Inventory Control
/ˈɪnvənˌtɔːri kənˈtroʊl/
Definitions
- (n.) The legal and procedural system for tracking, managing, and safeguarding a business's assets and goods to prevent loss, theft, or misappropriation.
The company's inventory control procedures were scrutinized during the audit to ensure compliance with regulatory standards.
Forms
- inventory control
Related terms
See also
Commentary
In legal drafting, inventory control often appears in contracts and compliance documents to define the responsibilities for asset management and to allocate risk for loss or damage.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.