1. DELIVERY: Madison Machinery shall exert its best efforts to cause the equipment to be shipped and delivered in accordance with the terms and provisions of the sales contract. However, all delivery dates stated by Madison Machinery are approximate dates only, and are estimated in good faith to the best of Madison Machinery ability, commensurate with foreseeable scheduling. Madison Machinery will not assume any liability for any loss or damage whatsoever, including loss of income and/or profits, incidental, special or consequential damages resulting from Madison Machinery delayed performance in shipment and delivery of the equipment for any reason whatsoever. Any claims for shortages or claims that the equipment delivered is other than that which was ordered or claims for damages prior to delivery to Buyer or Buyer's agent must be made in writing to Madison Machinery within three (3) business days after the arrival of the equipment at Buyer's plant or place of business.

2. RISK OF LOSS: Upon delivery by Madison Machinery to a carrier for shipment of equipment to Buyer, risk of loss shall pass to Buyer. Thereafter, the carrier shall be deemed to be acting for and on behalf of Buyer and the terms of payment for the equipment shall not be affected by shipping damage to the equipment sold. If the machine arrives with shipping damage, it is the Buyers responsibility to either reject the machine or write down the shipping damage on the Bill Of Lading before accepting the machine. If you do not follow these instructions, we cannot help you with a shipping damage claim.

3. CANCELLATIONS: Orders which have been shipped are not subject to cancellations. Orders which have not been shipped may be canceled in writing by Buyer to Madison Machinery within five (5) days of the date of the purchase order. Orders which are canceled more than five (5) days after the date of the purchase order will normally be subject to a cancellation charge equal to five percent (5%) of the purchase order price of the machine, accessories or combination thereof. This is to compensate for the expenses related to processing your order. If any modification of a machine has occurred as directed by you or your purchase order, such as installing a digital readout or table power feed, then the cancellation charge shall be equal to ten percent (10%) of the total purchase order value in order to compensate us for the difficulty in finding a buyer for a modified machine.

4. RESTOCKING FEE: If Buyer chooses to return a machine for any reason, it will be subject to a 15% restocking fee (25% for Baileigh and JET machines). This money is collected by Madison Machinery. No returns accepted after 15 days from original ship date of the machine. The cost of shipping the machine to and from the Buyer is the responsibility of the Buyer.

5. SECURITY INTEREST: Until the machine has been paid for, Buyer hereby grants to Madison Machinery and Madison Machinery hereby retains a continuing purchase money security interest in all of the equipment sold and delivered by Madison Machinery to Buyer, whether presently in the possession of Buyer or hereafter acquired, and all spare parts and components therefore, together with any and all proceeds of sale or other disposition of the equipment, including, but not limited to, cash, accounts, contract rights, and chattel paper. Buyer shall join with Madison Machinery in executing one or more financing statements pursuant to the Uniform Commercial Code in force in buyer's state of business in a form satisfactory to Madison Machinery to evidence Madison Machinery security interest in the equipment. Buyer shall keep the equipment free from any adverse lien, security interest or encumbrance and will not store the equipment or any part thereof or use the equipment in violation of any statute or ordinance. In the event Buyer shall be in default under the contract, Madison Machinery shall have the remedies of a secured party under the Uniform Commercial Code. Madison Machinery  may enter the Buyer's premises and remove the equipment. Buyer agrees to pay Madison Machinery  reasonable attorney's fees and court costs for the collection of any amounts owing to Madison Machinery hereunder or incurred in the repossession of the equipment.