LATE PAYMENT CHANGES: Final payment is due upon Ring and Ping Inc notification to Owner of substantial completion of their work. All payments not received by Ring and Ping Inc from the Buyer within five (5) days of completion are subject to a late charge of one and one half percent (1 ½ %) per month on the amounts past due.
SERVICE CALLS SUBSEQUENT TO COMPLETION: These parties agree that any work required by Ring and Ping Inc, after having substantially performed their obligations under this contract, shall be billed (and paid) on a Time and Material basis, at the labor rate then prevailing at Ring and Ping Communication and at material reimbursement rate deemed reasonable by Ring and Ping Inc. Final payment for any service call work due upon Ring and Ping Inc notifications to Owner of the substantial completion of the service call work. All payments not received by Ring and Ping Inc from the Buyer with five (5) days of completion of the service call work, are subject to a late charge of one and one half (1 ½%) per month on the amounts past due.
ARBITRATION: The parties agree to submit any controversy arising out of the performance of this contract or regarding the interpretation of this contract to binding arbitration in accordance with the Commercial Arbitration Rules of the America Arbitration Association that are in affect at the time of the arbitration. If any party refuses or neglects to appear at or to participate in arbitration proceedings, the arbitrators are empowered to decide the controversy in accordance with whatever evidence in presented by the party or parties who do participate, and are authorized to award any party or parties such sums as they consider proper for the time, expense, and trouble of arbitration, including arbitration fees and attorneys fees. This agreement to arbitrate shall be specifically enforced under the prevailing arbitration law. The award rendered by the arbitrators shall be final, and judgment may be entered upon it in any court having jurisdiction thereof. All arbitration proceedings shall be held in Orange County.
LEGAL FEELS: If either party becomes involved in arbitration or litigation arising out of this contract or the performance of it, the court or tribunal in such arbitration. Litigation, or in a separate suit, may award reasonable costs and expenses of arbitration or litigation, including expert witnesses fees and attorneys fees, to the party justly entitled to them. The parties agree that the party who recovers arbitration or litigation expenses shall recover the full amount of such expenses and fees reasonably incurred.
REPOSSESSION OF MATERIALS: Title to all materials incorporated in the project shall be and remain with Ring and Ping Communications until Buyer has made all payments required under this contract. In the event of Buyer’s failure to make such payments , Ring and Ping Communications shall be entitled to retake possession of such materials, whether incorporated in the job by Ring and Ping Inc or their subcontractors, and regardless of any damaged such repossession might entail to the structure or the Buyer’s property.