SCRAP. Discarded Parts or Equipment having no value except for the intrinsic value of the reprocessed material composing the Parts or Equipment. SERVICEABLE: An item that meets all specified standards for airworthiness following completion of the Services, as defined by applicable Federal Aviation Regulations ("FAR") and Federal's Specifications, and has no known defects which would render it unfit for its intended use.
Appears in 2 contracts
Sources: Maintenance Services Agreement (Hawker Pacific Aerospace), Maintenance Services Agreement (Hawker Pacific Aerospace)