Product Quality Standards. (a) In the event that within ninety (90) days following the Closing any Pre-Closing Product is returned by a customer or removed from the marketplace by the Buyer for any reason, the Buyer shall notify the Sellers in writing of such return or removal within fifteen (15) days following the expiration of such ninety (90) day period, subject to reasonable verification by the Sellers within thirty (30) days after receipt of such notification. An amount equal to the cost that was paid for each such returned or removed product shall be paid by the Sellers to the Buyer, in cash, within thirty (30) days of the Buyer delivering written notice of any such return or removal, if such return or removal is verified by the Sellers pursuant to the preceding sentence.
(b) The parties agree that any Pre-Closing Products included in inventory as of the Closing that have a remaining shelf life of less than twenty-eight (28) days from the Closing (collectively referred to herein as the “Obsolete Inventory”) shall be considered obsolete and shall have a Net Book Value of $0 for purposes of calculating the Net Working Capital Amount; provided, that the Buyer will be solely responsible for selling or otherwise disposing of such Obsolete Inventory and will bear all expenses relating to any such sale or disposal.
Product Quality Standards. (a) In the event that within ninety (90) days following the Initial Closing any Initial Closing Pre-Closing Product is returned by a customer or removed from the marketplace by the Buyer for any reason, the Buyer shall notify the Sellers in writing of such return or removal within fifteen (15) days following the expiration of such ninety (90) day period, subject to reasonable verification by the Sellers within thirty (30) days after receipt of such notification. An amount equal to the cost that was paid for each such returned or removed product shall be paid by the Sellers to the Buyer, in cash, within thirty (30) days of the Buyer delivering written notice of any such return or removal, if such return or removal is verified by the Sellers pursuant to the preceding sentence.
(b) In the event that within ninety (90) days following any Interim Closing any Interim Closing Pre-Closing Product is returned by a customer or removed from the marketplace by the Buyer for any reason, the Buyer shall notify the Sellers in writing of such return or removal within fifteen (15) days following the expiration of such ninety (90) day period, subject to reasonable verification by the Sellers within thirty (30) days after receipt of such notification. An amount equal to the cost that was paid for each such returned or removed product shall be paid by the Sellers to the Buyer, in cash, within thirty (30) days of the Buyer delivering written notice of any such return or removal, if such return or removal is verified by the Sellers pursuant to the preceding sentence.
(c) In the event that within ninety (90) days following the Final Closing any Final Closing Pre-Closing Product is returned by a customer or removed from the marketplace by the Buyer for any reason, the Buyer shall notify the Sellers in writing of such return or removal within fifteen (15) days following the expiration of such ninety (90) day period, subject to reasonable verification by the Sellers within thirty (30) days after receipt of such notification. An amount equal to the cost that was paid for each such returned or removed product shall be paid by the Sellers to the Buyer, in cash, within thirty (30) days of the Buyer delivering written notice of any such return or removal, if such return or removal is verified by the Sellers pursuant to the preceding sentence.
(d) The parties agree that any Pre-Closing Products included in inventory as of the applicable Closing that have a remaining shelf life of less th...
Product Quality Standards. (a) CCBU Pre-Closing Products Quality Standards.
(i) In the event that within ninety (90) days following the Closing any CCBU Pre-Closing Product is returned by a customer or removed from the marketplace by the CCBCC Parties for any reason, the CCBCC Parties shall notify the CCBU Parties in writing of such return or removal within fifteen (15) days following the expiration of such ninety (90) day period, subject to reasonable verification by the CCBU Parties within thirty (30) days after receipt of such notification. An amount equal to the cost that was paid for each such returned or removed product shall be paid by the CCBU Parties to the CCBCC Parties, in cash, within thirty (30) days of the CCBCC Parties delivering written notice of any such return or removal, if such return or removal is verified by the CCBU Parties pursuant to the preceding sentence.
(ii) The parties agree that any CCBU Pre-Closing Products included in inventory as of the Closing that have a remaining shelf life of less than twenty-eight (28) days from the Closing (collectively referred to herein as the “CCBU Obsolete Inventory”) shall be considered obsolete and shall have a Net Book Value of $0 for purposes of calculating the CCBU Net Working Capital Amount as of the Closing Date; provided, that the CCBCC Parties will be solely responsible for selling or otherwise disposing of such CCBU Obsolete Inventory and will bear all expenses relating to any such sale or disposal.
