PARTS RETURN PRIVILEGES Sample Clauses
The "Parts Return Privileges" clause defines the conditions under which a buyer is permitted to return purchased parts to the seller. Typically, this clause outlines the timeframe for returns, the acceptable condition of parts, and any restocking fees or procedures that must be followed. For example, it may allow returns within 30 days if the parts are unused and in original packaging. The core function of this clause is to provide flexibility for buyers to manage excess or incorrect inventory while protecting the seller from undue losses, thereby ensuring a fair and predictable process for both parties.
PARTS RETURN PRIVILEGES. The Seller shall assign to the Buyer at Closing any net parts return privileges under the Manufacturer's Parts Return Plans that may have accrued to the Seller prior to the Closing (and any other special parts return authorizations which may have been granted to the Seller by Manufacturer). At the request of the Buyer, the Seller shall use its reasonable best efforts to assist the Buyer in effecting any one-time parts return offered by the Manufacturer, and will promptly pay over to the Buyer any monies received from the Manufacturer related thereto.