DOCUMENT CONTROL Definition

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DOCUMENT CONTROL is a function or department which keeps track of all documentation, specifications and processes. The purpose is to ensure that everyone uses the correct and most current processes and specifications.

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TAKE OR PAY AGREEMENT is where a buyer must pay for the contracted amount of the contracted item(s) delivered whether or not he/she can take delivery.

PARI PASSU is to do or apply something at an equal pace or rate. In finance, it is used in reference to two classes of securities or obligations that have equal entitlement to payment.

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