Inventory Committee definition

Inventory Committee has the meaning set forth in Section 3.1.1 of this Agreement.
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Inventory Committee has the meaning given such term in Section 2 A of this Exhibit.
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Examples of Inventory Committee in a sentence

  • The specific standards to be used shall be determined by the Inventory Committee prior to the Closing.

  • Finished Product In-Transit will be measured in accordance with inventory records maintained by Seller, as confirmed by the Inventory Committee.

  • The Inventory Schedule will be subject to the approval of the Inventory Committee, and shall indicate the following for each tank to be inventoried: • Storage tank location, tank number, tank type, size, capacity (shell and working); • Status at closing (active or inactive); • Product stored including classification as sweet, sour, type of crude, etc.; • Tank reference gauge height; • Method of Tank gauging (ullage or innage) based on the Tank calibration table; and • Tank Heels (volume).

  • If it is necessary to break seals to transfer Product into or out of a sealed gauged tank, prior notification and confirmation must be obtained from the Inventory Committee in order to keep accurate records of the proceedings.

  • Sulfur, if any will be sold pursuant to this Agreement, will be measured in accordance production records maintained by the Seller, or through other means agreeable by the Inventory Committee and Petroleum Inspection Company.

  • The Parties shall be deemed to have accepted the accuracy of the gauging and temperature measurements of a tank as recorded by the Petroleum Inspection Company on the gauge ticket (to be mutually developed) (the “Gauge Ticket”) if the Parties’ respective Inventory Committee representatives “sign-off” on the Gauge Ticket.

  • The Inventory Schedule shall be approved by the Inventory Committee no later than five (5) Business Days prior to Closing.

  • During a fifteen (15) day review period following receipt by both Parties of the physical inventory report, either Party may question the calculations and/or laboratory results set forth therein and the members of the Inventory Committee shall resolve any outstanding quantity and quality disputes.

  • Any remaining disputes shall be resolved by noon the following working day (or in the case of quality disputes, promptly following receipt of test results) by a majority vote of the members of the Inventory Committee.

  • All gauging, temperature measurment, sampling, testing and net volume calculations will be done by the Petroleum Inspection Company with the participation of Buyer’s and Seller’s Inventory Committee representatives using a mutually agreed upon gauging and sampling schedule by tank (the “Inventory Schedule”).

Related to Inventory Committee

  • Statutory Committee means a committee struck as a requirement of government legislation;

  • Supervisory Committee means the Comisión Fiscalizadora of the Company.

  • Advisory Committee means the Employer's Advisory Committee as from time to time constituted.

  • Evaluation Committee means a body appointed to perform the evaluation of Offerors’ proposals.

  • Transition Committee shall have the meaning set forth in Section 2.14.

  • Search Committee means the Search Committee set up by the Senate under section 15 (2);

  • independent review committee means the independent review committee of the investment fund established under National Instrument 81-107 Independent Review Committee for Investment Funds;

  • Nomination Committee means the nomination committee of the Board established in accordance with Article 116;

  • Selection Committee means a committee of individual(s) who evaluate and rank proposals; conduct negotiations; and makes a contract award recommendation to the District and its respective Committees.

  • Joint Remediation Committee has the meaning set forth in Section II.A.2.

  • Steering Committee has the meaning set forth in Section 2.

  • Technical Advisory Committee means a committee established under section 12;

  • Management Committee means in the case of a Competition which is an unincorporated association, the management committee elected to manage the running of the Competition and where the Competition is incorporated it means the Board of Directors appointed in accordance with the articles of association of that company.

  • Candidate Committee means a committee established by a candidate pursuant to N.J.S.A. 19:44A-9(a), for the purpose of receiving contributions and making expenditures.

  • Project Committee has the meaning assigned to it in Section 6.1;

  • Monitoring Committee means the committee established under clause 10 of this Award.