START-UP INVENTORY Clause Samples
START-UP INVENTORY. (1) Marijuana producers may not receive immature marijuana plants or seeds from any source other than from another licensee, except that between January 1, 2016 and December 31, 2016, a marijuana producer may receive immature marijuana plants and seeds from any source within Oregon for up to 90 days following initial licensure by the Commission.
(2) The marijuana producer shall, through CTS, report receipt of the number of immature marijuana plants or seeds received under this Section within 48 hours of the plants or seeds arriving at the licensed premises. A producer does not have to document the source of the immature plants or seeds during the 90 day start-up period.
(3) Failure to comply with this rule is a Category I violation and could result in license revocation.
START-UP INVENTORY. The Parties acknowledge that, in order for Seller to Manufacture the Products, Seller will need to acquire certain raw materials and component parts (the "COMPONENT PARTS"). Buyer will be acquiring a substantial inventory of Component Parts ("BUYER'S INVENTORY"). Seller hereby agrees to purchase all usable Component Parts (as needed to support Buyer's master requirement schedule in a timely fashion) which exist in Buyer's Inventory from Buyer until Buyer's Inventory is exhausted. Seller agrees that Buyer may deliver to Seller's Facility any or all Buyer's Inventory for storage prior to use in the Manufacturing of Products. However, the Parties agree that title to and ownership of any portion of Buyer's Inventory shall pass from Buyer to Seller only as Buyer's Inventory is sold to Seller for the Manufacture of Products. Seller agrees that that portion of Buyer's Inventory delivered to Seller's Facility shall be stored in a secure area of Seller's Facility and shall not be commingled with any other Component Parts or other materials and shall be kept in good working order and condition at Seller's sole expense. Seller agrees that Buyer's Inventory shall only be used for the Manufacture of Products.