Common use of Bank of Parts Clause in Contracts

Bank of Parts. If Customer purchased Bank of Parts coverage, the initial account balance and the Site to which that balance applies (site balance) is specified in the Quotation. As Customer requests or uses parts under Bank of Parts coverage, the Bank of Parts monetary level stated on the Quotation will reduce at Philips’ then current published list price for parts. If Bank of Parts coverage is exhausted, then Customer may request parts at Philips’ then current published list price less the discount specified in the Quotation (if any). Bank of Parts coverage expires as indicated in the Quotation, or in case of termination of this Agreement, and no credit for any unused portion is carried forward or eligible for refund. Customer may allocate the site balance purchased by Customer between the Equipment at the Site. Customer may not allocate the site balance to Equipment not listed in the Quotation.