Stock and work in progress Sample Clauses
The 'Stock and Work in Progress' clause defines how inventory and unfinished goods are treated within a contractual relationship, particularly during events such as termination or transfer of business. It typically outlines the procedures for valuing, transferring, or disposing of stock and work in progress, and may specify who bears the costs or risks associated with these items. This clause ensures that both parties have a clear understanding of their rights and obligations regarding inventory, thereby preventing disputes and facilitating a smooth transition or closure.
Stock and work in progress. 9.11.1. The stock-in-trade (to include Finished Products and Partly Finished Products) currently held by the Vendor is not excessive but is adequate in relation to the current trading requirements of the Business, has not been advanced invoiced, is in good, undamaged and merchantable condition, is not obsolete, slow-moving or inappropriate and is capable of being sold in the ordinary course of the Business in accordance with current price lists, without rebate or allowance to a purchaser.
9.11.2. The Vendor issues invoices only in respect of Finished Products.
Stock and work in progress. Without limiting Clause 4(h)(i):
(1) proper provision has been made in the Accounts: (i) for depreciation of assets; (ii) in valuing work-in-progress and stock, for any foreseeable losses which may arise on completion or realisation; (iii) for any foreseeable liabilities in relation to the disposal of any assets or the cessation or diminution of any part of the business of the Companies or closures; (iv) for bad or doubtful debts; and (v) for the future cost (calculated on an actuarial basis) of any unfunded commitments under all pension schemes (if any) involving the Companies; and
(2) stock and work-in-progress have been valued in the Accounts at the lower of cost and net realisable value.
Stock and work in progress. So far as the Seller is aware, the provisions in the Management Accounts adequately provide for the Group Companies’ stocks of raw materials, consumables, packaging and unfinished goods which are not of the type and quality regularly used by or produced in its business or which are not usable in the ordinary and usual course of its business for the purpose for which they were acquired or produced or for any slow moving or obsolete items.
Stock and work in progress. Each Group Company's stock and work in progress are at their normal levels for the time of year, are not excessive and, so far as the Vendors are aware, are adequate for the current requirements of its business, having regard to current and reasonably anticipated demand.
Stock and work in progress. 18.1 The Company’s stocks of raw materials, consumables, packaging and unfinished goods comprise items of the type and quality regularly used by or produced in its business and are useable in the ordinary course of its business for the purpose for which they were acquired or produced. None of it is slow moving or obsolete.
18.2 The Company’s stocks of finished goods are in good condition and saleable in the ordinary course of its business in accordance with its current price list at not less than their book value.
18.3 The Company’s stock and work in progress are at their normal levels for the time of year, are not excessive and are adequate for the current requirements of its business, having regard to current trading.
Stock and work in progress. The method of valuing stock-in-trade and work-in-progress for the Accounts was consistent with that adopted in the Management Accounts which has been and remains consistently applied in the past twelve month period
Stock and work in progress. The stock and inventory of each Group Company:
Stock and work in progress. The stock-in-trade currently held is not excessive but is adequate in relation to the current trading requirements of the business of the Company, is in good, undamaged and merchantable condition, is not obsolete or slow-moving and is capable of being sold by the Company in the ordinary course of its business in accordance with its current price list, without rebate or allowance to a purchaser (or to the extent that this is not the case, adequate provision or reserve has been made therefor in the Audited Accounts or Management Accounts).
Stock and work in progress. Stock and work in progress have been valued in the Balance Sheet on a basis in all material respects consistent with that adopted in respect of the beginning and end of the last preceding accounting period and at figures not exceeding the amounts which could in the circumstances existing at the Balance Sheet Date reasonably be expected to be realised in the normal course of carrying on business.