The security interest herein granted shall be in Buyer's interest in the product and shall be fully discharged upon receipt by Seller of the unpaid balance of the purchase price. The contract is not assignable by Seller. Buyer by notice to Seller may terminate the contract with respect to all or any portion of the goods not delivered at the time notice of such termination is given to Seller and, in such event unless Seller is then in default under the contract, Seller shall be entitled to be reimbursed for all reasonable non-recoverable costs theretofore incurred by Seller in connection with the performance of the contract buy not more than that portion of the purchase price properly allocable to the goods with respect to which the contract has been terminated. If Seller shall fail to make shipment or delivery at the time stated in the contract or otherwise breaches the contract, Buyer, by notice to Seller, in addition to any other remedies it may have hereunder or by law by reason of such breach, may cancel the contract with respect to all or any portion of the goods not delivered at the time notice of such cancellation is given to Seller without being liable for any costs with respect to the goods with respect to which the contract has been cancelled. No substitutions of any nature whatsoever will be made, unless authorized.
Time is of the essence of the contract.
Acceptance of late delivery shall not constitute a waiver of a claim for breach due to delay in delivery. Seller shall include a packing list with each shipment and show purchase order number on each package, packing list, bill of lading, invoice and all correspondence. Unless otherwise provided in the contract, no charge shall be made by Seller for boxing, packing, crating or other charges. In addition to any other description furnished or specified by Buyer, will be merchantable, of high quality and fit for the purpose made known to Seller by Buyer and free from defects in material and workmanship. All warranties shall survive acceptance and payment.