CONTROLLABLE MATERIALS Sample Clauses
The "Controllable Materials" clause defines which materials or resources within a project or contract are under the direct control and management of a specified party, typically the contractor or supplier. This clause outlines the types of materials that must be tracked, reported, or handled according to agreed standards, such as inventory used in manufacturing or components supplied for a construction project. By clearly identifying controllable materials, the clause helps allocate responsibility for their quality, usage, and potential losses, thereby reducing disputes and ensuring accountability throughout the contract.
CONTROLLABLE MATERIALS. 4.6.1 The Contractor shall control the acquisition, location, storage and disposition of materials which are subject to accounting record control, physical inventory and adjustment for overages and shortages (hereinafter referred to as Controllable Material).
4.6.2 Unless additional inventories are scheduled by the JMC, Contractor shall conduct one physical inventory of the Controllable Material each Calendar Year which shall be completed prior to the end of each such year. The Contractor shall conduct said inventory on a date to be approved by the JMC. Failure on the part of GNPC to participate in a JMC schedule or approved physical inventory shall be regarded as approval of the results of the physical inventory as conducted by the Contractor.
4.6.3 The gain or loss resulting from the physical inventory shall be reflected in the stock records of Controllable Materials. The Contractor shall compile a reconciliation of the inventory with a reasonable explanation for such gains or losses. Failure on the part of GNPC to object to Contractor’s reconciliation within thirty (30) days of compilation of said reconciliation shall be regarded as approval by GNPC.
CONTROLLABLE MATERIALS. The Licensee shall control the acquisition, location, storage and disposition of materials which are subject to accounting record control, physical inventory and adjustment for overages and shortages (hereinafter referred to as Controllable Material). Licensee shall conduct one physical inventory of the Controllable Material each Calendar Year which shall be completed prior to the end of the year. The gain or loss resulting from the physical inventory shall be reflected in the stock records of Controllable Materials. The Licensee shall compile a reconciliation of the inventory with a reasonable explanation for such gains or losses. Failure on the part of the Director General to object to Licensee’s reconciliation within thirty (30) days of compilation of said reconciliation shall be regarded as approval by the Director General.