MEETING COMPETITION Clause Samples
The Meeting Competition clause allows a party, typically a seller, to adjust its terms or pricing to match those offered by a competitor. In practice, if a buyer receives a better offer from another supplier, the seller can choose to meet or beat that offer to retain the business relationship. This clause helps ensure that the buyer receives competitive terms while giving the seller an opportunity to maintain the contract, ultimately fostering fair competition and preventing abrupt contract termination due to more favorable external offers.
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MEETING COMPETITION. If, at any time after the fifth anniversary of this Agreement, DM receives a bona fide written proposal from an independent commercial can manufacturer (an "Offeror") having the capability to manufacture and sell containers to DM of a type and quality similar to the Containers that Seller is required to furnish DM under this Agreement for the remainder of th▇ ▇▇▇▇ ▇▇▇ one or more Facilities, which written proposal provides selling prices and terms that are in DM's good faith opinion more favorable than the selling prices and terms for Containers then provided by Seller and is based on not less than one hundred percent of the annual volume of all such Containers as DM is then purchasing from Seller hereunder for one or more Facilities for the remainder of the Term, DM shall notify Seller of such proposal and shall furnish Seller with a summary of all terms of the offer with reasonable specificity, including the identity of the Offeror. At Seller's request, such summary shall be reviewed and confirmed in writing by DM's independent certified public accountants as an accurate summary of terms of such offer. Seller shall have 30 days from the date of receipt of DM's notice within which to submit a counterproposal to such bona fide competitive proposal. Notwithstanding anything herein to the contrary, PCP and its affiliates shall be excluded from making any competitive proposal during any period in which PCP is receiving metal for cans through DM and/or Seller. If Seller's counterproposal would result in DM paying the same net selling price for Containers that would be paid if the competitive proposal were accepted and if Seller meets all the other terms and conditions, including warranties but excluding any provisions providing for meeting competitive bidding, of the competitive proposal, then DM shall accept Seller's counterproposal and the provisions of this Article VI (and any meeting competitive bidding provisions contained in the competitive proposal) will not be applicable during the term of Seller's counterproposal for those Containers supplied to the Facilities subject to the counterproposal. If Seller declines to meet the competitive proposal, DM shall be free to purchase Containers from the Offeror pursuant to the competitive proposal commencing 60 days after the expiration of the 30-day period; provided that, if prior to acceptance of the competitive proposal in the aggregate the terms and conditions of the competitive proposal are changed to be les...
MEETING COMPETITION. If the price charged by a third party supplier (not affiliated with AMO) for a product or part, which is substantially similar to a Product and sold on substantially similar terms and conditions as this Agreement, is more than ***** less than the price hereunder, and if AMO furnishes Supplier with written proof of such a bona fide offer by such third party supplier at such lower price, then Supplier shall make best efforts to assist AMO to meet competitive pricing.