Common use of Consignment Stock Clause in Contracts

Consignment Stock. Where indicated on the face of an Order or otherwise agreed between Buyer and Seller that Goods shall be delivered and managed under a consignment stock arrangement, transfer of title to Goods shall occur upon Buyer’s withdrawal of Goods from the designated consigned inventory area (“Consigned Inventory Area”). Buyer shall be under no obligation to withdraw Goods from the Consigned Inventory Area and may return unused Goods stored within the Consigned Inventory Area at any time without penalty or liability. Buyer shall submit a report of the withdrawn Goods and Seller shall issue the relevant invoice on the basis of this report.

Appears in 2 contracts

Sources: Purchase Order Agreement, Purchase Order Agreement