What is the meaning of spares parts?

What is the meaning of spares parts?

A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or replacement of failed units.

What is spare part inventory?

Spare Parts Inventory means spare parts capable of being used and affixed to, but not yet being use or affixed to, production machinery employed by any Borrower to create Inventory in the ordinary course of business.

What is the difference between consumable and spare parts?

Consumables are those which are not replaced or which are finished during the process. For ex. Oil, Hand Gloves, Coolant etc. Spares are those which are replaced and doesn’t vanishes from the machine during process.

What does capital spare parts mean?

What are Capital Spares? A Capital Spare is a piece of equipment, or a spare part, of significant cost that is maintained in inventory for use in the event that a similar piece of critical equipment fails or must be rebuilt.

What is another name for spare parts?

What is another word for spare parts?

backups extras
parts replacement
reserve spares

What is store and spare?

11 May 2012 Stores – raw material. spares – material used as spares to an asset. Loose tools – small tools used in repair work.

Are spare parts considered inventory?

Repairable spare parts are classified as other non-current assets similar to property, plant and equipment, rather than inventory because such parts are repaired and re-used over a long period of time, between three and ten years, the same period over which such parts are amortized.

What is spare parts management system?

Spares management systems combine a look at your hardware with a software support tool that can help you share information on your operations and what you need. Allows you to keep spare inventory levels low, reducing carrying and storage costs but providing access to spare parts when needed.

What is difference between stock and store?

To “stock” items means to reestablish their places in the store to be bought. When one says “items are out of stock,” it means there are no more of that item to be bought. “Store” means to place it somewhere for a long period of time, normally in a cabinet or something.