TERMINATION BY DEFAULT; CANCELLATION FEE: SELLER reserves
the right at its sole discretion to terminate this Contract upon the occurrence of any one
or more of the following events which are a default under this Contract:
- BUYER'S failure to pay within fourteen (14) days of the due date of any payments
specified in this Contract.
- BUYER'S failure to perform or comply with any provision of this Contract including the
requirement to take delivery of the materials ordered.
- The filing of any petition under the Bankruptcy Act or any similar federal or state
statute by or against the BUYER.
- Any application for the appointment of a receiver, for the making of a general
assignment for the benefit of creditors by, or the insolvency of, BUYER.
- The dissolution, merger, consolidation, or reorganization of BUYER.
Regardless of whether this Contract is terminated, nondefective materials ordered
returned to SELLER are subject to a 15% restocking fee. All returned materials ordered
shall become the property of SELLER.
The parties agree that should SELLER exercise its right to terminate the Contract, any
restocking fee and any cancellation fee, if applicable, together with unencumbered title
to the materials ordered remaining vested in SELLER, is a reasonable substitute for actual
damages in the nature of liquidated damages, that said liquidated damages are a reasonable
approximation of the damages suffered by SELLER and that SELLER shall bear no liability or
responsibility to account for the proceeds from the resale of the materials ordered to
BUYER. CANCELLATION OF CUSTOM BUILT OR SPECIALLY PROCURED MATERIAL IS SUBJECT TO A ONE
HUNDRED PERCENT (100%) CANCELLATION FEE. CANCELLATION FEES ARE IMMEDIATELY PAYABLE BY
BUYER UPON RECEIPT OF SELLER'S INVOICE OR DEDUCTED FROM BUYER'S DEPOSIT. |
