Common use of Replacement-in-Kind Clause in Contracts

Replacement-in-Kind. When Replacement-in-Kind is used as the method of payment the receiving Party shall replace or return supplies in the same condition and conforming to the same configuration as the supplies provided by the supplying Party, or, if so agreed, a later configuration within one year of receipt. The receiving Party is responsible for negotiating return transportation and delivery to the location designated by the supplying Party at the time of request. If the receiving Party does not replace or return supplies within one year, payment must be in cash.

Replacement-in-Kind. When Replacement-in-Kind kind is used as the method of payment payment, the receiving Party shall replace or return supplies in the same condition and conforming to the same configuration as the supplies provided by the supplying Party, or, if so agreed, a later configuration within one year of receipt. The receiving Party is responsible for negotiating return transportation and delivery to the location designated by the supplying Party at the time of request. If the receiving Party does not replace or return supplies within one year, payment must be in cash.