Shipment, Payment & Credit

The Introduction

THE FOLLOWING TERMS AND CONDITIONS APPLY TO BOTH SHIPMENT, PAYMENT & CREDIT

Credit Terms of Payment: All Contracts shall be subject to credit approval by Seller in its sole discretion. Unless specifically agreed otherwise in this Contract, payment terms are as per on date of invoice. Delinquent accounts shall bear interest until paid at the lesser of 24% per annum and the maximum permissible rate under applicable law. In addition to late payment charges, Seller may add to the amount past due any costs associated with collection thereof, including reasonable attorneys’ fees.
Seller may, in its sole discretion, accept payment for Goods and Services by cash in advance or by money-down with scheduled progress payments.
If Purchaser fails to fulfill the terms of payment, or if at any time before payment in full is made (whether or not payment is yet due) a petition is presented or resolution passed for the winding up or bankruptcy of Purchaser, or in the event of the appointment of a receiver or administrator of Purchaser’s business, Seller may defer further shipment or, at its option, cancel the unshipped balance. Seller reserves the right prior to making any shipments to require from Purchaser satisfactory security for performance of Purchaser’s obligation. In the event of cancellation in accordance with the provisions hereof, or in the event of non-payment (in full or in part) for the Goods by the due date, Purchaser hereby irrevocably licenses Seller (insofar as it is able) to enter upon any premises to repossess the Goods. No failure of Seller to exercise any right accruing from any default of Purchase shall impair Seller’s right in case of any shipment default of Purchaser.
Unless specifically agreed otherwise in this Contract, all sales are F.O.B. Seller’s plant. Seller may, in its discretion, select the carrier unless specified in advance by Purchaser. Title to the Goods shall transfer to Purchaser upon the earlier of full payment therefore and Seller’s delivery of the Goods per the agreed delivery terms. Risk in the Goods shall transfer to Purchaser upon delivery of the Goods per the agreed delivery terms.
While expected dates of delivery of goods are given in good faith, the same are not of the essence of or in any way terms of this Contract or representations of fact. All shipping dates given are approximate, and while effort is made to maintain schedules, Seller will not be liable for damages on account of delay. In case of delay by Purchaser in furnishing complete schedules, materials or information, delivery dates may be extended for a reasonable time. Seller shall not be responsible for reasonable or excusable delays nor shall the Purchaser refuse to accept delivery because of any such delays. Excusable delays include, without limitation, delays resulting from accidents, fires, floods, severe weather or other acts of God, strike, lockout or other labor difficulties, embargoes, government controls or other forms of intervention, inability to obtain labor, materials or services and other causes beyond Seller’s control. If there is a scarcity in any of its products or goods, Seller will allocate its available supply in its sole discretion.
Purchaser shall inspect Goods and Services within five (5) business days after delivery of Goods and completion of Services and notify Seller in writing of any defects or any failure of the Goods or Services to conform to the requirements of this Contract. All claims by Purchaser for shortages in a shipment of Goods or Goods damaged in transit must be made against the carrier. All claims by Purchaser against Seller for nonconforming Goods or Services and claims for shortages in a shipment or damaged Goods (other than claims to be made against the carrier) must be made in writing to Seller within five (5) business days after receipt of shipment or Purchaser shall be deemed to have accepted such Goods and Services and any claims for nonconforming Goods or Services shall be waived.

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Shipment, Payment & Credit

The Introduction

THE FOLLOWING TERMS AND CONDITIONS APPLY TO BOTH SHIPMENT, PAYMENT & CREDIT

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