Define: Tool of Trade

How is Tool of Trade defined in a legal contract?

• Tool of Trade means a vehicle with tools, machinery, or plant attached to or towed by it, being used at a worksite. This does not cover vehicles used to carry goods or in transit from a worksite. Seen in 75 SEC filings.
• Tool of Trade means a vehicle that has a tool or plant as a component or attachment, used in connection with it while the tool or plant is operational for business purposes. Seen in 24 SEC filings.
• Tool of Trade means any vehicle, which has any equipment either as a part of it or as an attachment, designed or used as a tool for activities such as excavation, digging, scraping, grading, drilling, lifting, levelling, pumping, spraying, vacuuming and so on, whether at rest, in use or being prepped for use. Seen in 5 SEC filings.
• Tool of Trade means any vehicle which has attached as an integral part of such vehicle any equipment for mechanical digging, scraping, grading, slashing, mowing, drilling, lifting, or leveling. This definition applies while such equipment is being used for the purposes for which it was designed. Seen in 4 SEC filings.

Please note that in these contexts, tool of trade typically refers to commercial vehicles equipped with specific tools or machinery for business operations.

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 tool of trade' 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

Tool of Trade means a vehicle equipped with tools or machinery for operational purposes during business activities.

Relevant Contract Types

• Equipment Lease Agreement
• Franchise Agreement
• Supply Contract
• Subcontractor Agreement

Relevant Circumstances

• Purchase or lease of commercial machinery-equipped vehicles.
• Businesses that rely on specific machinery or tools for their services.
• Franchise operations where the franchisee requires such tools for services.
• Subcontracting work in sectors such as construction, where such tools may be needed.

Relevant Sectors

• Construction
• Landscaping & Gardening
• Transportation
• Automobiles

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Genie Definition 2

Tool of Trade means a vehicle with attachable equipment designed for specific actions like digging, drilling, lifting, among others in business operations.

Relevant Contract Types

• Construction Contract
• Service Level Agreement
• Franchise Agreement
• Partnership Agreement

Relevant Circumstances

• Construction projects requiring specialized vehicles.
• Service providers that utilize specialized equipment.
• Franchisees providing services in construction, excavation, transportation, etc.
• Partnership businesses wherein tools of trade are significant to the business operations.

Relevant Sectors

• Construction
• Mining
• Public Utilities
• Agriculture

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