Net WIP definition

Net WIP means a positive or negative amount calculated as follows: All direct costs incurred by Seller in fabricating and assembling its Products that remain unfinished as of the Closing Date, including all direct labor and materials, payments to subcontractors and all other direct costs (exclusive of all indirect costs such as general overhead, capitalized design costs and similar indirect costs), minus all deposits, advances and prepayments by purchasers of Products.
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Examples of Net WIP in a sentence

  • The Arbitrating Firm shall be instructed to complete its analysis within thirty (30) days from the date of its engagement and upon completion to inform the parties in writing of its own determination of the Final Adjustment Amount and/or Net WIP Adjustment, as applicable, any attendant Purchase Price adjustment, and the basis for its determination.

  • If agreement is reached on before the end of this twenty (20) day period, then upon reaching such agreement, Seller shall pay to Buyer an amount equal to the Net WIP Adjustment, which amount shall be paid as provided in Section 3(d)(v); provided, however, that any agreed amount payable pursuant to this Section 4(g) shall be combined with any agreed amount payable pursuant to Section 3(d)(ii), and the net agreed amount payable (if any) shall be paid as provided in Section 3(d)(vi).

  • Buyer and Seller each shall inform the Arbitrating Firm in writing of its positions concerning the Closing Date balance sheet, Net Working Capital, Company Debt, the Final Adjustment Amount and the Net WIP Adjustment, as applicable, and any attendant Purchase Price adjustment, and each shall make readily available to the Arbitrating Firm any books and records and work papers relevant to the preparation of the Arbitrating Firm’s computation thereof.

  • The Purchase Price shall be decreased on a dollar for dollar basis by any negative Net WIP Adjustment, determined in accordance with this Section 4.

  • If the Net WIP Adjustment is a negative number, Buyer and Seller will have twenty (20) days after Buyer’s delivery of the Net WIP Adjustment to review Buyer’s calculation of the Net WIP Adjustment, and Buyer and Seller will in good faith seek to reach agreement on the final Net WIP Adjustment.

  • If Buyer and Seller cannot agree on the final Net WIP Adjustment within this twenty (20) day period, then such dispute shall be resolved using the procedures set forth in Section 3(d)(iii), Section 3(d)(iv) and Section 3(d)(vi).

  • In the event the Net WIP is a positive number, then the Purchase Price shall be increased by such amount.

  • In the event Net WIP is a negative number, the Purchase Price shall be reduced by such amount.