Inventory Committee definition

Inventory Committee has the meaning set forth in Section 3.1.1 of this Agreement.
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Inventory Committee has the meaning given such term in Section 2 A of this Exhibit.
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Examples of Inventory Committee in a sentence

  • The Inventory Schedule shall be approved by the Inventory Committee no later than five (5) Business Days prior to Closing.

  • The Inventory Committee shall use this information to develop a mutually agreed upon gauging and sampling schedule by location and tank (the “Inventory Schedule”).

  • The Inventory Schedule will be subject to the approval of the Inventory Committee, and shall indicate the following for each tank to be inventoried: • Storage tank location, tank number, tank type, size, capacity (shell and working); • Status at closing (active or inactive); • Product stored including classification as sweet, sour, type of crude, etc.; • Tank reference gauge height; • Method of Tank gauging (ullage or innage) based on the Tank calibration table; and • Tank Heels (volume).

  • If it is necessary to break seals to transfer Product into or out of a sealed gauged tank, prior notification and confirmation must be obtained from the Inventory Committee in order to keep accurate records of the proceedings.

  • Sulfur, if any will be sold pursuant to this Agreement, will be measured in accordance production records maintained by the Seller, or through other means agreeable by the Inventory Committee and Petroleum Inspection Company.

  • During a fifteen (15) day review period following receipt by both Parties of the physical inventory report, either Party may question the calculations and/or laboratory results set forth therein and the members of the Inventory Committee shall resolve any outstanding quantity and quality disputes.

  • The specific standards to be used shall be determined by the Inventory Committee prior to the Closing.

  • As of the Effective Date of this Agreement, Buyer and Seller shall each designate their respective Inventory Committee representatives, and the representatives shall agree upon and appoint the Petroleum Inspection Company.

  • All gauging, temperature measurment, sampling, testing and net volume calculations will be done by the Petroleum Inspection Company with the participation of Buyer’s and Seller’s Inventory Committee representatives using a mutually agreed upon gauging and sampling schedule by tank (the “Inventory Schedule”).

  • Finished Product In-Transit will be measured in accordance with inventory records maintained by Seller, as confirmed by the Inventory Committee.