Common use of Installment Contract Clause in Contracts

Installment Contract. If the Agreement requires or authorizes the delivery of goods in separate lots to be separately accepted by Xxxxx, Buyer may only refuse such portion of such lot or shipment that fails to comply with the requirements of the Agreement. Buyer may not refuse to receive any lot or portion of Goods shipped under the Agreement for failure of any other lot or portion of a lot to be delivered or to comply with this Agreement, unless such right of refusal is expressly provided for on the face hereof. Extension of Credit and Collections: In the event Buyer designates the collecting bank, it shall be responsible to Seller for any loss or damage to Seller by reason of any failure or default, on the part of said bank in connection with payment by Buyer under the Agreement. Should Buyer’s financial strength become unsatisfactory to Seller, Seller may, in its discretion, withhold further shipments, require immediate cash payments for past and future shipments or require other security satisfactory to Seller before further deliveries shall be made. If Buyer fails to pay Seller in accordance with the Agreement, Seller has the right, in addition to any other rights or remedies provided by contract or law, and subject to any right Buyer has by law to correct its default, to declare the entire balance of Xxxxx’s account immediately due and payable or to foreclose any security interest that Seller may have in the Goods delivered. If any unpaid balance is referred for collection, Xxxxx agrees to pay (in addition to all damages otherwise available to Seller), to the extent permitted by law, reasonable attorney fees, whether or not litigation is commenced or prosecuted to final judgment, plus any court costs or expenses incurred by Seller, and any finance charge accrued on any unpaid balance owed by Buyer, all as calculated in accordance with the Agreement, until all amounts owed to Seller that are due are under the Agreement are paid in full.