This is a tooling agreement between the buyer and vendor. The document describes the description of tooling, the replacement value of tooling, location of tooling, and the relationship of the parties in all their dealings.
Hawaii Tooling Agreement
Category:
State:
Multi-State
Control #:
US-TC0517
Format:
Word;
PDF;
Rich Text
Instant download
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How to fill out Tooling Agreement?
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FAQ
Supplier Tooling means the bespoke tooling owned by you and put in place for the production of goods pursuant to the Contract.
There are many reasons why parties might want to enter into a tolling agreement, including: it encourages the parties to settle the dispute, increases the plaintiff's leverage, helps avoid litigation costs and gives more time to research and prepare for a trial.
A tolling agreement is a written agreement, signed by both sides to a potential lawsuit, that suspends the statute of limitations for an agreed amount of time.
Typically, tooling cost is a non-recurring charge at the beginning of the process and the customer owns the tool and the product design.
While tolling agreements have benefits, they may also have drawbacks, such as potential conflicts with court scheduling orders or leading to more protracted litigation if counterclaims are postponed.
The purpose of the tool agreement is to provide assurances that the legal interests of both parties are adequately protected and that the relationship is mutually beneficial.
(2) In order to be able to manufacture the Products, Supplier will need specific Production Equipment. For that purpose, this Tooling Agreement stipulates the rights and duties of the Parties with regard to the ownership, utilization and maintenance of such Production Equipment.