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:
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. Within 5 business days of receipt at the Vendor’s processing facility, all products will be processed for potential return credit. Within 2 business days of processing, all items included in the shipment will be posted to the web portal for Member viewing. Vendor will primarily use a batched system to process returns and will close all batches on a weekly basis. Once products are processed and the batch is closed, Vendor will immediately apply for return authorization. Service fees will be deducted from the first disbursement of 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 return policy does not allow wholesaler credit to be issued to the Member, a check will be issued to the Member for the return value minus any service fees. These credits will also be visible on the web portal for auditing purposes. The Anticipated Return Value (ARV), or “Extended Value” will be estimated using the most current weekly pricing available from First Data Bank for open market items based on a percent discount off WAC (wholesale acquisition cost) which may vary by class of trade. Vendor will continuously monitor ARV compared to the actual credits received to ensure appropriate estimates are being applied. The Vendor will track and investigate all returns that have not been credited after 10 months, upon request. Credit update reports will be sent on a monthly basis to the Member until all credits are reconciled. Vendor must ensure that every effort is made to obtain maximum return credit for Members by:
