Acceptable Losses definition
Acceptable Losses means the losses in the .............. that the oil industry accepts as normal losses in a depot operation, which in the case of is
Acceptable Losses means that, with respect to a given kilogram of Finished Ingredient, the losses that the Steering Committee has agreed to be generally expected (ie for theft, spillage, etc), provided that losses may not be included in Acceptable Losses if they would cause the Acceptable Losses for a given Fiscal Year to exceed the “Acceptable Loss Rate”. The Acceptable Loss Rate, determined as a percentage of the Finished Ingredient produced after Finishing, shall be established by the Steering Committee prior to the start of commercialization of the Ingredient. The Steering Committee may adjust the Acceptable Loss Rate no more than once per calendar year and by unanimous consent by the Steering Committee only. Any changes to Acceptable Loss Rate shall only apply prospectively.
Acceptable Losses means the volume of losses of Petroleum Products that the oil industry accepts as normal losses in a storage facility, which in the case of diesel is 0.15% (zero point one five percent) and in the case of petrol is 0.25% (zero point two five percent) of the volume of Petroleum Product in question;