(Download) "Automated Energy Systems v. Fibers" by Court of Appeals of Georgia * eBook PDF Kindle ePub Free
eBook details
- Title: Automated Energy Systems v. Fibers
- Author : Court of Appeals of Georgia
- Release Date : January 03, 1982
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
On January 17, 1980, plaintiff-appellee placed an order with defendant-appellant for the purchase of an eight position spinning system. Initially, the purchase price of $180,000 was to be paid under the following schedule: 10% down; 20% within 10 days of notification that the equipment was ready for testing; and, the remaining 70%, 30 days after start up. Appellee made the initial 10% down payment. In May of 1980, however, appellee advised appellant that, due to delayed deliveries of other essential equipment, appellee needed to change the delivery date of the spinning system from August, 1980 to the end of October or early November, 1980. Appellant agreed to delay delivery, but insisted on changing the payment schedule. Negotiations continued until December 22, 1980, when the parties signed a new agreement. The new agreement required an additional 20% of the purchase price to be paid on or before January 15, 1981, 35% to be paid within 45 days of delivery, which was to be made in early February, and 35% to be paid within 90 days of delivery. Appellee made the 20% additional payment within the agreed time, for a total advance payment of $54,000. In late January or early February, 1981, before delivery of the equipment, appellant's officers visited appellee's premises and requested that appellee sign financing statements which would give appellant a lien on the spinning system. Appellant did not offer any explanation to appellee for its request in this regard, nor was there any contractual agreement between the parties requiring appellee to sign the financing statements. The apparent reason underlying appellant's request was that it had been urged by its bank to obtain the financing statements.
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