Terms and Conditions of Sale

Effective April 1, 2005

Blanket orders:
All blanket orders must be confirmed via a written and signed purchase order. Should there be a change in conditions or delivery dates, such change must be agreed to by both parties and confirmed in writing. Blanket orders that are cancelled are subject to a readjustment of price, and the customer must take delivery of any material made in advance for this blanket.

Return of orders:
Returned products are subject to a minimum 15% restocking fee. All returned product must be first given a Return Authorization Number (RMA), and the RMA number must be printed clearly on the outside of the box. Product returned to Mastercut without first obtaining an RMA number will be refused. Specialty items are not returnable for any reason.

MasterCut Tool Corp. allows one annual stock return for slow moving items without restocking fees as long as the return is accompanied with a replacement order of equal or greater value.

Printing and Clerical Errors:
Mastercut Tool Corporation is not responsible for printing or clerical errors. Such errors, when pointed out, will try to be corrected but carry no guarantee.

Shipping errors:
All claims for shortages or errors must be made within 10 days after receipt of order. Invoice number, part number and shipping number must be provided.

Mastercut is liable only up to the value of the invoice, and reserves the right to replace item.

Damaged product :
Sales are FOB shipping point. Claims for loss or damage are to be filed against your carrier by the customer (consignee). A Return Authorization Number must be obtained prior to returning any material.

Shipping Charges:
Minimum freight charge is $3.50

Open Accounts:
Mastercut Tool will provide an Open Account status for those customers that meet our credit approval. To request an Open Account please call the credit office and request an application for credit. The application must be completed, signed, and returned to Mastercut. Please allow 5 days for processing. Orders requiring delivery prior to reaching open account status may be paid by credit card (Visa/Mastercard), COD or check.

Open Account Terms:
All orders Net 30 days. After 30 days from invoice date account becomes past due and subject to 1 ½% monthly service charge.

Billing is sent immediately upon shipment.

Minimum Orders:
$50.00 min for standard products. Orders less than $50.00 will carry a $7.50 stocking fee.

Special order minimum is $100.00 per line item. If the line item minimum is not met the order may not be accepted.

COD Orders:
All COD charges and shipping charges will be added to the invoice. Any cancellation or rejection of COD orders after shipping will be subject for additional charges, and future orders requiring prepayment before shipping.

Returned Checks:
All returned checks due to Insufficient Funds will be subject to bank fees, collection fees, and a $25.00 charge for each check.

Past Due Accounts:
Mastercut Tool reserves the right to withhold shipment on any account past due. Mastercut Tool also reserves the right to remove customer from an Open Account Status should they decide the customer is slow paying, taking un authorized discounts, exceed their credit limit, or becomes financially unstable.