Credit Process Sample Clauses
The Credit Process clause defines the procedures and requirements for evaluating and approving credit within a contractual relationship. It typically outlines the steps a party must follow to request credit, the documentation needed, and the criteria used to assess creditworthiness, such as financial statements or credit scores. By establishing a clear and consistent process, this clause helps manage financial risk and ensures that credit is extended only to qualified parties, thereby protecting the interests of the party providing credit.
Credit Process. Within ten (10) business days of receipt at the Vendor’s processing facility, all products will be processed for potential return credit. Within ten (10) business days of processing, all immediately returnable items included in the shipment will be posted to the web portal for Member viewing. Vendor will primarily use a Batch Process for all participating manufacturers and will close all batches on a weekly basis. Once products are processed and the batch is closed, Vendor will apply for return authorization within five (5) business days. Upon receipt of return authorization from the manufacturer, Vendor will ship products back to the manufacturer. Vendor’s proprietary returns database will evaluate each product return against all return policies in the database to determine which manufacturer policy will maximize return value. In the event that an unbatched return will provide the Member with a greater return value or if the manufacturer does not allow batched product, Vendor will process the return unbatched. Service fees will be deducted from the Member’s wholesaler applied credit. In the event the wholesaler credit is not sufficient to cover the Vendor’s service fees, Vendor will be allowed to invoice the Member. If a manufacturer does not issue wholesaler credit, a check will be issued to the Member for the return value, associated fees will be deducted from credits received at the wholesaler. These credits will also be visible on the web portal for auditing purposes. The Estimated Return Value (ERV) will be calculated using the most current quarterly pricing available from Truven Health Analytics Redbook for open market items. Vendor will continuously monitor ERV compared to the actual credits received to ensure appropriate estimates are being applied. Vendor may utilize Member price files and manufacturer policies for processing. Price files may be uploaded via Vendor’s web portal. Vendor will make every effort to utilize the most accurate pricing that is reflective of MMCAP Member’s class of trade. The Vendor will track and investigate all returns that have not been credited after 120 days. Credit reports will be available on Vendor web portal for review at any time. Typically, Members can expect to see most credits reconciled in 180 days. Vendor will continue to work on credit recovery for open credits for a two-year period, as needed. Vendor must ensure that every effort is made to obtain maximum return credit for Members by:
a. Providing a mecha...
Credit Process. Symbol may, at its discretion, reduce the amount owed by Buyer at any particular time by any amount owing by Symbol to Buyer pursuant to the terms of this Agreement and invoice the net amount owed by Buyer. Upon so doing, Symbol’s liability to Buyer shall, in an amount equal to the reduction, be extinguished.
Credit Process. To request a credit, Customer must deliver a written request to eStruxture within 30 days of the SLA event’s occurrence. Failing to request a credit within the given window results in forfeiture of Customer’s right to claim the credit. In no event shall Customer’s total credit in a month exceed 100% of the monthly charge for the affected Service.
Credit Process. To be eligible to receive SLA credits, Customer must:
a. Report suspected outage to the Vaultas NOC/Call Center and open trouble ticket; and
b. Notify Vaultas in writing within sixty (60) calendar days of occurrence of the problem. Vaultas will issue a service credit to eligible Customers equal to the greater of any credit due based upon (i) Mean Time to Repair or (ii) Network Availability.
Credit Process. In order to receive an Outage Credit, Customer must (a) immediately report the Outage to the NOC and open a trouble ticket and (b) make a written request for the same within thirty (30 days following the end of the month in which the Outage occurred along with providing sufficient detail to permit ▇▇▇▇ to investigate the Outage Credit request. Upon receipt of ▇▇▇▇▇▇▇▇’s request, Zayo will investigate the claim under the terms described in this Customer Schedule. Credits will be granted only if Customer has paid all outstanding invoices by the Due Dates thereof. The issuance of credits pursuant to this Section is Zayo's sole obligation and, along with termination in accordance with Section 6.4 (Chronic Outage), Customer's sole remedy for any failure or non-performance of Offerings set forth in this Customer Schedule. Outage Credits shall be deducted from the charges payable by Customer hereunder and shall be expressly indicated on the Customer invoice. The maximum Outage Credit in a calendar month shall not exceed 50% of the MRC for the affected Dark Fiber.