Cancellation by Purchaser of any item on order to IAP will be accepted only in writing shall be paid for on the basis of actual cost of labor, materials, and supplies, including any special materials, equipment or sub-contracts for which IAP has become obligated, plus proper overhead expenses determined in accordance with normal accounting practice, plus 15% of the total of such costs and expenses, provided that such costs and expenses plus 15% shall in no case exceed the original contract price of such cancelled items. In the event of any cancellation, IAP computation of cancellation charges under the above shall be final and conclusive.
Written notice of disposition of cancelled items which are not yet delivered shall be given by Purchaser to IAP within thirty (30) calendar days from date of notice to Purchaser of the cancellation charges. Failure to give IAP notice of disposition of such items within said thirty (30) calendar days shall constitute Purchaser’s agreement that IAP may dispose of such items as it sees fit without further credit to Purchaser or any further obligation.
If at any time Purchaser does not strictly comply with all terms and conditions of any order or if at any time Purchaser: (1) shall be adjudicated bankrupt, (2) shall have filed a voluntary petition in bankruptcy, (3) has a receiver appointed for it, or (4) makes an assignment for the benefit of creditors, IAP has the absolute right to cancel and refuse to complete the work on said order. In the event of IAP’s cancellation as above set forth, Purchaser shall pay IAP the amount computed as provided above.
Return goods must be authorized by an IAP employee and returned to a designated point of manufacture within the specified time. Return goods may be subject to restocking charges.
The material and workmanship furnished are guaranteed by IAP against any defect for a period of one (1) year from date of shipment or installation when owned by original Purchaser or first User and maintained and operated under normal conditions. Any products furnished hereunder that are not manufactured by IAP are warranted only to the extent of the original manufacturer's warranty. Parts found to be defective in material or workmanship under this guaranty shall be repaired or replaced without charge. F.O.B. original point of shipment provided prompt written notice of the defect is given and compliance with the terms of the guaranty is established. THE FOREGOING SHALL BE PURCHASER'S SOLE AND EXCLUSIVE REMEDY FOR DEFECTS. Decomposition by chemical action and wear caused by abrasion shall not constitute defects for purposes hereof. This warranty shall be void if repairs or alterations are made without IAP prior written consent. No person, agent, representative, salesman, dealer or distributor has any authority neither to change or extend the warranty expressed herein nor to obligate IAP by any terms stipulations or conditions not herein expressed.
THE ABOVE WARRANTIES ARE IN LIEU OF ALL OTHER WARRANTIES EXPRESSED OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.