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Supply & Stock Agreement

Following is a sample of the type of agreement necessary to implement Metro's Stock Program on custom components.  Although it is customizable to particular situations, it demonstrates how straight-forward and simple the program is, as well as how customers may take advantage of the benefits with minimal obligations.  

1. PURPOSE

This agreement establishes the basis for Metro Industries, Inc., of Grandview, Missouri, (“Supplier”) to maintain inventories of materials and parts necessary to supply parts and products to ___________________ of  ___________________  (“Customer”) according to the terms set forth herein.

2. SCOPE

Only parts and products listed on the “Part List” in Appendix A are included in this agreement.

3. PART LIST

The Part List (Appendix A) will serve as the primary reference for the parts and products included in this agreement, pricing, and criteria Supplier will use for planning purposes to generate stock replenishment orders.  It will include the following information:

  • Effective Date – Shown on header; identifies latest revision of Part List.  

  • Part and Revision numbers (PART#)

  • Unit Price (UP)

  • Unit of Measure (UM)

  • Forecasted Annual Requirements (FCST) – Based on historical averages and/or Customer supplied forecast data.

  • Production Quantity (PQ) – Normal economical production quantity for Supplier’s internal Stock Replenishment Orders (SRO).

  • Production Lead Time (LT) – Normal time between initiation and completion of Supplier’s SRO’s.

  • Average Weekly Usage (AWU) – Calculated as FCST / 52.

  • Peak Demand percentage (PEAK%) – Maximum expected requirements, stated as a percentage over AWU during Production Lead Time period.

  • Safety Stock (SS) – Calculated as PEAK% x AWU x LT; Triggers initiation of SRO whenever projected available within LT period falls below.

(Click here to view a Sample Part List

4. SUPPLIER OBLIGATIONS

Supplier shall establish and maintain stock levels of raw materials, work in process, and finished goods sufficient to have on hand, ready-to-ship products per criteria stated on the Part List.  For stock replenishment purposes, Supplier’s production and inventory planning will assume peak demands within production lead time unless more precise forecast data is provided by Customer. 

Supplier shall normally ship parts from stock within two or three working days after ordered or released unless otherwise requested and agreed.

Supplier shall report current stock status of items on Part List to Customer periodically or as requested.

5. CUSTOMER OBLIGATIONS

Customer will issue written Purchase Orders or other written instrument (Paper, Fax, or Electronic) to order or release parts.  If Blanket Orders are used, releases need not be firmly scheduled in advance of actual demand.

Customer will advise Supplier of any known changes in Forecasted Requirements, and relevant changes in Part List will be made accordingly.

In the event of part obsolescence, removal from Part List, or otherwise diminished or eliminated requirements, Customer shall purchase or compensate Supplier for inventories of raw materials, work-in-process, and finished goods held exclusively with regard to this agreement.   Any such buy-out of Supplier’s inventory will proceed at a rate no less than the AWU stated on the Part List or equivalent valuation. 

6. AMENDMENTS     

This agreement may be amended at any time by written agreement between Customer and Supplier.

The Part List may be amended or added to at any time by written agreement between Customer and Supplier.  This includes updates to requirement data, pricing, part and revision numbers, and addition of new items.  

Items may be removed from the Part List at any time by either Customer or Supplier with written 90 day notification.  Unless otherwise agreed, obligations under this agreement will remain in effect for the 90 day period for both Customer and Supplier, and any subsequent obligations of Customer regarding inventories held by Supplier will be administrated according to terms set forth in paragraph 5 above.

Any revisions to the Part List will become effective only when documented in writing, which will normally be accomplished through generation of a new Part List showing Effective Date in the header and signed by both Supplier and Customer.  Revisions to the Part List will automatically supersede any and all previous revisions.

7.  TERMINATION

Either party may terminate this agreement without cause with written 90 day notification, though Customer obligations regarding inventories held by Supplier will be administrated according to the terms set forth in paragraph 5 above.

 

Signed for Customer: _______________________________  Date: ___________

 

Signed for Supplier  : _______________________________  Date: ___________
 

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MI Rubber and Gasket Building (Grandview, MO)Metro Industries, Inc.
4018 E. 137th Terrace  Grandview, Missouri  64030 (USA)

Centrally located in the Greater Kansas City area

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© All materials copyright  Metro Industries, Inc., 1967-2005      Last modified: January 17, 2010

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