Standard Terms and Conditions

Acceptance of order, based on this quotation, is subject to terms and conditions as determined by the Credit department and is limited to the time as stated on the face of the quotation. Quotation is subject to correction for clerical errors at any time, and delivery dates and terms indicated are based on present conditions, and subject to confirmation at the time the order is placed.

TERMS: ½% 10 Days, Net 10th of the following month.

PAYMENT: If the credit of the Buyer shall at any time in the Seller’s judgment become impaired, Seller shall have the right to require payment in advance for shipments to be made hereunder. If Buyer shall fail to make any payment when due, Seller shall in addition to its other remedies provided by Law, have the right to terminate order as to its remaining shipments.

WARRANTY: The Seller warrants all new equipment, if installed and operated in a proper manner, against defects in workmanship and material for one year from date of shipment. Warranties and liabilities shall be limited to Buyer, and shall not extend to Buyer’s vendees. Seller’s liability shall not extend beyond the description on the face hereof. In no event shall Seller’s liability exceed the purchase price of the equipment. Damage caused by chemical reaction, electrolytic action, or foreign materials are to be assumed by Buyer, and in no way is to be considered part of the warranty.

Upon notice of any defect by Buyer, and confirmation by Seller, the Seller shall have the right to furnish all material, and/or perform labor, required for the correction of any errors or omissions on the part of the Seller, and no charge will be allowed for any material furnished or labor performed by the Purchaser, or others, unless the Seller is given sufficient written notice and a written order is issued by the Seller for such material and/or labor.

ASSIGNMENT: At Seller’s election, an order or any part thereof originating from this quotation, may be filled by another subsidiary of Modern Welding Company, and the right accruing to Seller hereunder may be enforced by such subsidiary.

BILLING: To be made at time of shipment or offer to ship and is subject to escalation, unless specifically waived, to recover increased costs resulting from acts of buyer such as change of delivery date, method of delivery, specifications, etc.

CANCELLATIONS: Accepted orders are not subject to cancellation except upon (a)written approval of the Seller and (b) the payment of a fair and equitable charge to the Seller based upon its actual costs to the date cancellation is received and approved plus 15% of such costs, which shall include the cost of completion of all individual shop operations on parts of the equipment in process at the date of cancellation together with the costs of any “buyout” items required for this equipment either on hand or in transit to the Seller, and which are not subject to cancellation by the Seller.

In the event that Sellers performance is delayed, interfered with, or prevented by war, differences with employees, accident, Law, order, regulation, requisition of the Government of the United States of America or any agency thereof, or any other cause beyond the reasonable control of the Seller, the Seller shall, at its option, be relieved from responsibility regarding performance of this contract for such period as may be necessary to enable it to make delivery after such causes have been removed.