Intimation
of withdrawal and auction
If the Depositor fails to withdraw
the merchandise at the end of the term specified in the agreement, or
fails to pay the expenses related to storage and warehousing services,
TCZFM shall have the right to request by telegram that the Depositor
vacates the assigned area within thirty days.
If the Depositor
should not vacate the facilities within said deadline, according to what
is established in the Law 15921, TCZFM shall be entitled to auction the
merchandise, with a designated auctioneer-administrator. The price
obtained from the auction shall be used to pay the debt, damages, and
the resulting expenses of the auction. The resultant amount, once
deducted owed expenses and auction charges, shall be delivered to the
Depositor within thirty days from the date of the
auction.
Delays and interests
The
Depositor's default is established as a matter of law, without any need
for any judicial or non-judicial claim, just by exceeding the terms
agreed in these terms for the performance of the corresponding
obligations.
In case the Depositor incurs in delay to
accomplish his obligations, he will be charged:
i. A fine equivalent to a
10% of the amount due, and ii. a 12% annual interest plus
the Libor rate (360 days) of the date the delay starts. Interests will
be applied from the date the delay starts to the date the debt is
paid.
Without detriment of said charges,
and should the Depositor's delay exceed 45 days, TCZFM shall
automatically suspend agreed services. In no event TCZFM shall be liable
for any damages caused to the Depositor by this service
suspension.
TCZFM will consider automatically rescinded this
agreement, and shall initiate legal actions tending to collect what is
owed, notifying the Depositor by telegram with three working days in
advance.
Fine
Should any party
fails to comply with the obligations settled in this agreement, and in
case no other specific sanctions were stipulated, it shall be
responsible to pay the other party a daily fine equivalent to 0,5% (half
percent) of the value of the merchandise stored, until discrepancies
are solved to satisfaction of both
parties.
Legislation and
jurisdiction
This Agreement shall be governed by and construed
under the laws of the Republica Oriental del Uruguay, and all disputes
arising from or under this agreement shall be subject to the exclusive
jurisdiction of the Uruguayan
courts.
Address
Depositor shall
formally communicate to TCZFM his address for all purposes related to
this agreement, once any merchandise is shipped to any of TCZFM's
facilities.
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