New Jersey Statutes 12A:2-310. Open time for payment or running of credit; authority to ship under reservation
Terms Used In New Jersey Statutes 12A:2-310
- Buyer: means a person who buys or contracts to buy goods. See New Jersey Statutes 12A:2-103
- Contract: A legal written agreement that becomes binding when signed.
- Seller: means a person who sells or contracts to sell goods. See New Jersey Statutes 12A:2-103
- Ship: includes vessels, steamers, canal boats and every boat or structure adapted to navigation or movement from place to place, upon the ocean, lakes, rivers or artificial waterways, either by its own power or otherwise. See New Jersey Statutes 1:1-2
(a) payment is due at the time and place at which the buyer is to receive the goods even though the place of shipment is the place of delivery; and
(b) if the seller is authorized to send the goods he may ship them under reservation, and may tender the documents of title, but the buyer may inspect the goods after their arrival before payment is due unless such inspection is inconsistent with the terms of the contract (12A:2-513); and
(c) if delivery is authorized and made by way of documents of title otherwise than by subsection (b) then payment is due regardless of where the goods are to be received: (i) at the time and place at which the buyer is to receive delivery of the tangible documents; or (ii) at the time the buyer is to receive delivery of the electronic documents and at the seller’s place of business or if none, the seller’s residence; and
(d) where the seller is required or authorized to ship the goods on credit the credit period runs from the time of shipment but post-dating the invoice or delaying its dispatch will correspondingly delay the starting of the credit period.
amended 2013, c.65, s.33.