Common use of Physical Count and Stock Take Clause in Contracts

Physical Count and Stock Take. 1. For the purposes of the Agreement: (i) the term "inventory discrepancy" means the shortfall in the quantity of the Products at the warehouse during a physical stock-take as compared against the quantity-on record (as defined hereunder), after taking into account the surpluses of Products (if any) found at a preceding physical stock-take; (ii) the term "quantity-on-record" means the recorded quantity of Products held by the Service Provider/ FSSP at any point in time, according to the records of the Service Provider’s/FSSP's inventory management system; and where any payment has been made to the Merchant in respect of any shortfall in the quantity of the (iii) Products by the service provider/FSSP, such shortfall shall be disregarded in computing the amount of stock discrepancy. 2. The data entered into the Service Provider’s/FSSP's inventory management system shall be used for ascertaining whether or not there is any stock discrepancy. 3. The Service Provider’s/FSSP shall inform the Merchant in writing or via email if any shortage in the physical quantity of the Products (whether due to human error in data entry or systems error or otherwise) discovered during day-to-day warehousing operations. 4. Subject to the inventory discrepancy allowance referred to in this Clause (referred in physical stock count below) and other provisions of these services, the FSSP or service provider shall compensate the Merchant for the discrepancy (less any agreed discrepancy allowance) provided that the FSSP/ service provider is not liable to make payment if such discrepancy is not due to or caused solely and directly by the negligence of the FSSP/service provider. The compensation shall be paid in Indian Rupees and, unless otherwise agreed in writing between the Parties, the amount thereof shall be based on the cost price of such Products as recorded in the inventory system used by the Service Provider/FSSP or if there are no such cost price recorded, the replacement cost of the Products or if such replacement cost cannot be ascertained, the cost of such Products in the service provider’s/FSSP’s reasonable opinion (and in forming such opinion, the service provider’s/ FSSP shall have regard to documentary evidence, if any, provided by the Merchant of the cost price of the products) 5. Any claims for stock discrepancies and shortfalls may only be made by the Merchant after the stock-take report recording such discrepancy or shortfall has been submitted to it.

Physical Count and Stock Take. 1. For the purposes of the Agreement: (i) the term "inventory discrepancy" means the shortfall in the quantity of the Products at the warehouse during when a physical stock-take as happens and is compared against the quantity-quan- tity that has been on record (as defined hereunder), after taking into account the Product surpluses of Products (if any) found at a preceding physical stock-take; (ii) the term "quantity-on-record" means the recorded quantity of Products that is recorded which is being held by the Service Provider/ FSSP at any point in time, according to the records of the Service Provider’s/FSSP's inventory management system; and where if any payment has been made to the Merchant Vendor in respect of any shortfall in the quantity of thethe Products. (iii) Products by of the service provider/FSSP, where such shortfall shall be disregarded in computing the amount of stock discrepancy. 2. The data entered into the Service Provider’s/FSSP's inventory management system shall enters data which will be used for ascertaining whether or not there is checking if any stock discrepancydiscrepancy has occurred or not. 3. The Vendor shall be informed by the Service Provider’s/FSSP shall inform the Merchant either in writing or via email if any shortage is faced in the Products’ physical quantity of the Products (whether either due to human error in the data entry or systems error or otherwise) discovered found during day-to-day warehousing ware- housing operations. 4. Subject to the inventory discrepancy allowance referred to in this Clause (referred in physical stock count below) and other provisions of these services, the FSSP or service provider shall compensate the Merchant Vendor for the discrepancy (less any agreed discrepancy discrepan- cy allowance) provided that the FSSP/ service provider is not liable to make payment if such discrepancy is not due to or caused solely and directly by the negligence of the FSSP/service provider. The compensation shall be paid in Indian Rupees and, unless otherwise agreed in writing between the Parties, the amount thereof shall be based on the cost price of such Products as recorded in the inventory system used by the Service Provider/FSSP or if there are no such cost price recorded, the replacement cost of the Products or if such replacement cost cannot be ascertained, the cost of such Products in the service provider’s/FSSP’s reasonable opinion (and in forming such opinion, the service provider’s/ FSSP shall have regard to documentary evidence, if any, provided by the Merchant Vendor of the cost price of the products). 5. Any claims for with respect to discrepancies in stock discrepancies and shortfalls may only can be made only by the Merchant Vendor after the stock-take report recording where such discrepancy or shortfall has been submitted to it.

Physical Count and Stock Take. 1. For the purposes of the Agreement: (i) the term "inventory discrepancy" means the shortfall in the quantity of the Products at the warehouse during a physical stock-take as compared against the quantity-on on• record (as defined hereunder), after taking into account the surpluses of Products (if any) found at a preceding physical stock-take; (ii) the term "quantity-on-record" means the recorded quantity of Products held by the Service Provider/ FSSP WSP at any point in time, according to the records of the Service Provider’s/FSSPWSP's inventory management system; and and (iii) where any payment has been made to the Merchant in respect of any shortfall in the quantity of the (iii) the Products by the service provider/FSSPWSP, such shortfall shall be disregarded in computing the amount of stock discrepancy. 2. The data entered into the Service Provider’s/FSSPWSP's inventory management system shall be used for ascertaining whether or not there is any stock discrepancy. 3. The Service Provider’s/FSSP WSP shall inform the Merchant in writing or via email if any shortage in the physical quantity of the Products (whether due to human error in data entry or systems error or otherwise) discovered during day-to-day warehousing operations. 4. Subject to the inventory discrepancy allowance referred to in this Clause (referred in physical stock count below) and other provisions of these services, the FSSP WSP or service provider shall compensate the Merchant for the discrepancy (less any agreed discrepancy allowance) provided that the FSSP/ WSP/service provider is not liable to make payment if such discrepancy is not due to or caused solely and directly by the negligence of the FSSP/service providerWSP. The compensation shall be paid in Indian Rupees and, unless otherwise agreed in writing between the Parties, the amount thereof shall be based on the cost price of such Products as recorded in the inventory system used by the Service Provider/FSSP WSP or if there are no such cost price recorded, the replacement cost of the Products or if such replacement cost cannot be ascertained, the cost of such Products in the service provider’s/FSSPWSP’s reasonable opinion (and in forming such opinion, the service provider’s/ FSSP WSP shall have regard to documentary evidence, if any, provided by the Merchant of the cost price of the products) 5. Any claims for stock discrepancies and shortfalls may only be made by the Merchant after the stock-take report recording such discrepancy or shortfall has been submitted to it.