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.
Illinois Tooling Agreement
Category:
State:
Multi-State
Control #:
US-TC0517
Format:
Word;
PDF;
Rich Text
Instant download
Description
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How to fill out Tooling Agreement?
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FAQ
Typically, tooling cost is a non-recurring charge at the beginning of the process and the customer owns the tool and the product design.
(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.
In Illinois, the elements necessary for a valid contract are: ? An offer. An acceptance. Consideration. Ascertainable Material terms.
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.