Stocktaking. 6.1. Commencing on the day prior to the effective date, and continuing until completion thereof, representatives of the seller and the purchaser shall conduct a physical count and jointly prepare detailed stock sheets of:
6.1.1. the petrol, diesel and oil stock;
6.1.2. the shop stock;
6.1.3. the cash floats, as at the effective date.
6.2. In conducting the physical count of the stock as aforesaid and determining the value of the stock:
6.2.1. the representatives of the parties shall distinguish between current stock, obsolete stock and items of stock which are damaged or defective;
6.2.2. the petrol, diesel and oil stock shall be valued at the cost thereof;
6.2.3. the shop stock shall be valued at the lower of cost or net realisable value;
6.2.4. the cash floats shall be valued at their face value.
Stocktaking. The Contractor shall conduct the following annual stocktaking programme for items held over 12 months:
Stocktaking. The Contractor shall conduct the following annual stocktaking programme for Residual Assets held for over 12 months: STOCK BAND From To Contract Check £0.00 £500.00 £2000.00 £5000.00 £10000.00 £499.99 £1999.99 £4999.99 £9999.99 Over 0.00% 10% 25% 50% 75% NOTE: Value is that shown on the original MoD Issue Voucher, or as provided by the Authority.
Stocktaking. The representatives of the parties, with the participation of their accountants, shall perform a Stocktaking of the Assets Being Transferred, including the inventory, and verification of the fixed assets using Form 11 and the other corporate documents, with the aim of completing the inventory count by the Execution Date.
Stocktaking. 5.1. The parties shall cause the stock to be taken in accordance with the following provisions -
5.1.1. the stocktaking shall take place during the course of the 48 (forty eight) hours prior to the effective date, that being 31 January 2000;
5.1.2. each of the parties' auditors shall be present or represented at the stocktaking;
5.1.3. after the stocktaking has been completed, schedules reflecting the stocktaking shall be prepared and initialled by the parties;
5.1.4. the stock reflected in the schedules referred to in clause 5.1.3 shall be valued -
5.1.4.1. in the case of undamaged finished stock which is not slow moving, at the lower of the cost thereof to the seller and net realisable value;
5.1.4.2. in the case of undamaged work in progress which is not slow moving, at the cost thereof to the seller;
5.1.4.3. in the case of slow moving finished stock and slow moving work in progress, at a discount of 20% (twenty per cent) on the nett realisable value;
5.1.4.4. in the case of undamaged raw materials, at the cost thereof to the seller.
5.2. For the purpose of this clause -
Stocktaking. For the taking of the semi-annual inventory, every regular employee shall be expected to work beyond his or her regular schedule. On such semi-annual stocktaking days the Company may arrange special schedules to meet service requirements. All hours worked by an employee over the number of hours in the regular full-time schedule will be paid for at the rate of time and one-half (1 1/2). An inventory allowance of five dollars ($5.00) shall be added to the compensation of any employee if he or she is assigned to work after 6:00 P.M. on semi-annual inventory as above set forth. Inventory night may be the second regularly scheduled night in the workweek and all employees are required to work until completion of inventory.
Stocktaking. 9.1. It is recorded that the parties caused the stock to be taken in accordance with the following provisions - 9.
1.1. the stocktaking took take place on 25 October 1997 (the "stocktaking date"); 9.
1.2. each of the parties was present or represented at the stocktaking; 9.
1.3. after the stocktaking was completed, schedules reflecting the stocktaking were prepared and initialled by the parties.
9.2. The seller warrants that the saleable, undamaged finished stock reflected in the stocktaking schedules will have a value of not less than R3 700 000,00 (three million seven hundred thousand rand).
Stocktaking. The Contractor shall conduct the following annual stocktaking programme for Residual Assets held for over 12 months: STOCK BAND From To Contract Check NOTE: Value is that shown on the original MoD Issue Voucher, or as provided by the Authority.
Stocktaking. 5.1. The parties shall cause the stock to be taken in accordance with the following provisions -
5.1.1. the stocktaking shall take place during the course of the 48 (forty eight) hours prior to the implementation date, that being 31 January 2000;
5.1.2. each of the parties' auditors shall be present or represented at the stocktaking;
5.1.3. after the stocktaking has been completed, schedules reflecting the stocktaking shall be prepared and initialled by the parties;
5.1.4. the stock reflected in the schedules referred to in clause 5.1.3 shall be valued -
5.1.4.1. in the case of undamaged finished stock, at the lower of the cost thereof to the seller and net realisable value;
5.1.4.2. in the case of undamaged work in progress, at the cost thereof to the seller;
5.1.4.3. in the case of undamaged raw materials, at the cost thereof to the seller.
5.2. For the purpose of this clause -
5.2.1. cost to the seller" -
5.2.1.1. means the price paid by the seller to the supplier;
5.2.1.2. shall take into account all the discounts including settlement discounts granted to the seller.
5.3. Should there be any dispute in regard to the value of any item of stock or in regard to whether any item of the stock is damaged or slow moving, the dispute shall be determined by the respective auditors of the purchaser and the seller, acting jointly and, failing agreement between such auditors, by independent auditors appointed by the respective auditors of the purchaser and the seller (or failing agreement between them, by the Chairman for the time being of the Cape Society of Chartered Accountants (or the successor body thereto)). Such auditors in resolving the dispute shall act as experts and not as arbitrators and their decision shall be final and binding on the parties and their charges shall be paid by the purchaser and the seller in equal shares.
Stocktaking. 6.1. Commencing on the day prior to the effective date, and continuing until completion thereof, representatives of the seller and the purchaser shall conduct a physical count and jointly prepare detailed stock sheets of:
6.1.1. the Wimpy stock; and
6.1.2. the cash floats, as at the effective date.
6.2. In conducting the physical count of the stock as aforesaid and determining the value of the stock:
6.2.1. the representatives of the parties shall distinguish between current stock, obsolete stock and items of stock which are damaged or defective;
6.2.2. the Wimpy stock shall be valued at the lower of cost or net realisable value;
6.2.3. the cash floats shall be valued at their face value.
6.3. If the seller and the purchaser are unable to agree any matters requiring agreement pursuant to this clause 6, the dispute shall be submitted for determination to an independent third party agreed to by the parties (or failing agreement, nominated by Engen), who shall:
6.3.1. act as an expert and not as an arbitrator;
6.3.2. hear the matter informally at the premises;
6.3.3. give a ruling immediately;
6.3.4. not be bound by any rules or procedure or evidence, and whose decision shall be final and binding on the parties.
