Risk of Loss. Products shipped at Purchaser's risk where terms are FOB shipping point - not insured unless so ordered. Pro-rata payments are due when shipments are made and invoices rendered. If shipments are delayed by the Purchaser, payments shall become due when the Company is prepared to make shipment. Products so held for the Purchaser shall be at the risk and expense of the Purchaser.
All sales are subject to prior credit department approval and main office acceptance.
If the financial condition of the Purchaser at any time does not, in the judgment of the Company, justify continuance of the work to be performed by the Company hereunder on the terms of payment as agreed upon, the Company may require full or partial payment in advance or shall be entitled to cancel any order then outstanding and shall receive reimbursement for its reasonable and proper cancellation charges and in the event of bankruptcy or insolvency of the Purchaser or in the event any proceeding is brought against the Purchaser, voluntarily or involuntarily under the bankruptcy or insolvency laws, the Company shall be entitled to cancel any order then outstanding at any time during the period allowed for filing claims against the estate and shall receive reimbursement for its reasonable and proper cancellation charges. No credit will be issued for goods returned without our permission and a restocking charge may be made. Invoice number must accompany returned goods. All claims for shortage must be reported immediately upon receipt or shipment, otherwise will be deemed waived. Platt Electric Supply, Inc.'s sole obligation with respect to defective goods is to repair or exchange, at its option, any such goods.