If Purchaser does not pay Vendors’ dues or any portion thereof within 7 days of demand (or when an extension of time for payment has been given in writing, on expiry of such time): or if Purchaser cancel the Contract or portion thereof or do not abide by Contract terms, Vendor will be entitled without prejudice to all their rights including right for damages :- to rescind the Contract either in its entirety or so far any lot of the goods that may be undelivered and to treat security / deposit if any, paid by Purchaser as forfeited, or to resell the goods or any lot thereof abroad or in India at Vendors option either by private Contract or by public auction and to recover from the Purchaser the Contract price and all other dues less the net proceeds of such resale remaining after deduction therefrom :-
storage, insurance and other charges paid
a reselling commission of 5% on amount realized on such a sale or
to take back the goods to recover from Purchaser Contract price and other dues and damages.
Purchaser will not be entitled to profits, if any, on resale. Where goods are subsequent to sale, held by Vendor on Purchasers’ behalf, Vendor has a right of lien and resale in respect of said goods for recovery of their dues as bailees.
In cases where credit is given, the insurance policy certificate if any covering the Contract goods need not be endorsed to the Purchaser but may continue to stand in Vendor’s name and may be retained by them. In the event of loss of any goods covered by the Contract while the insurance is in force, credit given to Purchaser shall be considered as cancelled at Vendor’s option and all outstanding amounts shall then be treated as having become due and payable immediately forthwith and Vendor may in such cases apply the amounts, if any, realized under the insurance policy towards Contract out standings without prejudice to their other rights. Purchaser further agrees to allow Vendor without prejudice to Vendors’ other rights, a right of lien and resale in respect of any goods in Vendors’ possession belonging to Purchaser and also a lien on amounts, if any, due and payable by Vendor to Purchaser whether in respect of any goods bought from Purchaser or otherwise with an option in favour of the Vendor to apply said amount realised by Vendor from resale of goods as aforesaid against outstanding.
