Inventory Management and Control Clause Samples
The Inventory Management and Control clause establishes the procedures and responsibilities for tracking, maintaining, and safeguarding inventory within an organization or under a contract. It typically outlines requirements for accurate record-keeping, regular inventory audits, and protocols for reporting discrepancies or losses. By setting clear standards for how inventory is handled and monitored, this clause helps prevent loss, theft, and mismanagement, ensuring that assets are properly accounted for and available when needed.
Inventory Management and Control. Contractor agrees to use its Best Efforts to conduct its operations so as not to have excess inventory entitled to support by Company under this Section 8, consistent with prudent business practices.
Inventory Management and Control. Supplier will physically store and control Customer’s inventory at several locations (Central Warehouse, WIP Warehouses, and a single Material Review Board (MRB) Warehouse); logically, the detailed inventory records and transactions will reside in the Supplier’s Enterprise Resource (ERP) system; Supplier will provide on-site support to ensure accurate transactions at the manufacturing sites (Supplier’s and Customer’s); Supplier will conduct on-going cycle count activities as well and will review all adjustments with Customer – Customer retains the responsibility to approve adjustments; Customer-defined reports and audits will be used to verify the accuracy of the Supplier’s inventory control system.
Inventory Management and Control. Contractor agrees to use its Best Efforts to conduct its operations so as not to have excess inventory entitled to support by Company under this section 8, consistent with prudent business practices. Page 13 of 37 Initials: TST ____ RFM ____
Inventory Management and Control. (a) The Selling Party shall, or shall cause an Affiliate of the Selling Party or a Distribution Subcontractor to, receive Territory Combination Product inventory (i) in the case of Gilead Sub as the Selling Party, directly from the Contract Manufacturer (as defined in the Product Supply Services Agreement) or (ii) in the case of BMS as the Selling Party, as specified in the BMS Product Supply Agreement(s). Prior to distributing any quantity of Territory Combination Product, the Selling Party shall, or shall cause an Affiliate of the Selling Party or a Distribution Subcontractor to, ensure that it has the proper certificate of analysis and other appropriate documentation with respect to such Combination Product as required by Applicable Law, including GMP.
(b) The Selling Party shall, or shall cause an Affiliate of the Selling Party or a Distribution Subcontractor to, (i) monitor Territory Combination Product inventory for products that are short-dated and out-dated, as determined in accordance with the Selling Party’s standard operating procedures (“SOPs”) and GMP, and (ii) withhold any such product from use and ensure its proper destruction.
(c) The Selling Party shall, or shall cause an Affiliate of the Selling Party or a Distribution Subcontractor to, perform a periodic stock reconciliation by comparing the actual and recorded quantities of Territory Combination Product. If there are any significant stock discrepancies, the Selling Party shall promptly notify the non-Selling Party and shall investigate any such discrepancies. The non-Selling Party shall have the right to participate in the investigation made by the Selling Party with respect to such discrepancies, upon written request made promptly after receiving notice of any discrepancy.