Standard Payment Terms


1.      ACCEPTANCE OF ORDERS:  All orders and contracts are subject to acceptance by the Sales Department at the factory and to the conditions herein set forth.  Elevator fixture orders will not be accepted unless properly approved drawings are received and approved by the manufacturer.

2.   PRICES:  Prices are for merchandise F.O.B. Factory, USA.  Prices, discounts, quotations and specifications are subject to change without notice and will be applied as in effect at time order is accepted, or within the validity period of any quotation.  Unless otherwise specified, all quotations will be valid for a maximum period of sixty (60) days.

3.   PACKING:  Prices include packing for domestic shipping.  Orders shipped by truck may be charged for crating or special handling.  For export packing, add 5% of the NET price, this being a net charge.  No allowance will be made for omission of standard packaging or crating.

4.      ROUTING:  If routing of shipment is specified on customer’s orders, it will be followed whenever practicable.  Otherwise, routing is subject to our choice.  Unless otherwise specified, orders will be shipped freight prepaid and added.

5.     TAXES:  The Company’s prices do not include sales, use, excise or other similar taxes.  The amount of any present of future sales, use, excise or other similar tax applicable to the sale or use of the equipment shall be paid by the purchaser, or in lieu thereof, the purchaser shall provide the Company with a tax exemption certificate acceptable to the taxing authorities.

6.      TERMS:      Except as otherwise indicated, payment is due in United States of America currency thirty (30) days after date of shipment on approved credit.  Letters of credit are required to be of the irrevocable type and confirmed by an acceptable bank.  A monthly late charge at the maximum legal rates will be assessed on all past due accounts.

7.     SHIPMENT:  Shipping dates are based on prompt receipt of full and complete information at the factory and credit approval.  For fixtures, the delivery time starts from the date approved drawings are received and order is acknowledged by the Sales Department.

8.      DESIGN:  The Company reserves the right to discontinue the manufacture of any model, or to make changes in design for product improvement, without incurring any obligation to furnish or install the same on product previously furnished.

9.      SUITABILITY: Purchaser assumes all liability for suitability to intended use and conformance with all applicable federal, state and local codes and requirements.

10.    ORDER CHANGES: No changes in orders will be accepted except by special written arrangement with the Sales Department.

11.    CANCELLATION: No orders or sales may be cancelled without the consent of the Company.  At the Company’s option, cancelled orders are subject to payment of cancellation charges equal to all charges accumulated up to the cancellation date, including a reasonable allowance for overhead plus an administrative fee; or a flat fee of ten (10%) per cent of the sales price, whichever is greater.

12.    RETURN OF GOODS: Written permission from the factory must be obtained before returning any merchandise.  All transportation charges must be borne by the customer.  No item with a net value of less than $25.00 will be authorized for return, and all items accepted for return must have been invoiced within the past six (6) months.  Only new, cataloged equipment of current design will be authorized for return.  Special equipment built to a customer’s specifications/approved drawings cannot be returned.  Equipment furnished by the Company but not of its own manufacture may be authorized for return only if stocked by the Company.  Unless correction of a Company error, all returned material is subject to a re-stocking fee of thirty (30%) per cent of the invoice value of the item.  Purchaser assumes all liability for damage incurred during shipment to the factory.

13.    CLAIMS: All goods shall be deemed delivered to purchaser at the time they are placed in the hands of carrier and consigned to purchaser.  Loss, damage or destruction of any merchandise is assumed by purchaser.  No claim may be made unless made within ten (10) days after receipt of merchandise by the original consignee, and unless it is based on the conditions of the written purchase order accepted by the Company, or as stated herein.

14.    DELAYED DELIVERIES:  The Company shall not be liable for any delay in shipping or delivery of merchandise for any cause whatsoever.  If for any cause whatsoever transportation of merchandise ordered will not be accepted by the applicable public carriers, the Company shall have the right to deliver said merchandise to a bonded warehouse for storage at the expense of the purchaser, and such delivery shall be constructively deemed delivery of such merchandise to purchaser.

15.    CONSIGNMENT:  The Company shall not furnish any consigned stock whatsoever.  All shipments will be made in accordance with our regular terms of payment.  Notations on the order such as “to be paid for when sold,” or “on trial,” or “when satisfactory,” shall not bind the Company.

16.    All price books and other material shall remain the property of the Company and are subject to return to its General Office on demand.

17.    SALES POLICY:  Nothing herein shall be construed as abridging the right of the Company to sell directly or indirectly to: (1) Federal and State governments or Agencies thereof, or to Agencies employing Federal or State Government aid; or (2) Purchasers who buy Company’s products for sale as integral or assembled parts of their products; or (3) Firms operating on a national scale; or (4) any other class of purchaser to whom the Company my from time to time elect to sell.  No allocation of, or reference to, any territory in which any distributor, jobber, dealer or representative operates shall be deemed exclusive.

18.    CONDITIONS:  All sales made by the Company are subject to these conditions unless otherwise agreed in writing by a duly authorized officer of the Company.  In all cases of conflict between these conditions and the requirements of the purchase order, these conditions shall prevail.

19.    TRADEMARKS:  Proper usage of the word “Innovation” and/or its other marks is a condition of sale.  Innovation in its word and logo forms are registered trademarks of Innovation Industries, Incorporated, and as such require due diligence in their use.  It is to your advantage as well as Innovation Industries, Incorporated to protect the exclusivity of the trademarks.  Proper usage is as follows:

a)      Whenever the trademark “Innovation” is used, it must be accompanied by the descriptive term for that product, i.e., Innovation Photo-Eyes;

b)     It may also carry with it the registration mark or notice “®” or “Reg. U.S. Pat. Off.”;

c)      It is improper to use the registered trademark as a generic term, therefore, if you are not certain, contact the Marketing Department at Innovation Industries, Incorporated.

20.    The above conditions of sale supercede and replace any and all prior written or spoken agreements or statements on the subject.