Acceptance rules Sample Clauses

The Acceptance Rules clause defines the criteria and procedures by which delivered goods, services, or work are reviewed and formally accepted by the receiving party. Typically, it outlines the timeframe for inspection, the standards or specifications that must be met, and the process for notifying the provider of any defects or non-conformities. This clause ensures that both parties have a clear understanding of when and how acceptance occurs, thereby reducing disputes over quality and performance and providing a structured process for addressing any issues that arise during delivery.
Acceptance rules. (a) Where only one open Bid and one open Offer match, then: (i) the Bid and Offer are taken to have been accepted; and (ii) a Transaction is formed in which: (A) the Trading Participant that submitted the Offer is the Seller and the Trading Participant that submitted the Bid is the Buyer; and (B) the terms of the Transaction, subject to the partial acceptance rules in clause 13.1.4, are the terms of the earliest Order displayed in the form in which it was accepted (and whether one Order is earlier than another is determined by reference to the Time Stamp for each Order). (b) Where an open Bid matches one or more open Offers, then: (i) one or more Offers is taken to have been accepted as a consequence of the Bid, being the open Offer with the lowest price or, where the lowest price is common to two or more Offers, the Offer with the lowest price which was submitted first in time (as indicated by the most recent Time Stamp for each Offer); and (ii) when the Offer is accepted, a Transaction is formed in which: (A) the Trading Participant that submitted the Offer is the Seller and the Trading Participant that submitted the Bid is the Buyer; and (B) the terms of the Transaction, subject to the partial acceptance rules in clause 13.1.4, are the terms of the Offer. (c) Where an open Offer matches one or more open Bids, then: (i) one or more Bids is taken to have been “accepted” as a consequence of the Offer, being the open Bid with the highest price or, where the highest price is common to two or more Bids, the Bid with the highest price which was submitted first in time (as indicated by the most recent Time Stamp for each Bid); and (ii) when the Offer is accepted, a Transaction is formed in which: (A) the Trading Participant that submitted the Offer is the Seller and the Trading Participant that submitted the Bid is the Buyer; and (B) the terms of the Transaction, subject to the partial acceptance rules in clause 13.1.4, are the terms of the Bid.
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Acceptance rules. The following acceptance rules apply to Spread Products in place of the rules in clause 13.1.3: (a) where only one open Bid for a Spread Product and one open Offer for a Spread Product match, the Spread Product Price is the price of the earliest Order displayed (determined by reference to the Time Stamp for each Order); (b) where an open Bid for a Spread Product matches one or more open Offers for a Spread Product, then the Spread Product Price is the price of the open Offer with the lowest price or, where the lowest price is common to two or more Offers, the Offer with the lowest price which was submitted first in time (as indicated by the most recent Time Stamp for each Offer); and (c) where an open Offer for a Spread Product matches one or more open Bids for a Spread Product, then the Spread Product Price is the price of the open Bid with the highest price or, where the highest price is common to two or more Bids, the Bid with the highest price which was submitted first in time (as indicated by the most recent Time Stamp for each Bid).
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Acceptance rules. ‌ The following acceptance rules apply to Spread Products in place of the rules in clause 13.1.3:
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Related to Acceptance rules

  • Applicable Rules Each Purchasing Entity will identify and utilize its own appropriate purchasing procedure and documentation. Contractor is expected to become familiar with the Purchasing Entities’ rules, policies, and procedures regarding the ordering of supplies and/or services contemplated by this Master Agreement.

  • Applicable Rules and Regulations The Account and each transaction therein shall be subject to the terms of this Agreement and to (a) all applicable laws and the regulations, rules and orders (collectively "regulations") of all regulatory and self-regulatory organizations having jurisdiction and (b) the constitution, by-laws, rules, regulations, orders, resolutions, interpretations and customs and usages (collectively "rules") of the market and any associated clearing organization (each an "exchange") on or subject to the rules of which such transaction is executed and/or cleared. The reference in the preceding sentence to exchange rules is solely for DWR's protection and DWR's failure to comply therewith shall not constitute a breach of this Agreement or relieve Customer of any obligation or responsibility under this Agreement. DWR shall not be liable to Customer as a result of any action by DWR, its officers, directors, employees or agents to comply with any rule or regulation.

  • ACCEPTANCE STANDARDS Inspection and acceptance/rejection of products shall be made within thirty (30) days of receipt or upon completion of installation should that installation period extend beyond thirty

  • THE RULES 4.1 Schedule 1 to this Agreement which sets out the Rules for the operation of Climate Change Agreements has effect. 4.2 The Sector Association agrees to comply with the Rules.

  • Acceptance Procedure Lessor hereby authorizes one or more employees of the related Lessee, to be designated by such Lessee, as the authorized representative or representatives of Lessor to accept delivery on behalf of Lessor of that Leased Property identified on the applicable Funding Request. Each Lessee hereby agrees that such acceptance of delivery by such authorized representative or representatives and the execution and delivery by such Lessee on each Closing Date for property to be leased hereunder of a Lease Supplement in substantially the form of Exhibit A hereto (appropriately completed) shall, without further act, constitute the irrevocable acceptance by such Lessee of that Leased Property which is the subject thereof for all purposes of this Lease and the other Operative Documents on the terms set forth therein and herein, and that such Leased Property, together with, in the case of Land, any Building or other improvements thereon or to be constructed thereon pursuant to the Construction Agency Agreement, shall be deemed to be included in the leasehold estate of this Lease and shall be subject to the terms and conditions of this Lease as of such Closing Date. The demise and lease of each Building pursuant to this Section 2.2 shall include any additional right, title or interest in such Building which may at any time be acquired by Lessor, the intent being that all right, title and interest of Lessor in and to such Building shall at all times be demised and leased to the related Lessee hereunder.