WIP Sample Clauses
A WIP (Work in Progress) clause defines how ongoing, incomplete work is managed and accounted for during the course of a project or contract. Typically, this clause outlines how progress is measured, how partial payments are calculated for unfinished work, and what documentation or reporting is required to verify the status of deliverables. Its core function is to ensure transparency and fairness in billing and project management by providing a clear framework for handling work that is not yet fully completed at specific milestones or at the time of contract termination.
POPULAR SAMPLE Copied 2 times
WIP. The total price in pounds sterling of WIP shall be calculated as follows: WFWIPx = WWIPx x FFx WSWIPx = WWIPx x SFx and: TFWIP = S1yWFWIPx TSWIP = S1yWSWIPx and: TPWIP = (TFWIP x BVUF6) + (TSWIP x BVSWU) Where:
WIP. The list of WIP listed on Schedule 1.1(d) hereto is true and correct in all material respects and, to the Seller's Knowledge, all of the WIP has been fully earned by the Seller as of the Closing Date and all of the WIP will be collectible using reasonable and customary collection procedures.
WIP. The purchase price for the WIP shall be the Seller’s cost of parts and accessories (with no internal markup) and the cost of the Seller’s service technician wage expense (with no internal markup); MINUS
WIP. Work-in-Process, with the Value of Work-in-Process being equal to the respective Dealership Company’s actual cost of parts and labor therefor, as evidenced by reasonable documentation.
WIP. (a) The Borrower shall ensure that all relevant persons record their time on each case within the Portfolio of Cases in a timely manner, so as to enable an accurate assessment of WIP to be made on an ongoing basis.
(b) The Borrower shall not allow Borrowed WIP to exceed the WIP Limit.
(c) No WIP shall be invoiced until final determination (by way of judgment or settlement between the relevant parties) of each relevant case within the Portfolio of Cases and to the extent that any WIP is invoiced prior to such final determination it shall be treated as WIP in determining (a) the amount of WIP and Borrowed WIP and (b) whether Borrowed WIP exceeds the WIP Limit.
WIP. Work-In-Process inventory, including without duplication raw materials in process.
WIP. All open work orders and open work in progress (if any), except to the extent mutually agreed by the Parties.
WIP. All Work in Process;
WIP. The WIP factor of the Purchase Price shall be computed and paid as follows: Purchaser shall pay Company in cash an amount equal to the value of the WIP on hand at Closing. WIP consists of component materials and sub-assemblies installed or otherwise incorporated on a chassis on a production line. Prior to the Closing, the Company will provide Purchaser with a good faith estimate ("Estimated WIP Inventory Value") of the value of the WIP. Purchaser shall pay Company in cash at Closing the amount of the Estimated WIP Inventory Value. The actual value of the WIP will be based on a physical inventory on or near the Closing Date. The physical inventory shall be conducted by the Company. Purchaser and Purchaser's representatives shall be present during the physical inventory to verify the counts. Company and the Purchaser and Purchaser's representatives shall agree on the counts and other material aspects of the physical inventory as it proceeds through completion. Within 15 days after the Closing, Company shall price and extend the physical count of WIP units and report in writing to Purchaser the computed value of the WIP. The value assigned to the individual units included in WIP shall be computed based on the dealer invoice for the unit, net of all discounts and rebates to the dealer on the unit, less the cost of the chassis on the unit determined in accordance with GAAP consistent with the past practices of Company, multiplied by fifty percent (50%). The computed value shall then be determined by multiplying the resulting figure from the computation described in the prior sentence by eighty percent (80%) and then adding back the cost of the respective chassis. The sum total shall be the value assigned to each respective unit in WIP at Closing. An example of the computation on one unit would be as follows: On a WIP unit with a $100,000 dealer invoice and no discount or rebate to the dealer and a $20,000 chassis cost, the computation would result in a computed unit cost of $52,000 arrived at by subtracting the cost of the chassis ($20,000) from the net dealer invoice ($100,000) and then multiplying the resulting $80,000 by 50% to get $40,000, and then multiplying the $40,000 by 80% to get $32,000. The total computed WIP unit cost would then be computed by summing the $32,000 computed conversion cost with the $20,000 chassis cost to total $52,000. Within 15 days after receiving Company's written report, the Purchaser will review the computation and report in wr...
WIP. Retrieved August 16, 2016