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SALE AND RENTAL TERMS AND CONDITIONS
Megown Test & Measurement Inc.
BUYERS AND/OR RENTERS TERMS AND CONDITIONS
The following terms and conditions (“Terms and Conditions”) apply to the sale and/or rental of test equipment (Equipment) by Megown Test and Measurement Inc. (“Megown T&M Inc. ”). These Terms and Conditions are in addition to Megown T&M Inc.’s standard terms and conditions at http://www.Megown.com/info/terms.asp. To the extent of a conflict between these Terms and Conditions and the standard terms and conditions with respect to the sale or rental of Equipment by , the Terms and Conditions shall apply. By placing an order for Equipment, the Customer accepts and agrees to be bound by these Terms and Conditions. Any additional or different terms and conditions proposed by the Customer or set forth in the Customer's purchase order, if any, will not be binding upon Megown T&M Inc. unless acknowledged in writing by an authorized representative of Megown T&M Inc..

A. The following terms apply to the SALE of equipment by Megown T&M Inc.:

1. Equipment. Customer acknowledges that the equipment purchased from Megown T&M Inc. is pre-owned (used) unless stated by Megown T&M Inc. to be new equipment (the “Equipment”).

2. Defects or Discrepancies. Defects or discrepancies in or like objections to Equipment must be reported to Megown T&M Inc. in writing within five days after Customer receives the Equipment. Absence of an objection during such period shall constitute Customer’s acceptance of the Equipment as ordered and in good condition.

3. Five (5) Day Return Policy. Megown T&M Inc. offers a five (5) day right of return policy unless otherwise noted. If within five days the Equipment is found to be defective or does not meet the Customer's needs, the Equipment, upon receipt of authorization from Megown T&M Inc., may be returned to Megown T&M Inc. at Customer’s cost and risk. Upon receipt of the returned Equipment, Megown T&M Inc. may, at its sole discretion, provide a replacement unit to the Customer or provide a credit to the Customer's account in the amount of the purchase price of the Equipment.

4. Thirty (30) Day Cancellation Policy. Cancellations are accepted within thirty (30) days from the date of shipment (including the 5 day right of return) at the discretion of Megown T&M Inc.. If a cancellation is accepted by Megown T&M Inc. after the expiration of the 5 day right of return period, a restocking fee of 25% of the invoice price will apply for all returns. No cancellations will be accepted after 30 days. Any Equipment returned to Megown T&M Inc. shall be at the Customer’s sole cost and risk.

5. Warranty. Megown T&M Inc. warrants the Equipment sold against defects in material workmanship to Customer for a period of six (6) months for all sales to end-users and 120 days for all sales to re-sellers unless otherwise noted in writing. The warranty period commences at the date of shipment from the Megown T&M Inc. supplying location. If the Equipment, under normal use, is found to be defective within this period, Customer shall notify Megown T&M Inc. in writing detailing any and all defects and immediately ship the defective Equipment, at its expense and risk, to Megown T&M Inc.. Under no circumstances is the Customer authorized to break the warranty seals on the Equipment without prior approval of Megown T&M Inc.. Upon receipt of the defective Equipment, Megown T&M Inc. shall, at its sole option, repair the Equipment, supply a replacement, make a price adjustment or credit the Customer's account. In cases of shipping damage, the warranty does not apply, and Customer's responsibility shall be to contact the forwarder promptly and register a claim. Concealed damage should be reported at once and a claim made to the Customer’s forwarder in writing. The warranty shall not apply to repairs or damage resulting from use by non-qualified personnel, misuse, abuse, neglect, broken warranty seals or use of the Equipment for purposes other than that for which it was intended. In addition, the Warranty does not apply to the following items even if sold as part of the Equipment: monitors, screens, tubes, lasers, internal batteries, and software. The foregoing is the sole and exclusive warranty and remedy regarding Equipment purchased by Customer and is in lieu of all other warranties and remedies, whether written, oral, implied or statutory. ALL WARRANTIES OF MERCHANTIBILITY OR FITNESS FOR ANY PARTICULAR PURPOSE ARE SPECIFICALLY EXCLUDED AND DISCLAIMED. Megown T&M Inc. will not be liable for any loss or damage whatever by reason of its failure to discover, report, repair or modify latent defects inherent in the design of the Equipment. WARRANTY WILL BE VOID IF PAYMENTS ARE NOT RECEIVED BY Megown T&M Inc. PURSUANT TO SECTION 6 BELOW.

6. Payment Terms. Terms are C.O.D. from date of invoice unless otherwise stated. If credit terms (“terms”) are extended by Megown T&M Inc., payments are delinquent one day after the terms expire. Payments not received by Megown T&M Inc. by the tenth day after the terms expire are subject to an initial late payment fee of 1.5% of the invoice total and 1.5% for each additional thirty days after the terms expire, but not exceeding the maximum rate permitted by law. Megown T&M Inc. reserves the right to change the terms at any time when, if in Megown T&M Inc.'s sole discretion, Customer's financial condition or previous payment record so warrants. Any installment payment arrangement for the purchase of Equipment from Megown T&M Inc. by a Customer shall be subject to the execution of Megown T&M Inc.’s standard Installment Sale Agreement by Customer, which terms are incorporated by reference herein.

7. Software. Notwithstanding anything to the contrary, in no event shall these sales terms and conditions apply to any software. Software is available for use only under license by its owner and is not for sale.

