Common use of LATE DELIVERY PENALTIES Clause in Contracts

LATE DELIVERY PENALTIES. Any delivery of Merchandise past the accepted Purchase Order requested delivery date will be consider Late and all Merchandise delivered must be fully conforming to Specifications to be considered on time. Unless Vendor notified Modular in advance of the delivery date a change to the delivery date and Modular accepts the new date, then Modular may charge a late Penalty. Should Vendor fail to perform in respect of any of the Delivery obligations, Vendor shall pay to Modular a daily delay penalty of 0.05% of the price of the daily Merchandise past Modular accepted Purchase Order delivery date, without prejudice to any other legal or equitable right or remedy available to Modular. i. The application of the penalties will be cumulative to the extent of non- performance of each event. ii. The amounts of the penalties are considered a net and certain debt and may be deducted from any payment due to Vendors or from the guarantees presented, with this Purchase Orders serving as an extra-judicial executive document.

LATE DELIVERY PENALTIES. Any delivery of Merchandise past the accepted Purchase Order requested delivery date will be consider Late and all Merchandise delivered must be fully conforming to Specifications to be considered on time. Unless Vendor notified Modular Buyer in advance of the delivery date a change to the delivery date and Modular Buyer accepts the new date, then Modular Buyer may charge a late Penalty. Should Vendor fail to perform in respect of any of the Delivery obligations, Vendor shall pay to Modular Buyer a daily delay penalty of 0.05% of the price of the daily Merchandise past Modular Buyer accepted Purchase Order delivery date, without prejudice to any other legal or equitable right or remedy available to ModularBuyer. i. The application of the penalties will be cumulative to the extent of non- performance of each event. ii. The amounts of the penalties are considered a net and certain debt and may be deducted from any payment due to Vendors or from the guarantees presented, with this Purchase Orders serving as an extra-judicial executive document.