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Commitments and Contingencies
12 Months Ended
Oct. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

(7) Commitments and Contingencies

 

The Company in the ordinary course of business, is subject to claims made under, and from time to time is named as a defendant in legal proceedings relating to the operations of its business, including the sale of its products. The Company believes that the reserves reflected in its financial statements are adequate to pay losses and loss adjustment expenses which may result from such claims and proceedings; however, such estimates may be more or less than the amount ultimately paid when the claims are settled. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity.

 

The Company had outstanding commitments relating to standby letters of credit for performance and warranty guarantees of approximately $310,000 at October 31, 2016. These letters of credit are collateralized by certificates of deposit which have expiration dates which coincide with the expiration dates of the letters of credit. The Company had no certificates of deposit maturing in one year or more at October 31, 2016.