Last Time Buy (LTB) definition
Last Time Buy (LTB) means the last order that must be placed with a component supplier within an agreed date when the production of a component is to be terminated.
Examples of Last Time Buy (LTB) in a sentence
The parties shall immediately notify each other if a supplier issues a notice of component supply discontinuation, and a Last Time Buy (LTB) is required.
The parties shall immediately notify each other if a vendor issues a notice of component supply discontinuation, and a Last Time Buy (LTB) is required.
If Seller discontinues, makes obsolete, or stops manufacturing or supporting Goods and/or Services (an “End of Life Event”), then Seller must provide Buyer with six (6) months prior notice of such End of Life Event before such Event occurs in addition to providing a Last Time Buy (LTB) opportunity to the Buyer.