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.
1.00 Payment of Purchase Price
1.01 Purchaser 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).
1.02 The 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.
1.03 If 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
e) pursue any other available remedy, including suing to collect
any remaining balance of the purchase price (i.e., accelerate the
08m80e00_FaroArm_Quantum.book Page 1 Tuesday, August 22, 2017 11:03 AM
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