Any payment made as earnest money or security deposit (which also shall mean earnest money, is accepted by Vendors only without liability to pay any interest, and is liable to be forfeited without prejudice to Vendor’s other rights in case Purchaser cancel the Contract or portion thereof or does not abide by Contract terms.
Contract price does not include Excise or other duties, taxes on sale, purchase, assessments, levies nor additional expenses occasioned by causes beyond Vendor’s control (including statutory impositions) or by force majeure. All said amounts (or at Vendor’s option a deposit towards same), shall be paid by Purchaser on demand.
If any amount collected by Vendor from Purchaser as or towards tax on sale is paid by Vendor to Government, any subsequent refund of the amount to Purchaser on the ground that tax is not legally due to Government on the transaction will be subject to actual receipt of refund either of the entire tax amount or any part thereof as the case may be from Government by Vendor.
Prices are based on Vendor’s ruling prices and are subject to adjustment upto time of delivery and the order is therefore accepted on the clear understanding that Purchaser agrees to pay on demand price enhancement as aforesaid.
Rupee prices are based on ruling rates of exchange.
Prices are based on ruling costs of raw materials & components whether locally manufactured, or otherwise and on ruling export and transit taxes and other levies as well as on prevailing rates of freight for direct route of transit and also on ruling rates of insurance and customs duty, excise duty / octroi / town duty and other levies where freight / insurance / duty or other levy is / are included in the Contract. Enhancements if any, plus duty thereon as well as premium for insurance against war risk / riot & civil commotion, if any and also all extra expenses which prima facie could not be taken into account at the time of the Contract including any from alteration of laws, devaluation or revaluation of currencies or from a classification of goods by Government involving assessment at a rate different from the one taken in Quotation / Contract, or from increase in the cost price of goods to the Vendor during the time delivery was held up due to causes beyond Vendor’s control as per Clause 4.
Time of payment is the essence of the Contract and the Contract is entered into on the clear understanding that Purchaser agrees to make payment notwithstanding any dispute or counter claim which will however be settled as provided for in Clause 7.
Interest @ 18% per annum will be payable on demand on all outstanding from the date of default.
In cases where Vendor agrees at Purchasers’ request to hand over documents for collection to any Bank specified by Purchaser, then Purchaser undertakes to make good the payment involved to Vendor if for any reason whatsoever (including the failure of the Bank) payment is not actually received by Vendor from the Bank within 15 days from date of delivery of documents to Bank.