Product Quality Standards. (a) From and after the Commencement Date, each of TF and SBF hereby agrees to produce, at the TF Plant and the Xxxxxx Plant, respectively, pork products that conform to the relevant quality standards and specifications made available by SBF to TF (the "Quality Standards"), which Quality Standards shall be consistent with the standards and specifications for the Xxxxxx Plant, as amended from time to time. From and after the Commencement Date, each of TF and SBF shall have the right to inspect, during normal business hours, the premises of the other Plant to the extent reasonably necessary to ensure compliance with the Quality Standards. SBF shall not make any material modification to the Quality Standards (other than with respect to standard industry items or requirements) without the prior written consent of TF, which consent shall not be unreasonably withheld or delayed.
(b) SBF shall be solely responsible and liable for any Losses arising out of the production and sale of products produced at the Xxxxxx Plant that do not meet the Quality Standards. TF shall be solely responsible and liable for any Losses arising out of the production and sale of products produced at the TF Plant that do not meet the Quality Standards.
(c) The determination of whether TF Plant Products comply with the applicable Quality Standards shall be made by SBF in its Reasonable Good Faith Determination. TF Plant Products that do not, in the Reasonable Good Faith Determination of SBF, meet the applicable Quality Standards ("Non-Conforming Products") shall be marketed and sold to customers by SBF as it deems appropriate in its sole discretion.
(d) Notwithstanding anything to the contrary set forth in this Agreement, the Parties shall in good faith agree upon an appropriate transfer price with respect to any Non-Conforming Product that is also a Transferred Product.
Product Quality Standards. All corn to be delivered by Member to GLCP must be #2 yellow corn and be a “commercially acceptable product” in accordance with Federal and State standards and in accordance with the standards set by GLCP. Product of substandard quality, as determined by GLCP, will, at GLCP’s option, be either:
a) Rejected and returned to Member with all costs relating to the rejection and return charged to Member; or
b) Accepted with deductions and allowances made and charged against Member because of the inferior grade, quality or condition at delivery. If, in GLCP’s sole opinion, Member continually fails to deliver commercially acceptable corn, GLCP may terminate this Agreement and Member’s membership in GLCP. GLCP will make rules and regulations for grading the quality of corn and to standardize the manner of handling and shipping corn. Member agrees to observe any such rules and regulations and accept the grading established by GLCP.
Product Quality Standards. All grain to be delivered by Member to the Cooperative must be a “com- mercially acceptable product” in accordance with Federal and State standards and in accordance with the standards set by the Cooperative. Product of substandard quality, as determined by the Cooperative, will, at the Cooperative’s option, be either:
(1) Rejected and returned to Member with all costs relating to the rejection and return charged to Member; or
(2) Accepted with deductions and allowances made and charged against Member because of the inferior grade, quality, or condition at delivery. If, in the Cooperative’s sole opinion, Member continually fails to deliver commercially acceptable grain, the Cooperative may terminate this Agreement and Member’s membership in the Cooperative. The Cooperative will make rules and regulations for grading the quality of grain and to standardize the man- ner of handling and shipping grain. Member agrees to observe any such rules and regulations and accept the grading established by the Cooperative.
Product Quality Standards. All produce and specialty goods to be delivered by Grower to the Cooperative shall be “commercially acceptable product” in accordance with Federal and State standards and in accordance with the standards set by the Cooperative. Product of substandard quality, as determined by the Cooperative, will, at the Cooperative’s option, be rejected and returned to Grower with costs relating to the rejection charged to Grower.
Product Quality Standards. All soybeans to be delivered by Patron to Company shall be a “commercially acceptable product” in accordance with Federal / State standards applied by the Company. Product of substandard quality, as determined by Company, shall, at Company’s option, be either:
a) Rejected and returned to Patron with all costs relating to the rejection and return charged to Patron; or
b) Accepted with deductions and allowances made and charged against Patron because of the inferior grade, quality or condition at delivery. If, in Company’s sole opinion, Xxxxxx continually fails to deliver commercially acceptable soybeans, Company may terminate this Agreement and Patron’s membership in Company. Company shall make rules and regulations for grading the quality of soybeans and to standardize the manner of handling and shipping soybeans. Xxxxxx agrees to observe any such rules and regulations and accept the grading established by Company.
Product Quality Standards. The quality of products provided by Party A to Party B shall comply with national standards and industry standards.
Product Quality Standards
