Common use of Supplier Lead Time Clause in Contracts

Supplier Lead Time. Supplier will diligently produce and deliver the Products in a timely manner. The Standard Lead Time, is set forth on Schedule 1, is in business days from issuance of a PO until it is received at Snap-on receiving dock. Dispatch/arrival date for every Product in every PO will be indicated in the respective PO, based on the Standard Lead Time. Time is of the essence with respect to the delivery of the Products. In the event Supplier fails to meet the Standard Lead Time commitment set forth on Schedule 1, Snap-on shall have the right, at its sole option, to terminate the applicable PO and/or any other outstanding POs, without Snap-on paying any penalty or owing any other liability to Supplier. Dispatch/arrival date can be changed after the PO is placed if the Parties have agreed to such change. Required inventory levels will be covered by an Inventory Stocking Agreement, if applicable.