Common use of Payment and Prices Clause in Contracts

Payment and Prices. SELLER may, at its option, require CUSTOMER to pay for all goods at the time the order is placed or require CUSTOMER to obtain an irrevocable letter of credit in favor of SELLER from an issuer acceptable to SELLER. In the event SELLER does not require advance payment or require such letter of credit, payment by CUSTOMER will become due thirty (30) days from the date of SELLER’S invoice covering a particular shipment. No retainage or other deductions shall be made from such payments. In the event of failure by CUSTOMER to make any payment when due, SELLER may decline to make further shipments until such default is cured. SELLER may elect to continue to make shipments despite the continuance of such default, however such election by SELLER will in no way constitute a waiver of such default nor affect SELLER’S legal remedies thereof. CUSTOMER assumes full responsibility, including reporting and payment, of all taxes, however designated, or other governmental charges arising out of, levied or based upon, or in connection with the sale of the goods herein described, including state and local privilege, sales and use, or excise taxes based on gross revenue or any taxes or amount in lieu hereof paid or payable by SELLER in respect of the foregoing. In no event will any charges for engineering services imply a conveyance of any design and/or manufacturing rights as to the goods, unless such conveyance is expressly set forth in a separate written agreement signed by authorized representatives of both parties. In the event that CUSTOMER falls behind in payment, SELLER, without prejudice to any other right or remedy available to SELLER, shall, at its sole discretion, be entitled to: (i) terminate the order and/or suspend any further deliveries to CUSTOMER and/or (ii) charge the CUSTOMER interest on any unpaid portion of the purchase price at twelve percent (12%) per annum. Furthermore, the defaulting CUSTOMER shall bear all costs arising in connection with the recovery of the invoiced sums outstanding, including costs of reminders and seeking information, collection expenses, and reasonable attorney's fees.

Payment and Prices. SELLER may, at its option, require CUSTOMER to pay for all goods at the time the order is placed or require CUSTOMER to obtain an irrevocable letter of credit in favor of SELLER from an issuer acceptable to SELLER. In the event SELLER does not require advance payment or require such letter of credit, payment by CUSTOMER will become due thirty (30) days from the date of SELLER’S invoice covering a particular shipment. Time is of the essence with respect to CUSTOMER’S payment obligations. CUSTOMER may only rely on the accuracy of wiring instructions provided by the SELLER if they have been signed by SELLER’S CFO. No retainage or other deductions shall be made from such payments. Pro-rata payments shall become due with partial shipments. In the event of failure by CUSTOMER to make any payment when due, SELLER may decline to make further shipments until such default is cured. In the alternative, SELLER may elect to continue to make shipments despite the continuance of such default, however but such election by SELLER will in no way constitute a waiver of such default nor affect SELLER’S legal remedies thereof. CUSTOMER assumes full responsibility, including reporting and payment, of all taxes, however designated, or other governmental charges arising out of, levied or based upon, or in connection with the sale of the goods herein described, including state and local privilege, sales and use, or excise taxes based on gross revenue or any taxes or amount in lieu hereof paid or payable by SELLER in respect of the foregoing, exclusive however, of taxes paid on net income. In no event will any charges for engineering services imply a conveyance of any design and/or manufacturing rights as to the goods, unless such conveyance is expressly set forth in a separate written agreement signed by authorized representatives of both parties. In the event that CUSTOMER falls behind in payment, SELLER, without prejudice to any other right or remedy available to SELLER, shall, at its sole discretion, be entitled to: (i) terminate the order Contract and/or suspend any further deliveries to CUSTOMER and/or (ii) charge the CUSTOMER interest on any unpaid portion of the purchase price at twelve percent (12%) per annum. Furthermore, the defaulting CUSTOMER shall bear all costs arising in connection with the recovery of the invoiced sums outstanding, including costs of reminders and seeking information, collection expenses, and reasonable attorney's fees.

Payment and Prices. SELLER may, at its option, require CUSTOMER to pay for all goods at the time the order is placed or require CUSTOMER to obtain an irrevocable letter of credit in favor of SELLER from an issuer acceptable to SELLER. In the event SELLER does not require advance payment or require such letter of credit, payment by CUSTOMER will become due thirty (30) days from the date of SELLER’S invoice covering a particular shipment. Time is of the essence with respect to CUSTOMER’S payment obligations. CUSTOMER may only rely on the accuracy of wiring instructions provided by the SELLER if they have been signed by SELLER’S CFO. No retainage or other deductions shall be made from such payments. Pro-rata payments shall become due with partial shipments. In the event of failure by CUSTOMER to make any payment when due, SELLER may decline to make further shipments until such default is cured. In the alternative, SELLER may elect to continue to make shipments despite the continuance of such default, however but such election by SELLER will in no way constitute a waiver of such default nor affect SELLER’S legal remedies thereof. CUSTOMER assumes full responsibility, including reporting and payment, of all taxes, however designated, or other governmental charges arising out of, levied or based upon, or in connection with the sale of the goods herein described, including state and local privilege, sales and use, or excise taxes GST based on gross revenue or any taxes or amount in lieu hereof paid or payable by SELLER in respect of the foregoing, exclusive however, of taxes paid on net income. In no event will any charges for engineering services imply a conveyance of any design and/or manufacturing rights as to the goods, unless such conveyance is expressly set forth in a separate written agreement signed by authorized representatives of both parties. In the event that CUSTOMER falls behind in payment, SELLER, without prejudice to any other right or remedy available to SELLER, shall, at its sole discretion, be entitled to: (i) terminate the order Contract and/or suspend any further deliveries to CUSTOMER and/or (ii) charge the CUSTOMER interest on any unpaid portion of the purchase price at twelve percent (12%) per annum. Furthermore, the defaulting CUSTOMER shall bear all costs arising in connection with the recovery of the invoiced sums outstanding, including costs of reminders and seeking information, collection expenses, and reasonable attorney's fees. In the event CUSTOMER fails to provide dispatch clearance within fifteen (15) days of goods being made ready for shipment as per agreed contract terms, storage charges of one percent (1%) of the contract value per week will be charged by the SELLER until the dispatch of the goods takes place.