship the Inventory and Special Inventory paid for by Customer under this Section to Customer promptly upon said payment by Customer. In the event Customer does not pay within 30 days, Flextronics shall be entitled to dispose of such Inventory and Special Inventory in a commercially reasonable manner and credit to Customer any monies received from third parties. Flextronics shall then submit an invoice for the balance amount due and Customer agrees to pay said amount within 30 days of its receipt of the invoice.

Appears in 2 contracts

Samples: Services Agreement (Tintri, Inc.), Services Agreement (Tintri, Inc.)

AutoNDA by SimpleDocs

Aged Inventory. Within five (5) business days after the end of every calendar month, Flextronics Flex shall report the Aged Inventory. Customer’s failure to object to Flex’s Aged Inventory report (or failure to deny its responsibility for such inventory) constitutes Customer’s acceptance of Flex’s Aged Inventory report. Within five (5) business After validation, which shall not exceed 14 days from the date of receiving such report, Customer shall review the report and advise Flextronics of any inventory that it believes is not Aged Inventory. The parties shall endeavor to finalize the Aged Inventory report to the reasonable satisfaction of both parties within fifteen (15) business days after the end of each month. After fifteen (15) business days after the end of each month, Customer shall issue a purchase order to Flextronics and purchase the undisputed Aged Inventory at a price equal to (as applicable) the price from the Fee List for any finished Products, the cost for any partially completed Products, or Standard Cost plus MOH and shall purchase MOC for any disputed other Aged Inventory. For any Aged Inventory at that is not purchased by Customer, Customer shall pay Flex a carrying cost fee equal to the same price promptly following dispute resolutionvalue of the Aged Inventory times the Monthly Charges. If Customer fails to make on-time payment for Aged Inventory as required by this provision, Customer shall be liable for continuing additional such carrying cost fees for such Aged Inventory accruing on a weekly basis until Customer makes a complete payment for the Aged Inventory. Prior to invoicing Customer for the amounts due pursuant to Sections 5.1, 5.2, and this Section 5.3 (iother than the carrying charges for Excess Inventory), (ii) and (iii) of this Section, Flextronics Flex shall use commercially reasonable efforts for a period not to exceed 30 14 days from the date of any such reports, to return or repurpose for refund unused Materials from Excess, Obsolete, Aged Inventory and Special Inventory and Inventory, to cancel pending orders for such Inventoryinventory, and to otherwise mitigate the amounts payable by Customer. Flextronics Customer shall submit payment for the amounts identified and invoiced pursuant to this Section in accordance with the terms for payment set forth above in Section 3. Flex shall ship the Excess, Obsolete, and Aged Inventory and Special Inventory paid for by Customer under this Section to Customer promptly upon following said payment by Customer. In the event Customer does not pay within 30 daysin accordance with the payment terms set forth above, Flextronics then, in addition to any late payment charges that Flex is due from Customer, Flex shall be entitled to dispose of such Excess, Obsolete, and Aged Inventory and Special Inventory in a commercially reasonable manner and credit to Customer any monies received from third parties. Flextronics shall then submit an invoice for the balance amount due and Customer agrees to pay said amount within 30 days of its receipt of the invoice.

