Common use of Inventory Survey Clause in Contracts

Inventory Survey. i. The SPV agrees that on the service of a Termination Notice or at least 3 (three) months prior to the expiry of the Agreement Period, as the case may be, it shall conduct or cause to be conducted under the Authority’s supervision, an inventory survey on the quantity of paddy and rice available with the SPV and verifying compliance with the SPV’s obligations under the Agreement. ii. If, as a result of the survey, the Authority shall observe/notice that there has been any shortfall in the inventory, the SPV shall, at its cost and expenses, take all necessary steps to hand over the shortfall well before the end of agreement period. iii. In the event the SPV fails to comply with the provisions of the Agreement, the Authority may itself cause the inventory survey to be conducted. The Authority shall be compensated by the SPV for any costs incurred in conducting such survey.