2) TERMS OF PAYMENT; TAXES:
a)Unless otherwise specified, terms to customers of satisfactory credit are net thirty (30) days from date of invoice and are F.O.B. destination, freight prepaid and invoiced to Buyer. All Product sales are invoiced upon shipment. If, at any time in the exclusive judgment of CMI, the financial condition of Buyer does not justify commencement or continuance of production or shipment on the terms specified herein, CMI may require full or partial payment in advance, suspend its performance until such payment is made, and cancel Buyer’s order if such payment is not received by CMI within the time specified by CMI.
b) Buyer shall pay, or reimburse CMI for any and all sales, use, franchise, excise, value added, and similar taxes (hereinafter “Taxes”) of any kind on the product and services provided by CMI pursuant to these Standard Conditions, other than Taxes imposed on the net or gross income of CMI. Buyer may provide CMI with evidence satisfactory to CMI (such as a certificate of exemption) of Buyer’s exemption from the relevant taxes, provided that in all case, Buyer shall indemnify CMI from all assessments of Taxes, and interest and penalties assessed against CMI on account of or related to the sale hereunder.
c) If shipments are delayed by Buyer, payment shall become due from date CMI is prepared to make shipment. Products held for Buyer because of such delay in delivery shall be at the risk and expense of Buyer.
d) CMI, in its sole discretion, may invoice Buyer a late payment penalty of one and one-half percent (1.5%) per month on all undisputed amounts not received by the due date on the invoice. Buyer shall also pay on demand any costs incurred by CMI (including reasonable attorneys’ fees and legal expenses) in connection with the collection of any undisputed amounts due from Buyer to CMI which are not paid as agreed herein.
3) DELIVERY, TITLE AND RISK OF LOSS:
a) Shipments of any products purchased are subject to CMI’s availability schedule. CMI shall make every reasonable effort to meet any delivery date(s) quoted or acknowledged. However, CMI shall not be liable for its failure to meet such date(s).
b) Buyer may reschedule shipment one time upon no less than [thirty (30) days] advance written notice to CMI, with the rescheduled date being no later than sixty days after the original shipment date.
c) Unless otherwise specified by CMI, delivery shall be made and title shall pass F.O.B. destination, freight prepaid and invoiced to Buyer, except that a security interest in the Products shall remain in CMI until
CMI Standard Terms July 2014 full payment has been made. Upon CMI’s request, Buyer shall execute any financing or continuation
statement or other document required to protect CMI’s security interest in the Product(s). Failure by Buyer to pay any amount due hereunder shall constitute a default and in such event CMI shall, in addition to any other remedies available to it under applicable law, have all the rights of a secured party under the Uniform Commercial Code of the State of Connecticut. CMI may, at its option, repossess the same upon Buyer’s default in payment and charge Buyer with any deficiency. Buyer waives its right to any judicial hearing prior to or subsequent to any such repossession.
d) Buyer will comply with all applicable laws and shall not export any Products or information relating thereto except in accordance with all applicable U.S. laws and regulations controlling the export of technical data.