Standard Minute Value, definition

Standard Minute Value, or "SMV" shall be the aggregate sewing machine time in the production lines for each product, and shall be determined jointly by the parties in good faith, with due regard to market prices available from local subcontractors at the time a product is being priced for quotation to customers. As reference, the SMV for a typical polo shirt has been jointly determined by the parties to be 13.50 minutes.
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Related to Standard Minute Value,

  • Bid with Lowest Evaluated Cost means the bid quoting lowest cost amongst all those bids evaluated to be substantially responsive;

  • Gross Heating Value means the total heat expressed in megajoules per cubic metre (MJ/m³) produced by the complete combustion at constant pressure of one (1) cubic metre of gas with air, with the gas free of water vapour and the temperature of the gas, air and products of combustion at standard temperature and all water formed by the combustion reaction condensed to the liquid state;

  • Contract Term Adjustment means adjustment only as provided for in the three circumstances described in this Subsection. Under these circumstances, the contract term shall be adjusted in writing to include additional calendar days in one or more Normal Operating Seasons equal to the actual time lost, except as limited by paragraph (b) in this Subsection.

  • Baseline Value for each of the Company and the Peer Companies means the dollar amount representing the average of the Fair Market Value of one share of common stock of such company over the five consecutive trading days ending on, and including, the Effective Date.

  • Standard Turnover means the turnover achieved between the date of commencement of your business and the date of the damage, converted to the selected indemnity period.