FARO
®
Laser Scanner Manual
164
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 payment of
the purchase price causing the entire balance to immediately become due
and payable in full).
f) Customer will be charged a 20% restocking fee for refusal to accept
equipment as delivered. Equipment must be returned unopened within 10
business days of receipt at customer facility.
1.04 If Purchaser fails to make payment(s) in accordance with the terms of this
Order, the Purchaser’s Products may be rendered inoperable until such
payment terms are met.
No waiver by FARO of its rights under these conditions shall be deemed to
constitute a waiver of subsequent breaches or defaults by the Purchaser. In
the event more than one Product is being purchased pursuant to the Order,
unless otherwise set forth herein, each payment received by FARO from
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