Goods on consignment Sample Clauses
The 'Goods on consignment' clause defines the arrangement where a supplier delivers goods to a buyer, but ownership of the goods remains with the supplier until the goods are sold or otherwise used by the buyer. In practice, this means the buyer holds the goods in their inventory but does not pay for them until they are sold, and unsold goods can typically be returned to the supplier. This clause is essential for managing inventory risk, as it allows the buyer to stock goods without immediate financial commitment while ensuring the supplier retains ownership and control over unsold inventory.
Goods on consignment. 1. In case of Goods on consignment, Supplier and SPP agree that Supplier will deposit Goods free of charge during a period agreed upon, whereby title and risk of these Goods will only pass in case SPP starts to use or consume the Goods.
2. Supplier will replenish the stock no later than on the first workday after SPP has announced that it has started to use the Goods.
3. Supplier will insure these Goods until the ownership has passed to SPP.
4. Supplier will invoice SPP for the Goods SPP has started to use.
5. Supplier may recall the Goods on consignment only after consulting with SPP.
6. In case, after SPP has approved and started to use the Goods, the Goods do not satisfy the relevant requirements, SPP is entitled to file a claim with Supplier within eight days of the discovery of any defect.
Goods on consignment. 6.1 Where Goods are supplied on consignment the following provisions apply specifically to those Goods:
(a) the Goods shall be at the Buyer’s risk from the time of delivery and the Buyer shall be responsible for insuring the Goods.
(b) the Buyer may retain possession of the Goods until the Buyer sells them or the Seller requires re-delivery of them to the Seller, whichever first occurs.
(c) if the Seller requires re-delivery of the Goods such re-delivery shall be at the Buyer’s cost.
(d) the Buyer shall notify the Seller on a fortnightly basis of all consignment Goods sold during that fortnightly period and shall within seven (7) days of that fortnightly advice pay the Seller for the Goods sold.
(e) the Seller shall provide an invoice for Goods remaining unsold after a period of six (6) months.
Goods on consignment. 1. In case of Goods on consignment, Supplier and ESSANGE REAGENTS agree that Supplier will deposit Goods free of charge during a period agreed upon, whereby title and risk of these Goods will only pass in case ESSANGE REAGENTS starts to use or consume the Goods.
2. Supplier will replenish the stock no later than on the first workday after ESSANGE REAGENTS has announced that it has started to use the Goods.
3. Supplier will insure these Goods until the ownership has passed to ESSANGE REAGENTS.
4. Supplier will invoice ESSANGE REAGENTS for the Goods ESSANGE REAGENTS has started to use.
5. Supplier may recall the Goods on consignment only after consulting with ESSANGE REAGENTS.
6. In case, after ESSANGE REAGENTS has approved and started to use the Goods, the Goods do not satisfy the relevant requirements, ESSANGE REAGENTS is entitled to file a claim with Supplier within eight days of the discovery of any defect.
Goods on consignment. 1. In case of Goods on consignment, Supplier and PROTHYA agree that Supplier will deposit Goods free of charge during a period agreed upon, whereby title and risk of these Goods will only pass in case PROTHYA starts to use or consume the Goods.
2. Supplier will replenish the stock no later than on the first workday after PROTHYA has announced that it has started to use the Goods.
3. Supplier will insure these Goods until the ownership has passed to PROTHYA.
4. Supplier will invoice PROTHYA for the Goods PROTHYA has started to use.
5. Supplier may recall the Goods on consignment only after consulting with PROTHYA.
6. In case, after PROTHYA has approved and started to use the Goods, the Goods do not satisfy the relevant requirements, PROTHYA is entitled to file a claim with Supplier within eight days of the discovery of any defect.
Goods on consignment. Inventory reserve amounts.
Goods on consignment. 9.1 Where Goods are supplied on consignment the following provisions apply specifically to those Goods:
(a) the Goods shall be at the Customer’s risk from the time of delivery and the Customer shall be responsible for insuring the Goods; and
(b) the Customer may retain possession of the Goods until the Customer sells them or the Supplier requires re-delivery of them to the Supplier, whichever first occurs; and
(c) if the Supplier requires re-delivery of the Goods such re-delivery shall be at the Customer’s cost; and
(d) the Supplier shall fax the Customer a consignment form on a bi-monthly basis and the Customer shall notify the Supplier within forty-eight (48) hours of receipt by return fax or email of all consignment Goods sold during that that period and shall within seven (7) days of that bi-monthly advice pay the Supplier for the Goods sold. Failure to comply with confirmation will result in the Supplier right to invoice the Customer for all consignment Goods held in stock.
9.2 Furthermore, consignment Goods shall at all times remain the property of the Supplier and are returnable on demand by the Supplier. In the event that the consignment Goods are not returned to the Supplier in the condition in which the consignment Goods were delivered then the Supplier retains the right to charge the cost of repair or replacement of the consignment Goods.
9.3 The Customer further agrees that;
(a) the Supplier have the right to inspect the consignment Goods at any time upon giving written notice to the Customer; and
(b) the Supplier reserves the right to cease the supply of consignment Goods and enforce clause 9.2 if upon inspection it is found the consignment Goods totals do not correspond with information supplied by the Customer and/or the consignment Goods are not stored in accordance with the Supplier’s instructions.