Lost Inventory definition

Lost Inventory shall be calculated on a component reference number by component reference number basis (each such unique component a “Component”), subtracting as of a particular date the Amount Used of such Components and the Actual Inventory of such Component from the Amount Delivered, where (i) “Amount Used” means the quantity of such Components manufactured by Supplier into products prior to the particular date, (ii) “Amount Delivered” means the quantity of such Components delivered by Customer’s vendor to Supplier (based on receiving information supplied by Supplier) prior to the particular date, and (iii) “Actual Inventory” means the quantity of such Components on-hand as determined by a physical count as of the particular date.
Sample 1Sample 2
Lost Inventory shall be calculated on a component reference number by component reference number basis (each such unique component an “Inventory Component”), subtracting as of a particular date the Amount Distributed of such Inventory Components and the Actual Inventory of such Inventory Component from the Amount Delivered, where (i) “Amount Distributed” means the quantity of such Inventory Components distributed by Supplier pursuant to a Customer Order prior to the particular date, (ii) “Amount Delivered” means the quantity of such Inventory Components delivered by Supplier’s manufacturing facility or Customer’s vendor to Supplier (based on Customer Orders received by Supplier) prior to the particular date, and (iii) “Actual Inventory” means the quantity of such Inventory Components on-hand as determined by a physical count as of the particular date.
Sample 1
Lost Inventory shall be calculated on a component reference number by component reference number basis (each such unique component an “Inventory Component”), subtracting as of a particular date the Amount Used of such Inventory Components and the Actual Inventory of such Inventory Component from the Amount Delivered, where (i) “Amount Used” means the quantity of such Inventory Components manufactured by Supplier into products prior to the particular date, (ii) “Amount Delivered” means the quantity of such Inventory Components delivered by Customer’s vendor to Supplier
Sample 1

Examples of Lost Inventory in a sentence

  • Notwithstanding the foregoing, for certain non-standard, high cost packaging items (by way of example, for purposes of clarity but without limitation, non-standard, high cost packaging items include multi-disc boxes, multi-disc booklets and Customer-owned DVDs) specified from time to time by Customer, Supplier shall pay for Lost Inventory exceeding [*****]% of the amount delivered to Supplier (or such other percentage as is consistent with Prevailing Practices).

  • Xxxxxx’x liability for Lost Inventory and Inventory Damage shall be reduced by an amount equal to .125% of the Cost of Goods of the total number of Inventory units received during the period from the Effective Date through December of 2002 and annually thereafter.

  • On the issue of Lost Inventory, Kent Richards has been very helpful.

  • Ingram will not be liable for: Any Lost Inventory, Inventory Damage, or Package Damage which occurs prior to delivery of the Inventory to Ingram or after Ingram delivers the Inventory to the carrier for delivery to SmartDisk or the Customer.

  • The basic insurance costs are considered a service fee and are the lesser of$250 per crop or $750 per producer per county and includes:• Lost Inventory above 50 percent of expected production at 55 percent of average market price[ and• Provides about 20 percent of expected income for a total loss.

  • Controls Needed to Prevent Lost Inventory Improvements are needed to determine whether lost CSB property inventory is due to employee negligence.


More Definitions of Lost Inventory

Lost Inventory means Inventory lost in a Facility.
Sample 1

Related to Lost Inventory

  • Product Inventory means all inventory of the Product owned by Seller or its Affiliates as of the Closing, including raw materials, work-in-process, bulk form drug and finished Product.

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

  • Excess Inventory means all Inventory and Special Inventory possessed or owned by Flextronics that is not required for consumption to satisfy the next [***] of demand for Products under the then-current purchase order(s) and forecast.

  • Excluded Inventory means any of the following inventory of goods, merchandise, or other inventory of Seller located at the Leased Premises: (a) all items in the Fresh Departments;

  • Eligible Finished Goods Inventory means all Finished Goods Inventory that is Eligible Inventory.

