Open Outstanding Purchase Order definition
Open Outstanding Purchase Order means any purchase order issued to Seller by a customer of Seller which has been accepted by Seller and that was required under the terms of the purchase order to be shipped and billed prior to the Closing Date, but has not been shipped and billed as of the Closing Date.
Examples of Open Outstanding Purchase Order in a sentence
For any Open Outstanding Purchase Order that Buyer fulfills, Buyer shall send an invoice for the shipment consistent with the terms of the Open Outstanding Purchase Order and the pre-Closing custom and practice of the Business, and Buyer shall retain all amounts received in relation to that Open Outstanding Purchase Order.
Within two (2) days after the Closing Date, Seller shall notify Buyer in writing of any Open Outstanding Purchase Order, and Buyer shall fulfill all Open Outstanding Purchase Orders in accordance with the pre-Closing custom and practice of the Business.