Appears in 1 contract

Samples: Manufacturing Services Agreement

Aged Inventory. Within five (5) business days after At the end of every calendar month, Flextronics Flex shall report the Aged Inventory. Customer’s failure to object to Flex’s Aged Inventory report (or failure to Customerdeny its responsibility for such inventory) by providing a reasoned written objection within fourteen (14) days from the report’s date shall constitute its acceptance of Flex’s Aged Inventory report. Within five After validation, which shall not exceed fourteen (514) business days from the date of receiving such report, Customer shall review the report and advise Flextronics of any inventory that it believes is not Aged Inventory. The parties shall endeavor to finalize the Aged Inventory report to the reasonable satisfaction of both parties within fifteen (15) business days after the end of each month. After fifteen (15) business days after the end of each month, Customer shall issue a purchase order to Flextronics and purchase the undisputed Aged Inventory at a price equal to (as applicable) the price from the Fee List for any finished Products, the cost for any partially completed Products, or Standard Cost plus MOH and shall purchase for any disputed other Aged Inventory. For any Aged Inventory at that is not purchased by Customer, Customer shall pay Flex a carrying cost fee equal to the same price promptly following dispute resolutionvalue of the Aged Inventory times the Monthly Charges. Prior to invoicing Customer for the amounts due pursuant to Sections ‎6.1, ‎6.2 and this Section ‎6.3 (iother than the carrying charges for Excess Inventory), (ii) and (iii) of this Section, Flextronics Flex shall use commercially reasonable efforts for a period not to exceed 30 fourteen (14) days from the date of any such reports, to return or repurpose for refund unused Materials from Excess, Obsolete, Aged Inventory and Special Inventory and Inventory, to cancel pending orders for such Inventoryinventory, and to otherwise mitigate the amounts payable by Customer. Flextronics Customer shall submit payment for the amounts identified and invoiced pursuant to this Section in accordance with the terms for payment set forth above in Section ‎4. Flex shall ship the Excess, Obsolete, and Aged Inventory and Special Inventory paid for by Customer under this Section to Customer promptly upon following said payment by CustomerCustomer pursuant to the shipping terms set forth in Section ‎7.1 below. In the event Customer does not pay within 30 daysin accordance with the payment terms set forth above, Flextronics then, in addition to any late payment charges that Flex is due from Customer, Flex shall be entitled to dispose of such Excess, Obsolete, and Aged Inventory and Special Inventory in a commercially reasonable manner and credit to Customer any monies received from third parties. Flextronics shall then submit an invoice for the balance amount due and Customer agrees to pay said amount within 30 days of its receipt of the invoice.

Appears in 1 contract

Samples: Services Agreement (A2Z Smart Technologies Corp)

AutoNDA by SimpleDocs

Aged Inventory. Within five (5) business days after the end of every calendar month, Flextronics Flex shall report the Aged Inventory. Customer’s failure to object to Flex’s Aged Inventory report (or failure to Customerdeny its responsibility for such inventory) shall constitute its acceptance of Flex’s Aged Inventory report. Within five After validation, which shall not exceed fourteen (514) business days from the date of receiving such report, Customer shall review the report and advise Flextronics of any inventory that it believes is not Aged Inventory. The parties shall endeavor to finalize the Aged Inventory report to the reasonable satisfaction of both parties within fifteen (15) business days after the end of each month. After fifteen (15) business days after the end of each month, Customer shall issue a purchase order to Flextronics and purchase the undisputed Aged Inventory at a price equal to (as applicable) the price from the Fee List for any finished Products, the cost for any partially completed Products, or Standard Cost plus MOH and shall purchase MOC for any disputed other Aged Inventory. For any Aged Inventory at that is not purchased by Customer, Customer shall pay Flex a carrying cost fee equal to the same price promptly following dispute resolutionvalue of the Aged Inventory times the Monthly Charges If Customer fails to make on-time payment for Aged Inventory as required by this provision, Customer shall be liable for continuing additional such carrying cost fees for such Aged Inventory accruing on a weekly basis until Customer makes a complete payment for the Aged Inventory. Prior to invoicing Customer for the amounts due pursuant to Sections 6.1, 6.2, and this Section 6.3 (iother than the carrying charges for Excess Inventory), (ii) and (iii) of this Section, Flextronics Flex shall use commercially reasonable efforts for a period not to exceed 30 fourteen (14) days from the date of any such reports, to return or repurpose for refund unused Materials from Excess, Obsolete, Aged Inventory and Special Inventory and Inventory, to cancel pending orders for such Inventoryinventory, and to otherwise mitigate the amounts payable by Customer. Flextronics Customer shall submit payment for the amounts identified and invoiced pursuant to this Section in accordance with the terms for payment set forth above in Section 4.6. Flex shall ship the Excess, Obsolete, and Aged Inventory and Special Inventory paid for by Customer under this Section to Customer promptly upon following said payment by Customer. In the event Customer does not pay within 30 daysin accordance with the payment terms set forth above, Flextronics then, in addition to any late payment charges that Flex is due from Customer, Flex shall be entitled to dispose of such Excess, Obsolete, and Aged Inventory and Special Inventory in a commercially reasonable manner and credit to Customer any monies received from third parties. Flextronics shall then submit an invoice for the balance amount due and Customer agrees to pay said amount within 30 days of its receipt of the invoice.

Appears in 1 contract

Samples: Design and Manufacturing Services Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!