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.
Massachusetts 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
A tolling agreement establishes a deadline for the parties to negotiate before a plaintiff must file suit to enforce legal rights. Typically, neither side wants to spend energy and money proving their case in court. Thus, a tolling agreement pushes the parties towards compromising their positions and settling.
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.
1. To stop the running of a time period, especially a time period set by a statute of limitations. 2. To bar or take away. Tolling a right of entry takes away the right to be present on the land.
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.
Supplier Tooling means the bespoke tooling owned by you and put in place for the production of goods pursuant to the Contract.