Faro Gage, Manual

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B-1
Appendix B: Purchase Conditions
All Purchase Orders (hereafter, the “Order”) for FARO-provided
products and services (hereafter, the “Product”) are subject to the
following terms and conditions, which are agreed to by the Purchaser.
All capitalized terms are defined in Section 8.00 Definitions hereafter.
1.00Payment of Purchase Price
1.01Purchaser hereby promises to pay to the order of FARO all deferred
portions of the Purchase Price, together with interest on late purchase
price payments payable at 1.5% per month (18% per annum).
1.02The Purchaser grants to FARO a security interest in the products
sold pursuant to the Order, which may be perfected by UCC-1
Financing Statements to be recorded in the applicable County of the
Purchaser’s business location and filed with the Secretary of State’s
Office, which security interest will remain in effect until payment in full
of the purchase price together with interest on late purchase price
payments payable thereon had been received by FARO.
1.03If the Purchaser fails to make full payment of the purchase price
within the period set out in the Order, FARO shall at its option have the
following remedies, which shall be cumulative and not alternative:
a) the right to cancel the Order and enter the Purchaser’s premises to
re-take possession of the Product, in which event the Purchaser agrees
that any down-payment or deposit shall be forfeited to FARO, as
liquidated damages and not as a penalty, and all costs incurred by
FARO in connection with the removal and subsequent transportation
of the Product shall be payable by the Purchaser upon written
demand;
b) the right to enter the Purchaser’s premises and remove any
Software, components of the Product or other items necessary in
order to render the Product inoperative;
c) the right to withhold all services which would otherwise be
required to be provided by FARO pursuant to the Warranties set out in
Section 4.00 Warranties and Limitation of Liability hereof;
d) terminate any existing software license agreement and
08M47E00_FAROGage.book Page 1 Wednesday, June 8, 2011 4:12 PM