  • Obsolete Inventory means items that have expired, are redundant or

  • Inventories means “Inventories” as defined in the Uniform System of Accounts, such as, but not limited to, provisions in storerooms, refrigerators, pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical supplies; stationery; and other expensed supplies and similar items.

  • In-Transit Inventory means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a Foreign Vendor of a Borrower from a location outside of the continental United States to a location of a Borrower that is within the continental United States.

  • Transferred Inventory has the meaning set forth in Section 2.2(a)(iii).

  • Finished Goods means units of a manufactured product awaiting sale.

  • Consigned Inventory means Inventory of any Borrower that is in the possession of another Person on a consignment, sale or return, or other basis that does not constitute a final sale and acceptance of such Inventory.

  • Supplier Equipment means the Supplier's hardware, computer and telecoms devices, equipment, plant, materials and such other items supplied and used by the Supplier (but not hired, leased or loaned from the Customer) in the performance of its obligations under this Call Off Contract;

  • SKU means stock-keeping unit.

  • Nonconforming Goods means only the following: (i) product shipped is different than identified in Buyer's purchase order; or (ii) product's label or packaging incorrectly identifies its contents.

  • Inventory Tracking System means the required tracking

  • Customer Equipment means hardware, software, systems, cabling and facilities provided by you and used in conjunction with the Equipment that we supply to you in order to receive the Services;

  • Eligible Inventory means and include Inventory, excluding work in process, with respect to each Borrower, valued at the lower of cost or market value, determined on a first-in, first-out basis, which is not obsolete, slow moving or unmerchantable as determined by Agent in its Permitted Discretion and which Inventory, based on such considerations as Agent may from time to time deem appropriate in its Permitted Discretion including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no other Lien (other than a Permitted Encumbrance). Notwithstanding anything herein to the contrary, no Inventory shall be Eligible Inventory to the extent such Inventory was acquired by a Borrower pursuant to an entity creation under Section 7.12 or a Permitted Acquisition, unless Agent has (i) completed field examinations with respect to such Inventory, the results of which are satisfactory in form and substance to Agent in its Permitted Discretion or (ii) waived such restriction in its Permitted Discretion. In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform in all material respects to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is in transit (other than between one or more locations where Borrowers are permitted hereunder to maintain or store Inventory and such location is the subject of a Lien Waiver Agreement or a Processor’s Agreement, as applicable, unless such location is owned by Borrower); (c) is located outside the continental United States or at a location that is not otherwise in compliance with this Agreement; (d) constitutes Consigned Inventory (other than Consigned Inventory that is subject to a warehouseman’s waiver in form and substance satisfactory to Agent); (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Agent’s right to sell or otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion); (g) at any time following seventy-five (75) days after the Closing Date (or such later date agreed to by Agent), is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement or a Processor’s Agreement, as applicable (or Agent shall have established reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion in an amount not to exceed the equivalent of three (3) months’ rental obligation with respect to such location); or (h) if the sale of such Inventory would result in the creation of a Receivable which, on the date of such sale, would fail to constitute an Eligible Receivable due to the operation of any of clauses (b), (c) or (e) – (p) of such definition.

  • The Equipment/Product means all the Air conditioners along with the accessories which the Vendor is required to supply to the Bank under the Contract.

  • Shrinkage means the allowance for loss in weight of Grain that occurs during the storage and handling and transport process.

  • Raw Materials means all raw materials, supplies, components and packaging necessary to manufacture and ship the Product in accordance with the Specifications, as provided in Exhibit A, but not including the API.

  • Fuel burning equipment means any furnace, boiler, apparatus, stack and all associated equipment, used in the process of burning fuel.

  • Consumable means any component of a good that is used up recurrently and needs to be replaced for the good to function as intended;

  • Farm equipment means equipment used directly for farming

  • Spare Parts has the meaning assigned to such term in the Pledge and Security Agreement.

  • Product Line means a group of related products manufactured by a single company, or offered by a company in their usual course of business.

  • Nonconforming use means a use of land that: