199 Fungible Goods and Materials Clause Examples for Any Agreement
The 'Fungible Goods and Materials' clause defines how goods or materials that are interchangeable and indistinguishable from one another are treated under a contract. This clause typically clarifies that such items can be substituted or commingled without affecting the parties’ rights, and may specify how ownership or risk is determined when these goods are mixed. Its core function is to provide clear rules for handling bulk or standardized items, thereby preventing disputes over identification and allocation of such goods.
Fungible Goods and Materials. 1. Each Party shall provide that the determination of whether fungible goods or materials are originating goods shall be made either by physical segregation of each good or material or through the use of any inventory management method, such as averaging, last-in, first-out, or first-in, first out, recognized in the generally accepted accounting principles of the Party in which the production is performed or otherwise accepted by the Party in which the production is performed.
2. Each Party shall provide that that an inventory management method selected under paragraph 1 for particular fungible goods or materials shall continue to be used for those fungible goods or materials throughout the fiscal year of the person that selected the inventory management method.
Fungible Goods and Materials. 1. For the purposes of determining whether a good qualifies as an originating good of a Party, where fungible originating materials of the Party and fungible non- originating materials that are commingled in an inventory are used in the production of the good, the origin of the materials may be determined pursuant to an inventory management method under the Generally Accepted Accounting Principles in the Party.
2. Where fungible originating goods of a Party and fungible non-originating goods are commingled in an inventory and, prior to exportation do not undergo any production process or any operation in the Party where they were commingled other than unloading, reloading and any other operation to preserve them in good condition, the origin of the good may be determined pursuant to an inventory management method under the Generally Accepted Accounting Principles in the Party.
Fungible Goods and Materials. 1. The determination of whether fungible goods or materials are originating goods shall be made either by physical segregation of each of the materials, or through the use of an inventory management method recognised in the generally accepted accounting principles of the Party in which the production is performed or otherwise accepted by that Party.
2. A Party shall provide that an inventory management method selected under paragraph 1 for particular fungible goods or materials shall continue to be used for those fungible goods or materials throughout its fiscal year.
Fungible Goods and Materials. 1. For the purposes of determining whether a good qualifies as an originating good of a Party, where fungible materials consisting of originating materials of the Party and non-originating materials that are commingled in an inventory are used in the production of the good, the origin of the materials may be determined pursuant to an inventory management method recognized in the Generally Accepted Accounting Principles in the Party.
2. Where fungible goods consisting of originating goods of a Party and non-originating goods are commingled in an inventory and, prior to exportation do not undergo any production process or any operation in the Party where they were commingled other than unloading, reloading and any other operation to preserve them in good condition, the origin of the good may be determined pursuant to an inventory management method recognized in the Generally Accepted Accounting Principles in the Party.
Fungible Goods and Materials. 1. For the purposes of determining whether a good is an originating good, where originating and non-originating fungible materials that are commingled in an inventory, are used in the production of a good, the origin of the materials may be determined pursuant to an inventory management method set out in paragraph 3 below.
2. Where originating and non-originating fungible goods are commingled in an inventory and, prior to exportation do not undergo any production process or any operation in the Area of the Party where they were commingled other than unloading, loading or any other operation necessary to preserve it in good condition or to transport the good to the other Party, the origin of the good may be determined pursuant to an inventory management method set out in paragraph 3 below.
3. The inventory management methods for fungible goods or materials shall be the following:
(a) “FIFO method” (first in-first out) is the inventory management method by which the origin of the number of fungible goods or materials first received in the inventory is considered to be the origin of the same number of fungible goods or materials first withdrawn from the inventory;
Fungible Goods and Materials. 1. For purposes of determining whether a good is an originating good:
(a) where originating and non-originating fungible materials are used in the production of a good, the determination of whether the materials are originating need not be made through the identification of any specific fungible material, but shall be determined on the basis of any of the inventory management methods set out in the Uniform Regulations; and
(b) where originating and non-originating fungible goods are commingled and exported in the same form, the determination shall be made on the basis of any of the inventory management methods set out in the Uniform Regulations.
2. Once a decision has been taken on the inventory management method, this method shall be used throughout the fiscal year.
Fungible Goods and Materials. For purposes of determining whether a good is an originating good--
(i) where originating and non-originating fungible materials are used in the production of a good, the determination of whether the materials are originating need not be made through the identification of any specific fungible material, but may be determined on the basis of any of the inventory management methods set out in regulations promulgated by the Secretary of the Treasury; and
(ii) where originating and non-originating fungible goods are commingled and exported in the same form, the determination may be made on the basis of any of the inventory management methods set out in regulations promulgated by the Secretary of the Treasury.
Fungible Goods and Materials. 1. The determination of whether fungible goods or materials are originating goods shall be made either by physical segregation of each good or material or through the use of any of the inventory management method, such as averaging, last-in, first-out, or first in, first-out, recognised in the Generally Accepted Accounting Principles of a Party in which the production is performed or otherwise accepted by the Party in which the production is performed.
2. Once a particular inventory management method is selected under paragraph 1, that method shall continue to be used for those fungible goods or materials throughout the fiscal year of the person that selected the inventory management method.
Fungible Goods and Materials. 1. Each Party shall provide to the person requesting preferential tariff treatment for a good may request that a material is based, fungible goods originating in either a physical segregation of each good or material or through the use of any method of fungible inventory management method, such as average method that comes first sale method first come first sale, recognized in the generally accepted accounting principles of the party which is performed in the production or otherwise accepted by the Party in which the production is performed.
2. Each Party shall provide that where it chooses an inventory management method under paragraph 1 for particular fungible goods or materials, it shall continue to be used for those goods material throughout the fiscal year of the person that the method selected inventory management.
Fungible Goods and Materials. 1. For the purposes of determining whether a good qualifies as an originating good of a Country, where fungible originating materials of the Country and fungible non-originating materials that are commingled in an inventory are used in the production of the good, the origin of the materials may be determined pursuant to an inventory management method under the Generally Accepted Accounting Principles in the territory of the Country.
2. Where fungible originating goods of a Country and fungible non-originating goods are commingled in an inventory and, prior to exportation do not undergo any production process or any operation in the territory of the Country where they were commingled other than unloading, reloading or any other operation to preserve them in good condition, the origin of the good may be determined pursuant to an inventory management method under the Generally Accepted Accounting Principles in the territory of the Country.