Terms and Conditions - Product Sales

Rev 2021.07.7
- 7 -
B. Risk of Loss. Risk of loss with respect to any Product shall pass to Buyer upon delivery at PHI’s
Designated Shipping Point. Any subsequent loss or damage to the Product will not relieve Buyer from its
obligations. Buyer is solely responsible for costs of freight and insurance after PHI’s
delivery to the Product
to Buyer at PHI’s Designated Shipping Point. If PHI incurs freight or insurance costs on Buyer’s behalf,
Buyer must promptly reimburse PHI for such freight or insurance costs.
C. Handling of Shipments. PHI will notify Buyer when Products are available for shipment. If Buyer
does not arrange for a freight carrier or freight forwarder to collect the Products within seven (7) calendar
days following notification that the Products are available for shipment, PHI may, at its own discretion and
at Buyer’s cost arrange for the Products to be collected by a freight carrier or freight forwarder for
shipment to Buyer. Alternatively, PHI may choose to store the Products and may charge a storage fee. In
the event that PHI chooses to store the Products in accordance with the preceding sentence, or in the event
that the payment terms require payment prior to shipment and Buyer fails to provide such payment within
seven (7) calendar days following notification that the Products are available for shipment, PHI may charge
a storage fee in an amount up to 0.2% of the contract price for each day the Products remain unshipped.
D. Packaging. PHI shall have the right to select the type of product packaging used for shipping.
PHI shall invoice Buyer, separately, for all packaging costs. Buyer shall handle or dispose of the packaging
materials as Buyer determines.
E. Buyer’s Inspection. Buyer shall immediately inspect all Products upon arrival at the Destination
while still in the shipping carrier’s truck or vessel and shall promptly notify the carrier and PHI, in writing,
within 24 hours of any alleged defects or non-conformity. Buyer’s failure to inspect the Products while still
in the shipping carrier’s truck or vessel, or failure to give written notice to the shipping carrier and PHI of
any alleged defects or non-conformity promptly upon their arrival at the Destination, shall constitute
Buyer’s irrevocable acceptance of the Products. PHI is not responsible for filing of any claims shipped on
Buyer’s freight accounts. Any claims arising out of Buyer arranged shipments are the sole responsibility of
the Buyer.
9. Matters of Credit and Creditworthiness.
A. Credit Terms. PHI may offer Buyer an amount of credit and terms of payment (collectively
“Credit Terms”) in conjunction with the sale of a Product. In such case, all unpaid sums due with respect to
the sale of the Product will be due strictly in accordance with the Credit Terms. The offer of Credit Terms
will be at the sole discretion of the
PHI. No Credit Terms shall be applicable to the purchase of any Product
the subject of a Purchase Order unless Buyer and PHI have agreed to the Credit Terms in conjunction with
that purchase. PHI may change or withdraw credit amounts or payment terms at any time for any reason.
B. Late Charges. Unless otherwise provided in the Credit Terms, PHI shall be entitled to a late
charge on overdue invoices from the date when payment becomes due from day to day until the date of
payment at a rate equal to the lesser of 1.5% per month on overdue amounts or the maximum rate
permitted by applicable law; the late charge covering administrative services incurred by PHI. If payment
is not made strictly in accordance with the Credit Terms, PHI
shall be entitled to (i) require payment in
advance of delivery of Product; and, (ii) refuse to make delivery of any undelivered Product without
incurring any liability whatever to the
Buyer for non-delivery or any delay in delivery.