Security Interest and Agreement. As security for the purchaser's full and complete payment in accordance with the purchase order identified below, Legion Paper reserves a purchase-money security interest in all goods sold by Legion Paper to purchaser, and in all other assets, inventory, receivables and accounts of purchaser, and the proceeds thereof. A copy of the Purchase Order and the Legion Paper Invoice for such goods and this Order Acknowledgement form may be filed as a security agreement and in conjunction with any financing statement with the appropriate authorities to perfect such security interest.
Purchaser Credit and Financial Condition. If Legion Paper does not, in its sole discretion, approve of the purchaser's credit, or if the purchaser files for bankruptcy protection, then Legion Paper reserves the right to cancel the agreement with the purchaser or any remaining shipments thereunder.
Shipment and Delivery Charges. All shipments are made F.O.B. point of shipment. The purchaser will pay all shipment and delivery charges which will be billed on the invoice to the purchaser. If the purchaser gives instructions for Legion Paper to deliver product to someone other than purchaser, the delivery to such other person shall be deemed to be a delivery to purchaser within the terms and conditions set forth herein.
Delivery Times and Partial Shipments. Any delivery dates or times requested by the purchaser are subject to product availability and Legion Paper's reasonable efforts to satisfy such delivery date and time requests. Legion Paper reserves the right to make partial shipments of the ordered product and each shipment will be invoiced separately.
Risk of Loss. The purchaser assumes the risk of loss to the product being shipped to the purchaser from the point when the product is delivered to the carrier. Shipments will not be insured unless requested by the purchaser at the expense of the purchaser.
Return of Defective Product or Acceptance. Legion Paper will replace defective product that is returned by the purchaser within thirty(30) days of delivery as long as the purchaser requested and received a return authorization from Legion Paper. If a purchaser does not request a return authorization within thirty(30) days from delivery of product by Legion Paper to the purchaser, the retention of such goods beyond thirty(30) days without taking such action shall be deemed an acceptance of such goods without objection.
Applicable Law and Resolution of Disputes. The laws of the State of New York shall govern the contract between Legion Paper and the purchaser. Any disputes between Legion Paper and the purchaser which cannot be amicably resolved by and through the good faith best efforts of both parties will be resolved by arbitration before the American Arbitration Association at a mutually convenient time and place in the State of New York.
Limitation on Recovery and Loss. All recoveries and awards for all claims for loss or damage asserted by any purchaser arising from the sale of product by Legion Paper are limited to the purchase price of the specific goods which caused loss or damage to a purchaser. We will not be responsible or liable for any default or delay arising out of cause or contingency beyond our control or beyond the control of our suppliers affecting either ourselves or our suppliers.