OPERATION AGREEMENT Definition

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OPERATION AGREEMENT, within an LLC, is similar to the constitution of a corporation. It is drafted primarily because an LLC only has a basic Articles of Organization that is very general in nature. An Operation Agreement has much more specificity as to the formation and operation of the LLC organization.

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JUST-IN-TIME (JIT) is a management philosophy that strives to eliminate sources of manufacturing waste and cost by producing the right part in the right place at the right time.

PROFESSIONAL SUBSCRIBER means all other persons who do not meet the definition of Non-Professional Subscriber. See NON-PROFESSIONAL SUBSCRIBER.

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