• Alternative Basis Clause (BI)

    It is declared and agreed that at the option of the insured, the terms reduction in sales may be substituted for the term reduction in output, in which case sales shall mean the money paid or payable to the insured for goods sold and delivered and for services rendered in the conduct of business.

    It is agreed that, except in the definition of output, the word output wherever used in this policy shall be read as output or sales.