Supplier Owned Tooling definition

Supplier Owned Tooling has the meaning set forth in Section 10.2 herein.

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Supplier Owned Tooling means Tooling which Supplier asserts is not owned by Customer or its affiliates and which is not subject to a purchase order issued by Customer or its affiliates (excluding any replacement tooling paid for by Supplier).

Supplier Owned Tooling means all tooling, dies, test and assembly fixtures, jigs, gauges, patterns, casting patterns, cavities, molds, and documentation including engineering specifications and test reports together with any accessions, attachments, parts, accessories, substitutions, replacements and appurtenances thereto, for which Customer has not made full payment of the applicable purchase order price or which is not subject to a purchase order. Each item of Supplier Owned Tooling will become and be considered Customer Tooling under the terms of this Agreement once it has been paid for in full in accordance with the terms of the applicable Purchase Order related thereto, without setoff or recoupment by Customer. Additionally, Customer Tooling does not include any tooling manufactured by Supplier on or after the date of the execution of this Agreement under a Purchase Order for Customer unless and until such tooling has been fully paid for by Customer without setoff or recoupment. Within sixty (60) days from the Effective Date, Supplier will supply to Customer and Agent a list of Supplier Owned Tooling. Any tooling utilized to manufacture Component Parts for Customer not included on the list of Supplier Owned Tooling shall be deemed Customer Tooling unless Agent objects in writing within ten (10) days thereafter. Supplier will cooperate with Customer in determining which of Supplier's tooling is Supplier Owned Tooling or Customer Tooling. If Agent timely objects, Customer and Agent shall each select an independent accountant (whose fees and costs shall be paid by the respective party) who shall determine the status of any tooling in dispute. If the two independent accountants cannot agree, the dispute will be referred to binding arbitration with all costs and expenses shared equally. Should either Agent or Customer fail to appoint an accountant within ten (10) days after a timely objection by Agent, the status of any disputed tooling shall be determined by the independent accountant selected by Customer or Agent, as the case may be, acting alone. No person or entity other than Customer has any right, title or interest in Customer Tooling other than Supplier's right, subject to Customer's unfettered discretion to utilize Customer Tooling in the manufacture of Component Parts pursuant to the terms of the Purchase Orders. Subject to the terms of this Agreement, Customer and its designee(s) shall have the right, upon written notice to Supplier, to enter the premises of Supplier f...

Examples of Supplier Owned Tooling in a sentence

If Supplier finances any portion of Supplier- Owned Tooling, Supplier will obtain for Neapco the rights granted in this subsection 7.3 from its financing source.
The closing of the Supplier Tooling Purchase Option will occur within two (2) business days following the date on which the Company no longer requires use of the applicable Supplier Owned Tooling.
Following payment by the Customer to the New Financing Agent of the Supplier Tooling Purchase Price, by wire transfer in immediately available funds, the Company will transfer to the Customer the applicable Supplier Owned Tooling, free and clear of all such liens and security interests, but otherwise on an as-is where-is basis, unless otherwise agreed to between the Company and the Customer.
The purchase price (the “Supplier Tooling Purchase Price”) for the applicable Supplier Owned Tooling shall be the Company’s net book value for such Supplier Owned Tooling.
Within sixty (60) days from the Effective Date, Supplier will supply to Customer and Agent a list of Supplier Owned Tooling.
Supplier will allow Customer, its employees, agents, contingency suppliers and consultants access to inspect the Customer Tooling and the Supplier Owned Tooling at mutually convenient times upon request.
Supplier will cooperate with Customer in determining which of Supplier's tooling is Supplier Owned Tooling or Customer Tooling.
Supplier will provide Customer and Lender, within 15 days after the Effective Date, (a) a list identifying the locations of Customer’s Tooling and (b) within 45 days after the Effective Date a list of Supplier Owned Tooling and Unpaid Tooling relating to Customer’s Component Parts (“Tooling List”).
Any tooling utilized to manufacture Component Parts for Customer not included on the list of Supplier Owned Tooling shall be deemed Customer Tooling unless Agent objects in writing within ten (10) days thereafter.
For purposes of this Agreement, the term "Supplier Owned Tooling" means all tooling, dies, test and assembly fixtures, jigs, gauges, patterns, casting patterns, cavities, molds, and documentation including engineering specifications and test reports together with any accessions, attachments, parts, accessories, substitutions, replacements and appurtenances thereto, for which Customer has not made full payment of the applicable purchase order price or which is not subject to a purchase order.

More Definitions of Supplier Owned Tooling

Supplier Owned Tooling shall have the meaning ascribed to it in section 18.3.1.