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  1. #1
    Join Date
    Aug 2007
    Posts
    2

    Default Sales Contract and Payment Default

    Hello, new member in Indiana, first post, appreciate your opinions.

    Briefly, four years ago a broker in another state sold a peice of equipment we manufacture to a company in another country. The buyer paid a 50% down payment to the broker and they paid us. The 'deal' the equipment was being purchased for fell through and we never received the balance of the purchase price and the machine never left our dock. We have received verbal offers for partial refund of down payment every six months or so from the broker (we never dealt directly with the end user). Due to the machine being very quickly dated, we have never given any money back, and still hold the machine. Given the machine can not be sold for new, is not of the lastest vintage, has been in storage at our warehouse for four years, we are wondering, with finance and storage taken into consideration, can we sell the machine to another party, part it out, etc. and keep the down payment? Would we then be in a position to sell the original customer the latest equipment should they inquire, and at what discount if any? What are our options legally? Any advice appreciated. Thanks

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    73,037

    Default Re: Sales Contract and Payment Default

    I haven't read your sales contracts. Have your company lawyer review them and advise you.

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