ASIP definition
Examples of ASIP in a sentence
Upon expiration or termination, for any reason, of (i) this Agreement or (ii) the Supply Agreement, ASIP shall also have an option for ninety (90) days from the date of expiration or termination to lease any of the Equipment for an annual amount equal to its annual depreciation.
ASIP will reasonably assist MLTC in such defense, and MLTC may at its sole cost and expense upon written notice to ASIP within a reasonable time following receipt of notice of such claim, suit or proceeding assume the defense thereof, at which time it shall no longer be responsible for the fees and expenses of ASIP in defending such action.
During the term of the Supply --------------------- Agreement, MLTC shall use good faith and reasonable commercial efforts to buy its full requirement of Devices from ASIP.
In connection therewith, on or prior to the Effective Date, MLTC and ASIP each will assign a technical coordinator who shall act as the primary contact with the other party.
ASIP and MLTC shall agree in writing upon -------------- the preliminary Specifications for the Devices not later than forty-five (45) days from the date hereof.
The ASIP shall be subject to adjustment as set forth in Section C below.
ASIP will sell the Devices to MLTC ---------------- at a price equal to the price necessary for ASIP to generate a [*] percent ([*]%) gross margin with respect to each such Device sold.
If MLTC desires to change the ------------------------- Specifications as necessitated by its commercially reasonable requirements, it will give ASIP notice of the desired changes.
Unless and until title to the Equipment is transferred to ASIP from MLTC, (i) all risk of loss related to such Equipment shall belong to MLTC, and ASIP shall be responsible for the cost of routine maintenance of such Equipment, and (ii) the cost of all major repairs and replacement of any such Equipment due to faulty workmanship shall borne by MLTC, which shall reimburse or replace such Equipment upon the reasonable request of ASIP.
ASIP shall prepare an estimate by the fifteenth (15th) day of each month of its likely expenses in such month.