Common use of TERMINATION OF ORDERS Clause in Contracts

TERMINATION OF ORDERS. Upon termination of any order, Seller will be compensated as follows: (a) Any work that can be completed within thirty (30) days from notification of termination will be completed and shipped by Seller and be paid for in full by Customer. (b) For work in process and any materials and supplies procured or for which commitments have been made, Customer will pay Seller its actual costs and overhead expenses determined in accordance with generally accepted accounting practice, plus twenty-five percent (25%). (c) For all special tooling or other Products for which commitments have been made by Seller in connection with the order, Customer will pay Seller the full price and cost of such Products and such Products will be provided to Customer. (d) No Products may be returned to Seller without prior written permission from Seller. Upon approved return, Customer shall pay shipping charges and a restocking charge of twenty-five percent (25%) of the Product’s list price as of the date of restocking, and Customer shall bear the risk of loss or damage in transit.