Common use of Credits and Returns Clause in Contracts

Credits and Returns. Customer may return Goods only after obtaining a Return Materials Authorization form from Precision. Precision will have the sole discretion to determine the cause and responsibility for Goods returned to it. Credit for returned Goods other than those noted below will be at the sole discretion of Precision and to be eligible for credit must be: a. On the current price list and be of current design b. Unused and in their original packaging c. In salable condition as determined by Precision d. Returned freight prepaid e. Standard stock items The following products are returnable only in the case of defect: Enclosures, Custom or Specially Modified Products. Once acknowledged, all sales for these products are final. Other Precision products returned for reason other than repair are subject to a restocking fee. a. The minimum restocking fee is $35 per unit. b. The amount of credit allowed for returned qualifying product will depend upon its age: c. A credit of 80% will be issued for product up to 60 days old. d. A credit of 50% will be issued for product up to 180 days old. e. No credit will be issued for product older than 180 days old.

Credits and Returns. Customer may return Goods only after obtaining a Return Materials Authorization form from Precision. Precision will have the sole discretion to determine the cause and responsibility for Goods returned to it. Credit for returned Goods other than those noted below will be at the sole discretion of Precision and to be eligible for credit must be: a. On the current price list and be of current design b. Unused and in their original packaging c. In salable condition as determined by Precision d. Returned freight prepaid e. Standard stock items The following products are returnable only in the case of defect: , Enclosures, Custom or Specially Modified Products. Once acknowledged, all sales for these products are final. Other Precision products returned for reason other than repair are subject to a restocking fee. a. The minimum restocking fee is $35 per unit. b. The amount of credit allowed for returned qualifying product will depend upon its age: c. A credit of 80% will be issued for product up to 60 days old. d. A credit of 50% will be issued for product up to 180 days old. e. No credit will be issued for product older than 180 days old.