Inventory Title and Liability Clause Samples

Inventory Title and Liability a) TITLE TO INVENTORY For all Purchase Orders without a specified destination, SILITEK shall deliver the FPMs to its own warehouse, segregated from SILITEK inventory, until WVS provides SILITEK with delivery instructions. Title to the FPMs shall pass to WVS upon notice to WVS of delivery to the warehouse with appropriate papers evidencing WVS ownership. SILITEK shall insure the FPMs against loss while stored in its warehouse. b) TITLE TO SHIPMENTS All shipments of FPMs shall be made F.O.B. manufacturer's origin. Title for FPMs (if not passed per paragraph (a) above) and risk of loss for FPMs shall pass to WVS when the FPMs are placed on board the ship or other shipping mode. c) INVENTORY LIABILITY WVS will be charged interest of 1% monthly upon the P.O. value of FPM inventory still not pulled by WVS from SILITEK warehouse 1 month after the Delivery Date specified on the P.O. for such inventory. d) SILITEK shall comply with U.S. and other applicable laws and regulations regarding export controls covering the FPM. e) The price at which SILITEK will sell FPMs to WVS or its designated subsidiary or affiliate (the "SILITEK Sell Price") shall be equal to: [xxxxxxxxxxxxxxxxxxxxxxxxxxxx]. This price covers SILITEK's costs, overhead, expenses, and profit. BOM means ▇▇▇▇ of Material for the FPM. All prices shall be calculated in U.S. dollars. Both parties recognize that market conditions may require altering this formula. Hence the parties agree to negotiate in good faith changes to the above. f) SILITEK shall provide to WVS on a monthly basis with its 4 month rolling unit prices for FPMs based on WVS' forecasted volume requirements. SILITEK shall provide supporting detail for its prices to confirm compliance with the formula in paragraph (e) above or such changed formula as the parties may agree to in any case. [Confidential Treatment requested for redacted portion of document]