How is Physical Defect defined in a legal contract?
- Physical Defect means a fault in the materials or workmanship of a Probe Array, or a fault that occurs during the creation or processing of the Probe Array before its delivery. This fault causes impaired performance or other issues that lead to significantly irregular data points. The determination of such faults must be made according to the current standard testing procedures and verification criteria for the Probe Array. Seen in 2 SEC filings.
Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
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Which definition should you use?
🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Physical Defect means a fault in materials or workmanship causing impaired performance or significant irregularities in data. Determined by current standard testing and verification procedures.
Relevant Contract Types
- Product Supply Agreement
- Purchase Order Contract
- Service Agreement
- Maintenance Agreement
- Manufacturing Agreement
Relevant Circumstances
- When a business purchases a physical product from another business
- When a business engages another business for services that involve maintaining or fixing physical products
- When a business hires a manufacturing company to produce a physical product
Relevant Sectors
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Physical Defect means a fault in materials or workmanship causing impaired performance or significant irregularities in data. Determined by current standard testing and verification procedures.
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