Major Discrepancy definition
Examples of Major Discrepancy in a sentence
Buyer shall provide to Seller at the end of such sixty (60) day period a statement of any Major Discrepancy ("Buyer's Statement") between the CPRs and the Buyer's findings of Assets.
For purposes of this Section 1.3, a "Major Discrepancy" shall mean an Asset included in Buyer's Statement or Seller's Statement whose net book value as set forth in the CPR's equals or exceeds one hundred thousand dollars (U.S. $100,000).
The Buyer's Statement will contain a list of any missing Assets which constitute a Major Discrepancy with the value as established by Seller's net book value of such Asset as set forth in the CPRs. Seller shall also provide a statement to Buyer setting forth any Assets with Seller's net book value therefor, not previously contained in the CPRs ("Seller's Statement").
To the extent that Buyer's Statement does not identify any Major Discrepancy with the CPRs within such period, the CPRs shall conclusively be deemed to be an accurate statement of the Assets to be transferred, except for Assets added or deleted thereafter by Seller in the normal course of Business, in accordance with Sections 6.2(C) and 6.2(E), and the Purchase Price shall not be adjusted thereafter for any discrepancies between the CPR's and the Assets that Buyer acquires at Closing.
LOX - Liquid Oxygen Major Discrepancy - A discrepancy that counts as one violation towards the performance threshold outlined in the SDS for passenger and cargo missions.