Product Orders definition
Examples of Product Orders in a sentence
Licensor may decline to enter into any additional Product Orders if any such past-due balance, interest and collection costs are not paid.
In the event of a direct assignment by Seller permitted by this Agreement, any Performance Assurance posted in the form of cash may constitute the Performance Assurance applicable to the assignee for the transferred Product Order(s) and will continue to be held by Buyer; alternatively, Seller’s Performance Assurance with respect to the Designated Systems in the transferred Product Order(s) may be refunded upon request if and when the assignee posts replacement Performance Assurance.
Seller may also, without the consent of Buyer, collaterally assign this Agreement or collaterally assign or pledge the accounts, revenues or proceeds with respect to this Agreement or applicable Product Order(s), in connection with any financing or other financial arrangements with respect to Designated System(s) under this Agreement (and without relieving itself from liability hereunder).
In addition, following the direct assignment, new or amended Product Order(s) will be generated with respect to the assignee, with all required information to be provided by IPA.
In the event Buyer has been approved for credit terms, payment for Product Orders will be due no later than thirty (30) calendar days from the date of invoice, unless a shorter time is specified on the invoice or otherwise communicated to Buyer in writing.
Unless Buyer has been approved for credit terms by Honeywell, payment for all Product Orders will be made at the time of Order placement.
Honeywell may cancel Product Orders at any time prior to shipment due to an Excusable Delay event.
In the case of Performance Assurance in the form of a Letter of Credit, Seller’s original Performance Assurance shall remain in place with respect to the transferred Product Order(s) until the assignee posts replacement Performance Assurance consistent with Section 7.1 of this Agreement.
Following a direct assignment under this Agreement, the affected Product Order(s), including Schedule A, Schedule B (if applicable) and Schedule C to the Product Order, will be amended to account for the assignment with respect to the assignor, with all required information to be provided by IPA.
For avoidance of doubt, in the event of a direct assignment by Seller, Surplus RECs shall remain associated with this Agreement; provided, that if Seller is transferring this Agreement in its entirety (with all remaining Product Orders thereunder), then in such instance the Surplus RECs would also transfer and such assignee would assume such Surplus REC Account with respect to this Agreement.