WITHHOLDING AND SETOFF. The Seller irrevocably authorizes the Buyer to withhold and setoff from the payments the sum that the Seller shall owe the Buyer with respect to False Freight, which are duly evidenced and accepted by the Seller in conformity with what has been established in this Agreement. The charge shall not be cumulative. In the event the Seller shall owe money to the Buyer or a company affiliated to the Buyer for the supply of materials, supplies or services, the Seller authorizes the Buyer to carry out withholdings and setoffs corresponding to the payments in order to pay owed and past due sums.
Appears in 2 contracts
Sources: International Banana Purchase Agreement, International Banana Purchase Agreement (Chiquita Brands International Inc)