Terms and Conditions of Sale

1. DEFINITIONS:
“Purchaser” is identified on the quotation or invoice
“Norfolk Bearings” is Norfolk Bearings & Supply Co., Inc.
“Order” means the Purchaser’s commitment to purchase products from Norfolk Bearings.

2. PRICES:
All prices are subject to the price in effect at the time of shipping by Norfolk Bearings. All price quotations are valid only for products shipped within thirty (30) days of the date indicated on the quote or price list. All prices quoted without sales tax shall have such tax added thereto. Estimates are only estimates and are not guaranteed.

3. PAYMENT:
Transportation shall be by usual means and at the Purchaser’s expense. Unless otherwise agreed to in writing, payment terms are net thirty (30) days from the date of the invoice. Norfolk Bearings may require full or partial payment in advance if, in its judgment, the financial condition of the Purchaser at any time prior to shipment warrants.

4. SERVICE CHARGES:
If any amounts remain unpaid after the due date specified above, then a time price differential (service charge) equal to the lesser of (a) one and one-half percent (1.5%) per month or (b) the maximum monthly rate allowed by applicable law may be applied and added to the outstanding balance on a daily basis until paid.

5. CREDIT CHECKS:
Each principal of the Purchaser hereby individually grants Norfolk Bearings permission to investigate and verify his/her individual credit information at the sole discretion of Norfolk Bearings for the purpose of extending credit to the Purchaser. The Purchaser hereby grants Norfolk Bearings permission to report information regarding the Purchaser to proper persons and/or credit bureaus, as determined by Norfolk Bearings in its sole discretion.

6. DELIVERY/ACCEPTANCE:
Except for obligations stated under “Limited Warranty,” Norfolk Bearings’ responsibility ceases upon delivery of the products to the carrier at the stated shipping point, and title, ownership, and risk of loss pass to the Purchaser upon such delivery to the carrier. In no event shall any loss, damage, injury, or destruction operate in any manner to release Purchaser from the obligation to make the payments required herein. All claims must be made by the Purchaser in writing within five (5) days after receipt of the applicable shipment, including claims that products were shipped short by Norfolk Bearings. If the Purchaser fails to make any claim within this time limit, said claims shall be barred. Norfolk Bearings shall not be responsible for failure or delay in delivery. The Purchaser waives any claims for damages arising by virtue of delay in delivery, regardless of the cause of delay. All materials not rejected within five (5) days after delivery shall be deemed to have been inspected and accepted by the Purchaser, and the Purchaser agrees that it may not thereafter reject or revoke acceptance of such products.

7. RETURNED PRODUCTS:
All items returned to Norfolk Bearings for credit may be subject to a handling charge of up to twenty-five percent (25%). No credit shall be allowed on special order products or on soiled, damaged, or unusable products. Returns shall be made within thirty (30) days, if at all, and only under such terms and conditions as may be specified in writing by Norfolk Bearings.

8. DEFAULT:
Should Purchaser default hereunder in any way whatsoever, all amounts owed by Purchaser shall become immediately due and payable. In the event the account is placed for collection, Purchaser and its principles and guarantors agree to pay all expenses of collection permitted by law and incurred by Norfolk Bearings, including, but not limited to, attorney’s fees in an amount equal to twenty-five percent (25%) of any money owed at the time and court costs.