Cancellation Fees 

Definitions

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​“Equipment” means, and includes without limitation, any and all electrical, mechanical, computing, or related apparatus, components, or systems supplied by the Seller, whether new, used, refurbished, or reconditioned. Without limiting the generality of the foregoing, “Equipment” includes, but is not limited to, transformers of any type (including power transformers, distribution transformers, substation transformers, isolation transformers, autotransformers, and instrument transformers), switchgear, backup power generation systems, modular data centers, application-specific integrated circuit (ASIC) miners, and any accessories, controls, housings, enclosures, or ancillary devices associated therewith.

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“Order Placed” means the date on which the Buyer has submitted a purchase order, sales agreement, or other written confirmation of purchase to the Seller, and such order has been accepted in writing by the Seller, whether by formal acknowledgment, execution of the agreement, or commencement of fulfillment activities. For clarity, no order shall be deemed placed until the Seller has received all necessary specifications, documentation, and, where applicable, the required deposit or other agreed consideration.

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“Drawings Approved” means the date on which the Buyer has reviewed and provided confirmation of acceptance, without material exception, of the Seller’s technical drawings, schematics, or other design documentation required for the manufacture, assembly, or delivery of the Equipment. Such approval shall constitute the Buyer’s confirmation that the design is accepted as final and that the Seller is authorized to proceed with manufacturing, procurement, or assembly. Approval may be granted by physical signature, verbally, electronic signature, or written correspondence.

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“Materials Ordered” means the date on which the Seller has committed to procure raw materials, components, or subassemblies required for the manufacture, assembly, or delivery of the Equipment, in reliance upon the Buyer’s Order Placed and, where applicable, Drawings Approved. 

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“Production Started” means the date on which the Seller has commenced any physical or operational activities related to the manufacture, assembly, or fabrication of the Equipment, including but not limited to preliminary setup, material handling, processing, or other actions reasonably associated with beginning production.

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“Production Completed” means the date on which the Seller has concluded all manufacturing, assembly, and fabrication processes for the Equipment, including any final inspections, testing, or quality control activities, or has taken all necessary steps to prepare the Equipment for pickup, shipment, or transfer to the Buyer or its designated representative.

Schedule of Cancellation Fees