Terms and Conditions

(edited 01/2008)

1. Applicability

These General Terms and Conditions are valid for all contracts – including future ones – with companies and legal persons according to general law and public law relating to special assets concerning supplies and other services, including contracts for work, consulting contracts, paid labor contracts, and the supply of acceptable and nonacceptable goods. The purchasing conditions of the buyer shall in no case apply. In cases of doubt the German version of our General Terms and Conditions is determinate.

2. Offers

Our offers are not binding. Our catalogue and our price list are part of our offer. Illustrations, dimensions and indications of weight are approximate. We reserve the right to modify models and styles without separate notice. Ownership rights and copyrights are reserved on all cost estimates, drafts, drawings and other documentation. These may only be made available to third parties with our consent and are to be returned to us on our request and in case no order is placed.

3. Custom-made Products

Order quantities of custom-made products may exceed or fall short by 10%. Any technical or construction characteristics which were not explicitly ordered or defined, may be determined by us according to the appropriate technical needs. This applies also to mass-product articles which are specially marked according to buyer’s requirements.

4. Prices / Order Quantities

Unless something else has been agreed upon, our price list, valid when the contract is concluded, is determinate. All prices are ex works, excluding packaging, if not otherwise agreed. Our quotations are not binding, Value Added Tax will be added to the price at the current legal level. We may choose the mode of transport at our own discretion. We reserve the right to change the ordered numbers of items into packing units.

5. Delivery Times

Statements to delivery or fulfillment times are approximate. Delivery or fulfillment dates (delivery times) begin with the date of our order confirmation and are valid only under the requirement of timely clarification of all details of the order and the timely fulfillment of all commitments of the buyer as e.g. the presentation of all official certificates or presentation of letters of credit. Our obligation to supply is subject to the proviso of correct and timely supplying to us unless we are to blame for the incorrect or delayed supplying. Delivery times have been met when the goods have left our plant by that time or have been reported as ready for delivery. Partial shipments are admissible. Sec. 10 applies to any liability due to delayed shipment.

6. Transfer of Risk

In all transactions, including freight prepaid and freight-free deliveries, the risk of loss or damage to the goods shall pass to the Buyer at the time where we hand them over to the forwarding agent or to the carrier, at the latest with their departure from our warehouse.

7. Payment

Payment and discount periods shall begin with the invoice date, otherwise payments are due immediately without discount. Payment has to be effected that we can dispose of the sum on the due date. If the agreed credit period has been exceeded, we may charge interest payable on the arrears at the rate of 8 percentage points above the ECB’s base rate. Bills of exchange are accepted only upon special agreement, provided they are discountable. The buyer bears any costs for discount or collection. A right of retention and a possibility of offset are available to the buyer only insofar as his counterclaims are uncontested or are legally binding. If, after conclusion of the contract, buyer becomes in payment arrears with a not inconsiderable amount or if there are other occurrences which point to a considerable deterioration in the payment ability or buyer’s willingness to pay, we may withhold any deliveries until payment or sufficient security has been effected. We may also make all claims payable which are not yet due according to our current relationship with the buyer.

8. Retention of Title / Intellectual Property

All goods delivered to the Buyer shall remain our property (Reserved Property) until all of the Buyer’s accounts resulting from the business relationship with him, in particular any account balances have been settled. This condition shall apply to any future as well as any conditional claims including accepted notes and such cases where the Buyer will affect payments on specifically designated claims. With regard to processing or manufacturing of the Reserved Property, we shall be deemed to be manufacturer within the meaning of § 950 BGB (German Civil Code) without committing us in any way. When the reserved goods are processed, combined with and mixed with other goods by the buyer we retain a joint ownership proportionally on the new goods in relationship of the invoice value of the reserved goods and the buyer keeps them for us free of charge. The buyer may only sell the goods in normal business. Claims resulting from the further sale of the reserved goods will already be ceded to us at this time together with all securities which the buyer has obtained for his claims. The right to collect claims resulting from resale expires in the case of our retraction, at the latest by payment arrears. Taking back the Reserved Property shall not be regarded as withdrawal from the contract. Buyer shall not obtain or file any intellectual property rights with respect to the delivered goods. Buyer shall treat any information and fact with respect to the delivered goods as a trade secret which shall be kept secret until this information or these facts became verifiably otherwise state-of-theart, further, Buyer herewith waives any objection of prior publication.

9. Defects

All Rennsteig products are subject to a careful quality control. Defects must be reported immediately in writing, at the latest seven days after delivery. Defects which cannot be discovered within this time in spite of the most careful inspection are to be reported in writing as soon as possible, at the latest within seven days after discovery. We may, upon our discretion, remedy the defect or deliver non-defective goods. In case of transport damages also the person in charge of the transport must be informed. In case of shortfall quantities ages, buyer has to determine the gross and net weight and has to send us copies of the delivery bill and the transport documents, otherwise his complaint can not be processed. These provisions apply accordingly to defects of title, whereas defects of title are only existent insofar as third parties may assert rights in relation to the delivered goods against the buyer in Germany.

10. Liability

We can be held responsible for violation of contractual and non-contractual obligations or requirements – also for our senior staff and other involved persons – only in the case of intent and gross negligence, limited to the foreseeable typical contractual damages at the time the contract was concluded; incidentally, our liability is also excluded for damages due to defects or their consequential damages. These limits do not apply to a culpable violation of essential contractual requirements, insofar as the attainment of the contractual purpose is in danger, by culpably caused damage to life, body and health and also not when and insofar as we have taken over the guarantee for the quality of the goods delivered, as well as in cases of inescapable liability according to the product liability law. If our delivery or any other performance is delayed by our fault, Buyer may, in accordance with this clause 10, request performance and compensation for any damages incurred due to the delay, however, in cases of minor negligence this claim does not exceed 10% of the agreed price for the delayed delivery or performance. Buyer’s right to withdraw from the contract after having set us a reasonable period of grace and to claim damages in accordance with this clause 10 instead of performance. Buyer’s claims in connection with defective goods become time-barred within one year after their delivery.

11. Returned Goods

Apart from our liability for defects, Buyer shall be credited for returned goods only if and insofar as we have previously agreed to such return in writing. Returned goods shall be credited with 80% of their original price, provided they are resalable and in their original packaging. Otherwise, costs for reconditioning and packaging shall be charged additionally. Any credit will be charged against new deliveries to Buyer only. For security reasons, isolated tools can not be returned.

12. Place of Fulfilment and Jurisdiction

Place of Fulfilment, including buyer’s obligations, and place of jurisdiction is Steinbach-Hallenberg/Thüringen. German law applies with the exception of the UN Convention on Contracts for the International Sale of Goods (CISG).

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