Common use of Prices, Terms of Payment Clause in Contracts

Prices, Terms of Payment. Prices for Goods are subject to adjustment to reflect (i) any increase in import duty, import surcharge or other government charge, insurance or freight which becomes effective after the date of the Purchase Order and is payable by Vendor, and (ii) any increase in the cost of manufacture of the Goods caused by an extraordinary increase in price of raw materials which could not have been foreseen on the date of the Purchase Order. Purchaser further acknowledges that price-volatile Goods may lead to short notice price increases on the part of Vendor’s suppliers and Vendor reserves the right to charge these subsequent price adjustments to Purchaser on the date of the invoice. Unless otherwise specified, prices are quoted in Canadian dollars for Goods being sold from inventory. Payment terms are net thirty (30) days for payment without discount. Payments made using cash, cheques, Electronic Funds Transfer (EFT), debit cards, online banking and Interac transfer will be applied to the Purchaser’s account at full value. Vendor will accept payments made by credit card at the time of purchase and apply it to the Purchaser’s account at full value. Where credit card payments are made non concurrent with the purchase, the Vendor in its discretion may apply a service fee to the Purchaser’s account. Where credit card payments are accepted outside a self-service portal and Vendor provides a service in processing the credit card, the Vendor in its discretion may apply a service fee to the Purchaser’s account. Interest at the rate of 2% per month will be charged on past due accounts (26.8% per annum If Purchaser’s account is past due, in addition to other rights and remedies, Vendor may suspend shipments, deliveries or performance hereunder or under any other contract with Purchaser until Purchaser’s account becomes current or until Vendor receives satisfactory security or cash prior to shipment. Vendor may at all times set off any amount that Purchaser, or any affiliate of Purchaser, owes to Vendor against any amount that Vendor, or any Vendor affiliate, owes to Purchaser.