Excess and Obsolete definition

Excess and Obsolete means surplus in material inventory resulting from a reduction in production forecast by the Customer or as a result of a procurement strategic decision initiated by the Customer, and surplus material resulting from implementation of design changes and ECNs rendering Components obsolete.
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Examples of Excess and Obsolete in a sentence

  • Supplier agrees to physically dispose of all Excess and Obsolete Items as directed in writing by Tesla.

  • In lieu of delivery to Tesla, Tesla may require that Supplier destroy or otherwise scrap the Excess and Obsolete Items so that they are non-functional, and Supplier shall comply with this requirement in accordance with Tesla’s instructions and provide Tesla with a certification of destruction.

  • Excess and Obsolete Items that are to be delivered to Tesla’s facilities must be delivered in accordance with the requirements of this Agreement and/or any supplemental instructions provided by Tesla.

  • Buyer will be liable for, and Buyer's liability with respect to the procurement of Materials will be limited to Excess and Obsolete Materials as set forth in Section 7 and Section 8 below.

  • Excess and Obsolete Items that are to be delivered to Tesla’s facilities must be delivered In accordance with the requirements of this Agreement and/or any supplemental Instructions provided by Tesla.

  • The provisions of Sections 6.0 (Excess and Obsolete Inventory), 7.0 (Quality), 9.0 (Warranty), 11.0 (Payment Terms), and the following sections in Exhibit B: 18.0 (General), 7.0 (Confidential Information), 8.0 (Intellectual Property), 9.0 (Intellectual Property Indemnification), 11.0 (Dispute Resolution), 12.0 (Limitation of Liability) and 13.0 (Personal Injury Indemnification) of this Agreement will survive the termination of this Agreement.

  • Supplier will use its commercially reasonable efforts to mitigate Buyer's liability for Excess and Obsolete parts, including, without limitation, canceling component orders, rescheduling component orders, or selling components and using the components for other Supplier products, when Supplier cannot sell, cancel or reschedule.

  • Downside reschedules of Purchase Orders will be subject to the limitations set forth below and to the terms and conditions set forth in Sections 4.0 Cancellation of Shipments and 6.0 Excess and Obsolete Inventory.

  • Excess and obsolete inventory created as a result of the EC shall be resolved in accordance with Section 6.0 Excess and Obsolete Inventory.

  • Notwithstanding the foregoing, for the purpose of calculating the Closing Working Capital, the Accounts Receivable are net of the proper reserves, and Inventories do not include Excess and Obsolete Inventories.