Common use of Obsolescence Management Clause in Contracts

Obsolescence Management. Supplier will proactively monitor all items and material used in the manufacture of the Components for impending obsolescence issues due to Components that have or will be taken out of production or the use of which has been announced as being or to be restricted or forbidden by a regulatory agency. Supplier agrees to provide Buyer with immediate notice of any potential obsolescence issue known to the Supplier with such notice to include the reason for obsolescence, estimated date the item/Component will no longer be available, any proposed alternatives, and a last-time buy opportunity at then current pricing for such item/Component. Such notice shall be provided to Buyer at least six (6) months prior to the anticipated obsolescence date. In addition, Supplier shall provide Buyer with a replacement item/Component which has design parameters and specification documentation that is fully consistent with the obsolete item/Components’ then-current design parameters and requirements documents within twelve