Supplier Obligations Definition | Law Insider (2024)

Supplier Obligations

means any obligation of the Company on a Consolidated basis incurred or assumed in the ordinary course of business and in favor of a supplier or other Person for the deferred purchase price of goods supplied to the Company or any other Restricted Subsidiary in respect of which goods the Deed Trustee has postponed its prior security interest in favor of such supplier or other Person and in respect of which the Company shall have delivered a notice to the Deed Trustee which notice sets forth (i) the name of such supplier or other Person, (ii) a brief description of the supply agreement governing such Supplier Obligations and (iii) the amount of the Supplier Obligations that may be incurred or assumed under such agreement.

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Supplier Obligations

means the supply of Goods in accordance with the Contract;

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Supplier Obligations.

: means the amount owing by you in respect of a Supplier Invoice that we have purchased from an Authorised Supplier and a BSDE Supplier Invoice (including the future right to recover sums due following the determination, assessment or agreement of the amount of such obligation), including any applicable value added taxes, duties, charges and interest (whether arising by contract or by law).

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Examples of Supplier Obligations in a sentence

  • Supplier Obligations Task Activities Deliverables Completion Date or Timeframe 1 Flooring Products & Services Provide flooring products services as needed either directly or through a flooring dealer.

  • In accordance with Port Administrative Policy No. 7.2.5, Internal Accounting Control, ultimate responsibility lies with the Chief Financial Officer to establish and maintain an adequate internal control structure designed to reasonably assure that investable funds are invested within the parameters of this Policy and protected from loss, theft, or misuse.

  • Supplier Obligations Task Activities Deliverables Completion Date or Timeframe 1 [General description] [Specific details using action verbs like “create”, “develop”, “test”, “analyze”, “evaluate”, etc.] [List each discrete tangible work product that is considered a critical end result from the Supplier; deliverables are nouns, not verbs] [Specific dates are best; can be stated as “Week 1”, “Week 2”, etc.] 4 5 Additional as needed Include: Identify all phases.

  • The relevant regulations in this case are the Electricity Supplier Obligations (Amendment & Excluded Electricity) Regulations 20155.

  • That the draft Electricity Supplier Obligations (Excluded Electricity) (Amendment) Regulations 2019, which were laid before this House on 9 September 2019, in the last Session of Parliament, be approved.


More Definitions of Supplier Obligations

Supplier Obligations

the specific obligations of Curatrix Technologies set out in the Agreement;

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Supplier Obligations.

The Supplier will:

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Supplier Obligations.

The Supplier must: supply Goods in accordance with this Contract and the orders from the Buyer deliver the Goods to the Delivery Address, on time (which is essential) notify the Buyer immediately in writing if the Supplier becomes aware of any actual or possible delay in delivery of the Goods, and comply with the Supplier Code of Conduct issued by the Procurement Functional Leader (see xxx.xxxxxxxxxxx.xxxx.xx) and any other relevant codes of conduct listed in Schedule 1 or notified by the Buyer to the Supplier from time to time.

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Supplier Obligations

the specific obligations of Tailor Made set out in the Agreement; “Special Conditions” any conditions which are in additional to, or vary, the Services Conditions and which form part of the Agreement;

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Supplier Obligations

means obligations of the Borrower on a Consolidated basis incurred or assumed in the ordinary course of business in favour of suppliers or' other Persons for the deferred purchase price of goods supplied to Obligors which are secured by Liens in the goods acquired in the respective transactions in which the obligations were incurred and in respect of each of which the Borrower has given notice to the Trustee and the Agent including: (a) the name of the supplier or other Person to whom the obligation is owed; (b) a brief description of the supply agreement governing the obligation; and (c) the amount of the obligation incurred or assumed under the supply agreement.

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Supplier Obligations

has the meaning given to it in clause 2.3(a);

Sample 1

Supplier Obligations

means obligations of the Borrower on a Consolidated basis incurred or assumed in the ordinary course of business in favour of suppliers or other Persons for the deferred purchase price of goods supplied to Obligors which are secured by Liens in the goods acquired in the respective transactions in which the obligations were incurred and in respect of each of which the Borrower has given notice to the Trustee and the Agent including: (a) the name of the supplier or other Person to whom the obligation is owed; (b) a brief description of the supply agreement governing the obligation; and (c) the amount of the obligation incurred or assumed under the supply agreement.

Sample 1

Supplier Obligations Definition | Law Insider (2024)

FAQs

Supplier Obligations Definition | Law Insider? ›

Supplier's Obligations means all of the liabilities, obligations and requirements imposed on or assumed by the Supplier under this Agreement, or arising from this Agreement from time to time, including the provision of the Services, as amended by any variation.

