Common use of Aged Inventory Clause in Contracts

Aged Inventory. Pioneer to ▇▇▇▇ any inventory that has had no activity during a 60-day period. • Pioneer will move this inventory into a “customer “owned inventory status to be released over the next 60 days. • If Inventory has not been depleted in the 60 days, Pioneer will invoice storage at $ /per pallet per month to be billed monthly. This charge will not be pro-rated in days. • Invoice will be created on the first Friday of the month for that same month’s storage. • If does not pay the storage invoice, customer forfeits the ownership of said Customer Name inventory to Pioneer. • Pioneer to invoice any inventory whose receipt date has aged over 120 days • Pioneer will move this inventory into a “customer “owned inventory to be released over the next 60 days. • If Inventory has not been depleted in the 60 days, Pioneer will invoice storage at $ /per pallet per month to be billed monthly. This charge will not be pro-rated in days. • Invoice will be created on the first Friday of the month for that same month’s storage. • If Customer Name does not pay the storage invoice, customer forfeits the ownership of the said inventory to Pioneer.

Aged Inventory. Pioneer to ▇▇▇▇ bill any inventory that has had no activity during a 60-day period. • Pioneer will move this inventory into a “customer “owned inventory status to be released over the next 60 days. • If Inventory has not been depleted in the 60 days, Pioneer will invoice storage at $ /per pallet per month to be billed monthly. This charge will not be pro-rated in days. • Invoice will be created on the first Friday of the month for that same month’s storage. • If does not pay the storage invoice, customer forfeits the ownership of said Customer Name inventory to Pioneer. • Pioneer to invoice any inventory whose receipt date has aged over 120 days • Pioneer will move this inventory into a “customer “owned inventory to be released over the next 60 days. • If Inventory has not been depleted in the 60 days, Pioneer will invoice storage at $ /per pallet per month to be billed monthly. This charge will not be pro-rated in days. • Invoice will be created on the first Friday of the month for that same month’s storage. • If Customer Name does not pay the storage invoice, customer forfeits the ownership of the said inventory to Pioneer.