8. Taxes. In addition to the price specified and shipping costs, the Customer is responsible for payment of the gross amount of any sales tax, use, excise, value-added or other similar tax applicable to the sale or delivery of the Equipment or its use by the Customer. In lieu thereof, the Customer has the responsibility to furnish Megown T&M Inc., in advance, with a valid tax exemption certificate acceptable to the taxing authorities. Megown T&M Inc. reserves the right to reject any exemption certificate furnished if, in Megown T&M Inc.’s sole discretion, such certificate does not comply with applicable requirements of the taxing authority.

9. Shipment; Risk of Loss. All quoted prices are F.O.B. the Megown T&M Inc. supplying location from which shipment is made. Delivery and shipment charges are payable by Customer. Equipment will not be sent and must not be returned by U.S. Mail. Megown T&M Inc. shall ship in accordance with Customer's shipping instructions. In the absence of specific instructions, or if Customer's instructions are deemed unsuitable, Megown T&M Inc. reserves the right to ship by the most appropriate method in Megown T&M Inc.’s sole discretion. Megown T&M Inc. shall not be liable for delays in delivery due to causes beyond its reasonable control including, but not limited to, acts of nature, acts of government, labor disputes, delays in transportation and delays in delivery or non-delivery by Megown T&M Inc.'s suppliers. Risk of loss of Equipment passes to the Customer at the time of delivery to a common carrier at the F.O.B. point and Customer releases Megown T&M Inc. from any liability for loss or damage caused during shipment.

10. Prices; Security Interest for Unpaid Balance. Megown T&M Inc. reserves the right to change prospectively the published prices, discounts, terms and product availability at any time without prior notice. Megown T&M Inc. shall retain, and Customer hereby grants Megown T&M Inc., a security interest in the Equipment until the purchase price, plus any interest incurred, is paid in full. Customer grants Megown T&M Inc. specific authority to execute financing statements and such other documents on behalf of Customer as Megown T&M Inc. may, in its sole discretion, deem necessary or desirable to perfect the security interest granted in this paragraph.

11. Default. If Customer defaults in its payment or other obligations hereunder or with respect to the Equipment, Customer agrees to reimburse Megown T&M Inc. for all costs and expense, including but not limited to legal fees whether or not formal legal action is instituted, incurred by Megown T&M Inc. in recovering the Equipment, recovering any money due, and enforcing its rights hereunder.

12. No Assignment by Customer. Customer may not assign or transfer any rights, duties or obligations hereunder without Megown T&M Inc.’s prior written consent, and any purported attempt to do so shall be null and void with respect to Megown T&M Inc.’s rights hereunder.

13. Government Procurement. No U.S. government procurement regulation shall be included hereunder or be binding on Megown T&M Inc. unless specifically agreed to in writing by Megown T&M Inc..

B. The following additional terms apply to the RENTAL of Equipment from Megown T&M Inc.:

1. Rental Terms. Any rental of Equipment from Megown T&M Inc. by a Customer shall be subject to the execution of Megown T&M Inc.’s standard Rental Agreement by Customer, which terms are incorporated by reference herein. Unless otherwise agreed to in writing by Megown T&M Inc., the minimum rental term shall be one (1) month and the minimum rental payment shall be $100. Customer’s rental obligation will begin to accrue from the date of shipment by Megown T&M Inc.. After the first month, the monthly rental payment shall be prorated on a daily basis and continue to accrue until the Equipment is returned to and received by Megown T&M Inc..

2. No Passage of Title; Security Interest. To the extent Equipment is rented by Customer, title in and to the Equipment shall remain in Megown T&M Inc. and shall not pass to Customer. Megown T&M Inc. shall retain, and Customer hereby grants Megown T&M Inc., a precautionary security interest in the Equipment, and Customer grants Megown T&M Inc. specific authority to execute financing statements and such other documents on behalf of Customer as Megown T&M Inc. may, in its sole discretion, deem necessary or desirable to perfect the security interest granted in this paragraph.

3. Use, Maintenance and Return. Customer may use the Equipment only for the purposes and in the manner intended by the manufacturer thereof. Customer shall be responsible to maintain the Equipment in good working order and condition, provided that Megown T&M Inc. agrees to repair or calibrate defective Equipment at Megown T&M Inc.'s facility. Customer shall obtain adequate insurance to cover the replacement cost of each item of Equipment and its use by Customer. Each item of Equipment shall be returned to Megown T&M Inc. at the end of the rental term, freight prepaid, properly packaged and in the same condition as delivered, ordinary wear and tear excepted, at Customer’s sole expense and risk. If Customer fails to so return any Equipment, Customer shall, upon demand, pay to Megown T&M Inc. the full replacement cost of such product or Megown T&M Inc.'s advertised sales price, whichever is greater.

4. Default. In the event Customer fails to perform the terms of the Lease Agreement, Megown T&M Inc. may declare default. Upon such declaration, Customer shall immediately return the Equipment to Megown T&M Inc. in accordance with Section 3 above. Such return shall not relieve Customer of its obligation to pay rental payments or any other amounts which accrued prior to such return.

5. No Purchase Options. Unless otherwise specifically quoted by Megown T&M Inc. in writing, Customer does not have the right to purchase or acquire title to the Equipment at the end of the rental term.
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