Physical Count Inventory Procedures Sample Clauses
The Physical Count Inventory Procedures clause establishes the requirements and methods for conducting physical counts of inventory within an organization. It typically outlines how and when inventory counts should be performed, who is responsible for carrying them out, and the documentation or reconciliation processes that must follow. By setting clear procedures, this clause helps ensure inventory records are accurate, discrepancies are identified and resolved, and overall inventory management is reliable and auditable.
Physical Count Inventory Procedures. Not more than five (5) days before the Closing, unless otherwise agreed by Sellers and Purchaser, a physical count of the Inventory at the Locations (the “Physical Inventory”) shall be taken by an independent inventory company mutually agreed to by Sellers and Purchaser (the “Independent Auditor”). Unless otherwise agreed in writing by Sellers and Purchaser, the procedures for conducting the Inventory count and valuing the Inventory are set forth in this Article III.
Physical Count Inventory Procedures. Not more than five (5) days before the Closing, unless otherwise agreed in writing by Seller and Buyer, a physical count of the Inventory at each Station Property (the “Physical Inventory”) shall be taken by Retail Inventory Services Ltd. or, if such entity is not able or willing to serve in this role, an independent inventory company as identified by Seller and reasonably acceptable to Buyer (the “Inventory Firm”); provided however that the Petroleum Inventory shall be taken as close as possible to the Cut-over Time. The fee charged by the Inventory Firm will be borne equally by Seller and Buyer. Unless otherwise agreed in writing by Seller and Buyer, the procedures for conducting the Inventory count and valuing the Inventory are set forth in this Section 1.9.