Payment Terms

Unless otherwise specified in a written agreement on tile. if any amounts due Chase Fasteners, Inc. hereunder shall not be paid within thirty (30) day, after the’ shipment date. then Chase Fasteners, Inc. may suspend work and shipments under any open purchase ordeus) until such amounts shall have been paid ill full by Customer. If any invoiced amounts due Chase fasteners. Inc. shall remain unpaid for thirty (30) days. then interest shall accrue trurn the original invoice dale at the rate of 1½% per month until paid. If fany invoice shall remain unpaid for sixty (60) clays. then in addition to till’ original balance due plus interest. Customer shall be liable to Chase Fastener!”. lnc.. and Chase Fasteners. Inc. shall recover all costs, expenses of litigation. and reasonable attorney’s fees incurred in any legal action by or against Customer to recover the contract price of the parts. and/or damages for breach of contract.

Limited Warranty

Chase Fasteners. Inc. warrants that all parts shall conform to the approved drawings(,) of such parts. and all applicable specifications. Chase Fasteners, Inc. shall rectify
any defects in materials or workmanship and/or replace any nonconforming parts within sixty ((60) days following receipt of written notice or nonconformity. All obligation and liability of Chase Fasteners. Inc. under this limited warranty is expressly Limited to repair or replacement of nonconforming parts. at Chase Fasteners, Inc.’s election. Failure of Customer to provide written notice of nonconformity or rejection to Chase Fasteners, Inc. within thirty (30) days following each delivery of parts shall constitute acceptance of such parts as fully conforming and satisfactory.

Disclairner of Implied Warranties

CHASE FASTENERS, INC. DISCLAIMS AND CUSTOMER WAIVES ANY AND ALL IMPLIED WARRANTIES OF FITNESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND QUALITY, ALL OF WHICH ARE DISCLAIMED, WAIVED, AND EXCLUDED FROM THIS CONTRACT.

CHASE FASTENERS, INC. SHALL HAVE NO LIABILITY FOR BUSINESS INTERRUPTION. DELAY DAMAGES , DIRECT DAMAGES, LOST PROFITS, LOST ORDERS OR REVENUES, OR FOR ANY OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES SUFFERED OR INCURRED BY CUSTOMER AS A RESULT OF DEFECTIVE OR NONCONFORMING PARTS PROIJUCED BY CHASE FASTENERS. INC., ALL SUCH LIABILITY BEING DISCLAIMED BY
CHASE FASTNERS. INC. AND WAIVED BY CUSTOMER.

Mediation

The parties agree that any claims, controversies. or disputes. arising out or or relating to this contract., or the breach. enforcement or validity thereof shall first be
submitted to mediation. Either party may commence meditation by writtten notice. The parties will cooperate in the selection or the mediator and date of the mediation session. Both must be confirmed within 14 days from the date of submiting the dispute to mediation. In the event the parties are unable to agree upon a selection of a mediator. then the mediation will take before a mediator selected from a neutral panel by any commercial mediation service provider selected by the party initiating mediation. The parties’ shall participate in the mediation in good faith and thar they will equally bear the costs thereof. Unless otherwise agreed to in writing by the parties. the date of the mediation session must be scheduled no later than sixty (60) days from the date of initiating the mediation.

Binding Arbitration

If mediation is not scheduled within the lime provided in the preceding paragraph. or does not result in complete settlement of the claims or dispute(s), the parties agree to
proceed to binding arbitration. Either party may commence arbitration by filing a written demand for arbitration anytime after the mediation session has concluded, or at anytime following forty-five days from the date of the request for mediation. The arbitration hearing will be conducted in accordance with the commercial arbitration rules of the arbitration service provider selected by the party initiating arhitration. The parties Covenant that they shall participate in the arbitration in good faith. The arbitration will take before an arbitrator selected from a neutral panel in accordance with applicable rule of the commercial mediation service provider. The award rendered by the arbitrator shall be final and binding and may be entered into any court or tribunal having jurisdiction therof. The prevailing party shall be entitled to all award of all costs. fees and expenses, including
attorney’s fees, to be paid by the party against whom enforcement is ordered.