Define: Material Costs

How is Material Costs defined in a legal contract?

• Material Costs means the costs of raw materials and intermediates required for the manufacturing process of the commercial carrier and costs of packaging material for these raw materials and intermediates. Seen in 7 SEC filings
• Material Costs means the prices paid for raw material components and purchased finished goods, including any packaging necessary for the shipment of products, which are purchased from external vendors as well as any freight and duty where applicable. Seen in 6 SEC filings
• Material Costs means the cost charged to a third-party maintenance provider according to the terms of this agreement for any material used in the repair, maintenance, overhaul, refurbishment, certification or modification of any part. Seen in 4 SEC filings
• Material Costs means the cost of material that makes up the initial product and that is consumed during the manufacturing of the initial product, excluding the cost of vials and enzymes. Seen in 2 SEC filings
• Material Costs means when approved by the site project manager or designee, all parts and materials purchased by the contractor or by its subcontractor, shall be reimbursed at actual cost plus a certain number. Seen in 2 SEC filings
• Material Costs means costs, fees or expenses in excess of a specific number per lawsuit, arbitrated matter or other legal proceeding. This provision is in addition to, and not in lieu of, the indemnification of one party by another party. Seen in 1 SEC filing

Note: The Genie AI Legal Assistant 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.

Search EDGAR for 'Definitions of material costs' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant 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.

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Genie Definition 1

• Material Costs means expenses for raw materials, intermediates, and packaging used in the manufacturing or repair process.

Relevant Contract Types

• Manufacturing Agreement
• Supply Agreement
• Purchase Order
• Service Agreement

Relevant Circumstances

• When a company is purchasing raw materials for production.
• When a company is engaging another to manufacture a product.
• When a company is contracting maintenance or repair services.
• When a product needs packaging for distribution.

Relevant Sectors

• Manufacturing
• Construction
• Automobile
• Retail

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Genie Definition 2

• Material Costs means the reimbursement amount for approved parts and materials, calculated as the actual cost plus a specific percentage.

Relevant Contract Types

• Subcontractor Agreement
• Consultancy Agreement
• Freelance Agreement

Relevant Circumstances

• When a contractor is hiring a subcontractor and will reimburse for material costs.
• When consulting services include the cost of materials used.
• When a freelance worker is hired to complete a project and requires reimbursement for materials.

Relevant Sectors

• Construction
• Consulting
• Freelancing
• Information Technology

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