visakhapatnam steel plant materials management ... - Vizag Steel

5.2 RISK PURCHASEThe PURCHASER reserves the right to take Risk Purchase action at the costand risk of the SELLER, in case he fails to deliver the materials in the specifiedschedule and the differential cost shall be recovered. The cancellation of theAcceptance to Tender as stated in para 10 herein above may be either forwhole or part of the Acceptance to Tender at PURCHASER's option. In theevent of the PURCHASER terminating the Acceptance to Tender in whole orin part, he may procure, on such terms and in such manner as he deemsappropriate, supplies similar to those so terminated and the SELLER shallbe liable to the PURCHASER for any excess costs for such similar supplies.However, in case of part termination of Acceptance to Tender by thePURCHASER, the SELLER shall continue the performance of the Acceptanceto Tender to the extent it is not terminated under the provisions of this Clause.6.0 RECOVERY OF SUMS DUE:6.1 Whenever under this Acceptance to Tender any sum of money is recoverablefrom and payable by the SELLER, the PURCHASER shall be entitled todeduct such sum from any amount then found payable to the SELLER by thePURCHASER or which at any time thereafter may be found to be payable tothe SELLER by the PURCHASER under this or any other Acceptance toTender with the PURCHASER. Should this sum be not sufficient to cover thefull amount recoverable, the SELLER shall pay to the PURCHASER on demandthe remaining balance amount. This action shall be without prejudice to theright of the PURCHASER to take legal action against the SELLER for thebreach of the Acceptance to Tender.7.0 RESPONSIBILITY:7.1 The PURCHASER on the one hand and the SELLER on the other hand shallbe responsible for the performance of all their respective obligations underthis Acceptance to Tender.8.0 TRANSFER AND SUB-LETTING:8.1 The SELLER shall not sublet, transfer, assign or otherwise part with theAcceptance to Tender or any part thereof, either directly or indirectly,without the prior written permission of the PURCHASER.9.0 COMPLETENESS OF THE AGREEMENT AND MODIFICATION:9.1 This Acceptance to Tender cancels all previous negotiations between theparties hereto. There are no understandings or agreement between thePURCHASER and the SELLER which are not fully expressed herein and nostatement or agreement, oral or written, made prior to or at the signinghereof shall affect or modify the terms hereof or otherwise be binding onthe parties hereto. No change in respect of the terms covered by thisAcceptance to Tender shall be valid unless the same is agreed to in writingby the parties hereto specifically stating the same as an amendment tothis Acceptance to Tender.32