Terms and Conditions of Sale
Acceptance of Orders
All orders are subject to acceptance by Vikram Sales Corporation (“VSC”). Any terms and conditions proposed by the buyer which are inconsistent with or in addition to the terms and conditions stated herein shall not be binding upon VSC unless accepted in writing by an authorized representative of VSC.
Delivery and Shipment
Delivery dates are approximate and are based on prompt receipt of all necessary information from the buyer. VSC shall not be liable for any damages or penalty for delay in delivery or for failure to give notice of delay when such delay is due to causes beyond the reasonable control of VSC. Unless otherwise agreed in writing, all products shall be shipped FOB VSC’s factory. Risk of loss or damage to the products shall pass to the buyer upon delivery to the carrier.
Prices
Prices are subject to change without notice. Unless otherwise agreed in writing, prices are exclusive of all taxes, duties, and other charges imposed by any governmental authority. The buyer shall pay any such taxes, duties, or charges.
Payment
Unless otherwise agreed in writing, payment terms are net 30 days from the date of invoice. In the event of default in payment, VSC may, at its option, cancel any order or suspend delivery until payment is made in full. Interest shall accrue on past due balances at the rate of 1.5% per month or the maximum rate allowed by law, whichever is less.
Limited Warranty
VSC warrants that its products shall be free from defects in material and workmanship for a period of one year from the date of delivery. VSC’s sole obligation under this warranty shall be, at its option, to repair or replace any product which is determined to be defective within the warranty period. This warranty shall not apply to any product which has been subject to misuse, neglect, accident, or improper installation, maintenance, or repair. This warranty is in lieu of all other warranties, express or implied, including, without limitation, any implied warranty of merchantability or fitness for a particular purpose.
Limitation of Liability
VSC’s liability for any claim arising out of or relating to the sale or use of its products shall be limited to the purchase price of the products. In no event shall VSC be liable for any special, incidental, or consequential damages, including, without limitation, lost profits or revenue, arising out of or in connection with the sale or use of its products.
Governing Law
This agreement shall be governed by and construed in accordance with the laws of India. Any dispute arising out of or relating to this agreement shall be resolved exclusively by arbitration in accordance with the rules of the Indian Arbitration and Conciliation Act, 1996. The arbitration shall be conducted in Mumbai, India.
Entire Agreement
This agreement constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements between the parties, whether written or oral. No modification, amendment, or waiver of any provision of this agreement shall be binding upon either party unless in writing and signed by both parties.
By placing an order with VSC, the buyer acknowledges that it has read, understood, and agreed to be bound by these terms and conditions.