Common use of SELLER’S PROPERTY Clause in Contracts

SELLER’S PROPERTY. Seller, at its expense, will furnish, keep in good condition, and replace when necessary all machinery, equipment, tools, jigs, dies, gauges, fixtures, molds, patterns and other items that are necessary for the production of Products (except to the extent such property constitutes Buyer’s Property, “Seller’s Property”). Seller grants Buyer an irrevocable option to take possession of and title to Seller’s Property that is used exclusively for the production of Products upon payment to Seller of its actual cost less reasonable depreciation, less any amounts that Buyer has previously paid to Seller for the cost of such items and less any amounts otherwise owing to Buyer by Seller; provided, however, that this option will not apply if Seller’s Property is used to produce goods that are the standard stock of Seller or if a substantial quantity of like goods are being sold by Seller to others, and this option may only be exercised in connection with a termination of the Agreement for cause or due to a Force Majeure (as permitted by the Agreement).

Appears in 2 contracts

Samples: General Terms and Conditions of Purchase, General Terms and Conditions of Purchase

AutoNDA by SimpleDocs

SELLER’S PROPERTY. Unless otherwise agreed to by Buyer, Seller, at its expense, will furnish, keep in good condition, and replace when necessary all machinery, equipment, tools, jigs, dies, gauges, fixtures, molds, patterns and other items that are ("Seller’s Property") necessary for the production of Products (except to the extent such property constitutes Buyer’s Property, “goods. Seller will insure Seller’s Property”)Property with coverage for all losses for its replacement value. Seller grants Buyer an irrevocable option to take possession of and title to Seller’s Property that is used exclusively for the production of Products the goods upon payment to Seller of its actual cost less reasonable depreciation, net book value less any amounts that Buyer has previously paid to Seller for the cost of such items and items, but less any amounts otherwise owing to Buyer by Seller; provided, however, that this option will not apply if Seller’s Property is used to produce goods that are the standard stock of Seller or if a substantial quantity of like goods are being sold by Seller to others, and this option may only be exercised in connection with a termination of the Agreement for cause or due to a Force Majeure (as permitted by the Agreement)this Contract.

Appears in 1 contract

Samples: Purchase Order Agreement

SELLER’S PROPERTY. Seller, at its expense, Seller will furnish, keep in good condition, and replace when necessary appropriate, all machinery, equipment, tools, jigs, dies, gauges, fixtures, molds, patterns and other items that are ("Seller’s Property") necessary for the production of Products (except to the extent such property constitutes Buyer’s Property, “Goods. Seller will insure Seller’s Property”)Property with coverage for all losses for its replacement value. All expenses resulting from the foregoing shall be borne by Seller. Seller grants Buyer an irrevocable option to take acquire ownership and possession of and title to Seller’s Property that is used exclusively for the production of Products the Goods upon payment to Seller of its actual cost less reasonable depreciation, net book value less any amounts that Buyer has previously paid to Seller for the cost of such items and less any amounts otherwise owing to Buyer by SellerGoods; provided, however, that this option will not apply if Seller’s Property is used to produce goods that are the standard stock of Seller or if a substantial quantity of like goods are being sold by Seller to others, in each case that utilized Seller’s Property to manufacture the same, and this option may only be exercised in connection with a termination of the Agreement Contract for cause or due to a Force Majeure (as permitted by the Agreement).under an Exhibit A.

Appears in 1 contract

Samples: General Terms and Conditions

AutoNDA by SimpleDocs

SELLER’S PROPERTY. Unless otherwise agreed to by Buyer, Seller, at its expense, will furnish, keep in good condition, and replace when necessary all machinery, equipment, tools, jigs, dies, gauges, fixtures, molds, patterns and other items that are ("Seller’s Property") necessary for the production of Products (except to the extent such property constitutes Buyer’s Property, “goods. Seller will insure Seller’s Property”)Property with coverage for all losses for its replacement value. Seller grants Buyer an irrevocable option to take possession of and title to Seller’s Property that is used exclusively for the production of Products the goods upon payment to Seller of its actual cost less reasonable depreciation, net book value less any amounts that Buyer has previously paid to Seller for the cost of such items and items, but less any amounts otherwise owing to Buyer by Seller; provided, however, that this option will not apply if Seller’s Property is used to produce goods that are the standard stock of Seller or if a substantial quantity of like goods are being sold by Seller to others, and this option may only be exercised in connection with a termination of the Agreement this Contract under Section 33 (Termination for cause Cause) below or due to a Force Majeure Section 20 (as permitted by the Agreement)Insolvency) above.

Appears in 1 contract

Samples: General Terms and Conditions

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!