Question
The Agreement is entered into on September 2, 2021, by and between WoodSource Inc. (the Seller) and Local Builder Inc. (the Buyer), collectively, the Parties.
The Agreement is entered into on September 2, 2021, by and between WoodSource Inc. (the Seller) and Local Builder Inc. (the Buyer), collectively, the Parties. The Parties agree to the following:
1. Sale of Goods Seller shall make available for sale and Buyer shall purchase: - 100 bundles of 2 in. 4 in. 92-5/8 in. prime whitewood lumber
2. Delivery Seller shall deliver the Goods to Buyer on an as-needed basis over the next 12 months.
3. Purchase Price and Payment Seller agrees to sell the Goods to Buyer for - Prime whitewood lumber: $32,340 ($323.40 per bundle), payment due on delivery.
4. This agreement may be terminated without a cancellation fee if 50% of the goods have already been purchased. If not, a cancellation fee of $6,000 is payable. at the time the contract was signed with woodsource inc, our intention was to sell prime wood lumber for $425. during the fourth quarter of 2021 the market price of lumber fell. as a september 25 2021 our sale price for prime Wehitewood was $225. We have purchased and sold 20 bundles of prime wood.
ANSWER PLEASE
IS IT ONEROUS CONTARACT AND WHAT AMOUNT TO BE RECORDED AS A PROVISION IN 2021? THIS IS A FULL INFORMATION ABOUT THE QUESTION
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