Product Refresh Sample Clauses
The Product Refresh clause outlines the process by which a supplier updates or replaces products provided under an agreement with newer models or versions. Typically, this clause specifies the conditions under which refreshed products may be introduced, such as technological advancements or discontinuation of older models, and may require the supplier to notify the buyer of upcoming changes or offer the latest versions at the same or adjusted pricing. Its core function is to ensure that the buyer continues to receive up-to-date products, thereby maintaining relevance and value throughout the contract term while addressing the issue of product obsolescence.
Product Refresh. AltiGen may, at its sole discretion, modify the Products. For purposes of this Agreement, AltiGen shall have sole discretion as to whether a Product is deemed to be a new version of an existing Product to be provided to Distributor under the terms of this Agreement or a new product requiring execution of an appendix to this Agreement prior to distribution. Once a new version of a Product covered by this Agreement begins shipping, Distributor shall have thirty (30) days from the first AltiGen shipment date of the new version to Distributor, or from written notification by AltiGen of the new version, whichever is later, (i) to submit an offsetting purchase order for an equal dollar-for-dollar value of the new version of the Product and (ii) to return Product from the prior release from Distributor's inventory that was shipped by AltiGen to Distributor within the previous ninety (90) days. Such returns shall be shipped at AltiGen expense using AltiGen Communication's account number and carrier which will be specified at time of RMA issuance, and the offsetting Purchase Order shipment will be paid for by Distributor as described in section 5.7 and 5.8 of this agreement. Returned Product will be exchanged by AltiGen on a dollar for dollar basis, proportional with any price increase or decrease, with the new version of the Product and shipped to Distributor at AltiGen expense. Product returned under this provision must be in merchantable condition and in its original factory-sealed packaging. The right to refresh Product under this subsection (b) shall be in addition to Distributor's inventory balancing right under subsection (a) above.
Product Refresh. AltiGen Communications may, at its sole discretion, modify the Products. For purposes of this Agreement, AltiGen Communications shall have sole discretion as to whether a Product is deemed to be a new version of an existing Product to be provided to Distributor under the terms of this Agreement or a new product requiring execution of an appendix to this Agreement prior to distribution. Once a new version of a Product covered by this Agreement begins shipping, Distributor shall have thirty (30) days from the first AltiGen Communications shipment date of the new version to Distributor, or from written notification by AltiGen Communications of the new version, whichever is later, (i) to submit an offsetting purchase order for an equal dollar-for-dollar value of the new version of the Product and (ii) to return Product from the prior release from Distributor's inventory that was shipped by AltiGen Communications to Distributor within the previous ninety (90) days. Such returns shall be shipped at Distributor's expense. Returned Product will be exchanged by AltiGen Communications on a dollar for dollar basis, proportional with any price increase or decrease, with the new version of the Product. Product returned under this provision must be in merchantable condition and in its original factory-sealed packaging. The right to refresh Product under this subsection (b) shall be in addition to Distributor's inventory-balancing right under subsection (a) above.