Terms and Conditions of Agreement

This document is our standard sales terms and conditions. For Suppliers, please see our Purchase Order Terms and Conditions.

 

  1. Purchase Order - This acknowledgement and purchase order constitutes the complete and only agreement and contract between us. No agent or employee is authorized to agree otherwise or to waive this stipulation or agreement.
  2. Payment and Taxes - Invoice will reflect the net prices plus any applicable sales, use, excise or similar taxes. You will pay each invoice is U.S. Dollars drawn on and payable by a U.S. Bank on or before the due date stated on each invoice on the terms set forth on the face hereof. Bank collection or processing fees are for your account. No payment will be withheld by you pending settlement of any claim, allowance or adjustment. Interest on amounts not paid when and as due will accrue at the highest rate permitted by applicable law.
  3. Delivery - Unless we agree otherwise in writing, delivery of the goods hereunder shall be made F.O.B. shipping point. Risk of loss or damage shall pass to you upon delivery to the carrier. It will be your responsibility to recover from the carrier shortages or damages in transit, and no credit or deduction will be granted by us therefore. You agree to pay the carriers published tariff. This paragraph applies whether or not freight is prepaid by us.
  4. Quantities - We may ship and you will accept in full performance of this agreement any quantity within ten percent (10%) of the quantities specified on the face hereof. Invoicing will be based on actual quantities shipped. We may elect to produce the entire quantity ordered at one time, and ship them accordingly.
  5. Shipment Dates - Scheduled in-house dates shown on the face hereof are estimates only and are subject to delays resulting from causes beyond our reasonable control. We will not be liable for damages, direct or consequential, resulting from failure to make shipments as estimated.
  6. Warranties - WE MAKE NO WARRANTIES, EXPRESSED OR IMPLIED, WHETHER OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, PERFORMANCE, OR OTHERWISE EXCEPT AS FOLLOWS:

    Renco Electronics, Inc. warrants to the original purchaser that all products shall be free from defects in material or workmanship at time of shipment. Our obligation under this warranty is limited to the repairing or replacing of any of our products, providing said products are used within the specified ratings and applied in accordance with good engineering practice, and providing said products are proved by our examination to be defective and returned to us transportation prepaid. This warranty shall constitute the fulfillment of the company's liability, and the company shall not be liable for any consequential damage. This warranty does not extend to any of our products which have been subject to misuse, neglect, accident, improper application, or installment, nor shall it extend to material which has been altered or repaired outside the factory. This warranty is in lieu of all other warranties expressed or implied.

  7. Credit Terms - We may, from time to time in our sole discretion, limit or cancel your credit as to either time or amount or both, and as a consequence we may require full or partial payment in cash before delivery. If so, we will notify you in writing of the payment or payments required, and your failure to make such payment on or before the due date shall constitute a repudiation of the Agreement. Bankruptcy or insolvency proceedings by or against you shall also constitute a repudiation of this Agreement. If we reasonably doubt your financial condition or ability to pay, or if you are delinquent in the payment of any invoice, we may without liability and without prejudice to any other remedy, suspend our performance, decline to ship, stop any goods in transit or take any other action we are legally entitled to take until we receive full cash payment in advance or at our option, adequate security for full payment.
  8. Returns - No goods sold and delivered may be returned to us without prior written authorization or a return materials authorization number (RMA).Patents  We will indemnify you against any claim that the sale or use of catalog items sold under this Agreement constitutes an infringement of any U.S. patent covering the sale or use of such goods as sold by us, but not the use thereof in combination with other goods or materials, provided you shall give us prompt written notice of any such claim and an opportunity to defend or dispose of the same. This warranty and indemnity does not apply to any goods manufactured or assembled by us pursuant to specification supplied by you.
  9. Cancellations and Charges - All custom products are non-cancelable. You may cancel your order within 48 hours at no charge. After 48 hours, your order is non-cancelable, non-returnable. Renco reserves the right to invoice the entire amount of balance of each order upon your request to cancel. At the sole discretion of Renco, the following will apply; $250 cancellation fee and an invoice for all work in process, completed parts, raw materials, set-up charges, and restocking fees. This amount is non-negotiable and will be invoiced in lieu of a 100% cancellation charge. Furthermore, dormant orders over 1 year old will be considered canceled. Standard catalog items are cancelable if you pay us our reasonable cancellation charges on demand. Forty-five (45) days notice is required to accommodate any standard product cancellation. Standard products which are scheduled to ship within Forty-five (45) days are frozen and may not be canceled. You may cancel your order within 48 hours at no charge. After 48 hours should you cancel your order a mandatory 20% restocking for the balance left to ship, and a $125 cancellation fee for administration will be invoiced. This cancellation may also require a bill-back charge based on the respective price for the actual quantity shipped. This amount is non-negotiable and will be invoiced in lieu of a 100% cancellation charge. Furthermore, dormant orders over 1 year old will be considered canceled.

    Rescheduling of your order to evade the cancellation charges, will not be accepted. If for any reason, you cannot or do not agree with our cancellation terms, please cancel your order within 48 hours. After 48 hours, your order will be processed for manufacturing.

  10. Reschedules - Forty five (45) days notice is required to accommodate schedule changes. All "pull-ins" and "push-outs" will be subject to availability of manufacturing man hours and/or materials. All orders must ship within twelve (12) months of the first shipment. No “push-outs” beyond this date.
  11. Law Applicable - All matters relating to the making, validity, construction and performance of this Agreement shall be governed by the laws of Florida, U.S.A.
  12. Price - The price set forth on the face of this acknowledgement is binding. No agent or employee is authorized to change the price.
  13. Manufacturing Locations - Renco Electronics, Inc. reserves the right to manufacture its products in multiple manufacturing locations located in North America and the Far East without prior approval from its customers.

(revised May, 2010)