What are the Obligations of the supplier? ›

The responsibilities of a supplier include producing responsible components, exploiting business opportunities, and ensuring supply to the end market. The responsibilities of a supplier include delivering purchase orders on time and meeting the quality and service requirements specified in the order.

What are Obligations to suppliers of goods? ›

Supplier Obligations means any obligation of the Company on a Consolidated basis incurred or assumed in the ordinary course of business and in favor of a supplier or other Person for the deferred purchase price of goods supplied to the Company or any other Restricted Subsidiary in respect of which goods the Deed ...

What is vendor obligation? ›

Vendor Obligations means the amount of the obligations of the Borrower owed to vendors and secured by Inventory, to the extent such vendor is entitled to apply such security towards payment of such obligations.

What are supplier control Obligations? ›

The Supplier must have an established and consistent industry standard framework for Information Technology , Information Technology Security, Physical Security, Recovery Planning, Data Management and Personal Information Management (Data Privacy/Data Protection) governance (NIST, ISO/IEC 27001, COBIT, BS10012, SSAE 18 ...

What is a company's supplier responsibility? ›

Suppliers can be manufacturers who provide raw materials or finished goods, or they can be businesses that supply services. They are typically responsible for ensuring the quality of the products and delivering them to the next link in the supply chain.

What are obligated responsibilities? ›

An obligation is the responsibility of a party to meet the terms of a contract or agreement. If an obligation is not met, the legal system often provides recourse for the injured party.

What is the difference between obligation and responsibility? ›

Obligation - an act or course of action to which a person is morally or legally bound. Responsibility - the state or fact of having a duty to deal with something or of having control over someone.

What's the difference between commitments and obligations? ›

Commitments - Accounting related to funds for future known or expected spending (pre-encumbered). The commitments ledger is utilized to track journal entries for requisitions and payroll for unfilled positions. Obligations – Accounting related to funds that represent obligations to pay (encumbered).

What are the responsibilities of a company to its suppliers? ›

The responsibilities of business towards its suppliers are: To ensure regular payment. To adopt fair dealing. To protect and assist small-scale suppliers by placing orders with them.

What is the 3 vendor rule? ›

Now, the three vendor rule is a best practice more than a rule, stated as: Ask seven vendors for an itemized, apples-to-apples quote, bring me the first three complete ones in a spreadsheet with the % difference in pricing highlighted. Ask the vendors to update non-competitor parts of their quotes.

What are the responsibilities of a vendor? ›

About the Vendor role

Vendors are responsible for providing the necessary items for their customers in a timely fashion, as well as ensuring the quality of the items they provide. They also must be knowledgeable about their product or service and be able to communicate effectively with their customers.

What is an obligation in the contract act? ›

A contractual obligation (or duty) is something that parties agree to do or become responsible for when they sign a contract. These obligations can vary wildly between contracts, but they will usually fall into two broad categories: A promise to do something. A promise not to do something.

What is obligations to suppliers of goods called? ›

Accounts payable (AP), or "payables," refers to a company's short-term obligations owed to its creditors or suppliers, which have not yet been paid. Payables appear on a company's balance sheet as a current liability.

What are the obligations of a supplier contract? ›

The supplier agreement should include payment terms, liability clauses, delivery commitments and warranties in order for it to be legally binding. It is essential that these stipulations are elucidated with both the parties involved agreeing upon them.

What is supplier accountability? ›

Vendor accountability defines the approach an organization takes to suppliers responsible for their performance and their results. Vendor accountability is being responsible for decisions made or not made, actions taken or not, and results achieved or not.

What are examples of obligations and contracts? ›

Examples of contractual obligations
  • Issuing invoices within 10 days of the end of the month.
  • Not issuing invoices later than six months following delivery of an order.
  • Paying invoices by the due date.
  • Paying late fees when invoices are paid after the due date.
  • Submitting requests to amend the contract via an agreed process.
Nov 21, 2023

What are the obligations of a company? ›

Company's Obligations means all loans, debts, principal, interest (including any interest that, but for the provisions of the Bankruptcy Code, would have accrued), premiums, liabilities, obligations (including the performance of the covenants of the Company contained herein or in the Loan Documents), fees, lease ...

What are the obligations of a sales contract? ›

For example, buyers are generally obligated to pay the agreed-upon price for the goods and stick to payment terms in the contract. And accept delivery in accordance with the terms of the contract. Failure to fulfill these obligations may result in the buyer being held liable for breach of contract or default.

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