Common use of Meet or Release Clause in Contracts

Meet or Release. Should Buyer receive a written competitive offer from another party to supply Products of equal quality, deliverable in quantities constituting (****) of the remaining contract quantity requirements hereunder, (****) with equal terms and equal conditions resulting in lower delivered prices than the prices then in effect hereunder, then Buyer may give written notice to Seller. Upon giving written notice, Buyer agrees to provide satisfactory proof to Seller of the competitive offer. Satisfactory proof includes but is not limited to: (i) verification of the competitive written offer; (ii) disclosure of the company and manufacturing location(s) that would sell and produce the Product(s); (iii) analytical verification that Products to be supplied are of equal or better quality than the specification listed in Schedule I. After receiving both written notification and satisfactory proof of the written offer; Seller will have 30 days to provide written notification that it will either (i) match the competitive offer by providing pricing equal to the greater of the exact pricing during remaining term of the this contract or the average price over the total term of the competitive offer or (ii) provide an alternate proposal to the Buyer. If Seller elects to match the competitive offer as stated above the new pricing will be effective within thirty (30) days of that election. If Seller provides an alternate proposal, as stated above, Buyer will have (30) days to either accept or decline the alternate proposal. If the alternate proposal is accepted it would be added as an amendment to this contract and effective within thirty (30) days. If Buyer declines the alternate proposal then Seller will elect a time, no longer than one hundred and twenty (120) days from date the Buyer declines, at which both parties shall thereupon be released from any further obligation under this contract as to the Facilities encompassed by the competitive offer.

Meet or Release. This Meet or Release clause shall become effective January 1, 2009. Should Buyer receive a written competitive offer from another party to supply Products of equal quality, deliverable in quantities constituting (****) 100% of the remaining contract quantity requirements hereunder, ([****) *], with equal terms and equal conditions resulting in lower delivered prices than the prices then in effect hereunder, then Buyer may give written notice to Seller. Upon giving written notice, Buyer Xxxxx agrees to provide satisfactory proof to Seller of the competitive offer. Satisfactory proof includes but is not limited to: (i) verification of the competitive written offer; (ii) disclosure of the company and manufacturing location(s) that would sell and produce the Product(s); (iii) analytical verification that Products to be supplied are of equal or better quality than the specification listed in Schedule I. After receiving both written notification and satisfactory proof of the written offer; Seller will have 30 days to provide written notification that it will either (i) match the competitive offer by providing pricing equal to the greater of the exact pricing during remaining term of the this contract or the average price over the total term of the competitive offer or (ii) provide an alternate proposal to the Buyer. If Seller elects to match the competitive offer as stated above the new pricing will be effective within thirty (30) days of that election. If Seller provides an alternate proposal, as stated above, Buyer will have (30) days either to either accept or decline the alternate proposal. If the alternate proposal is accepted accepted, it would be added as an amendment to this contract and effective within thirty (30) days. If Buyer declines the alternate proposal then Seller will elect a time, no longer than one hundred and twenty (120) days from date the Buyer declines, at which both parties shall thereupon be released from any further obligation under this contract as to the Facilities encompassed by the competitive offer.

Meet or Release. Should Buyer receive a written competitive offer from another party to supply Products of equal quality, deliverable in quantities constituting (*****) of the remaining contract quantity requirements hereunder, (*****) with equal terms and equal conditions resulting in lower delivered prices than the prices then in effect hereunder, then Buyer may give written notice to Seller. Upon giving written notice, Buyer agrees to provide satisfactory proof to Seller of the competitive offer. Satisfactory proof includes but is not limited to: (i) verification of the competitive written offer; (ii) disclosure of the company and manufacturing location(s) that would sell and produce the Product(s); (iii) analytical verification that Products to be supplied are of equal or better quality than the specification listed in Schedule I. After receiving both written notification and satisfactory proof of the written offer; Seller will have 30 days to provide written notification that it will either (i) match the competitive offer by providing pricing equal to the greater of the exact pricing during remaining term of the this contract or the average price over the total term of the competitive offer or (ii) provide an alternate proposal to the Buyer. If Seller elects to match the competitive offer as stated above the new pricing will be effective within thirty (30) days of that election. If Seller provides an alternate proposal, as stated above, Buyer will have (30) days to either accept or decline the alternate proposal. If the alternate proposal is accepted it would be added as an amendment to this contract and effective within thirty (30) days. If Buyer declines the alternate proposal then Seller will elect a time, no longer than one hundred and twenty (120) days from date the Buyer declines, at which both parties shall thereupon be released from any further obligation under this contract as to the Facilities encompassed by the competitive offer.

Meet or Release. This Meet or Release clause shall become effective January 1, 2009. Should Buyer receive a written competitive offer from another party to supply Products of equal quality, deliverable in quantities constituting ([****) *] of the remaining contract quantity requirements hereunder, ([****) *], with equal terms and equal conditions resulting in lower delivered prices than the prices then in effect hereunder, then Buyer may give written notice to Seller. Upon giving written notice, Buyer Xxxxx agrees to provide satisfactory proof to Seller of the competitive offer. Satisfactory proof includes but is not limited to: (i) verification of the competitive written offer; (ii) disclosure of the company and manufacturing location(s) that would sell and produce the Product(s); (iii) analytical verification that Products to be supplied are of equal or better quality than the specification listed in Schedule I. After receiving both written notification and satisfactory proof of the written offer; Seller will have 30 days to provide written notification that it will either (i) match the competitive offer by providing pricing equal to the greater of the exact pricing during remaining term of the this contract or the average price over the total term of the competitive offer or (ii) provide an alternate proposal to the Buyer. If Seller elects to match the competitive offer as stated above the new pricing will be effective within thirty (30) days of that election. If Seller provides an alternate proposal, as stated above, Buyer will have (30) days either to either accept or decline the alternate proposal. If the alternate proposal is accepted accepted, it would be added as an amendment to this contract and effective within thirty (30) days. If Buyer declines the alternate proposal then Seller will elect a time, no longer than one hundred and twenty (120) days from date the Buyer declines, at which both parties shall thereupon be released from any further obligation under this contract as to the Facilities encompassed by the competitive offer.