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.
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.
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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.
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.