It sounds like an open hot lead. Since the controller is powered up ok, that means you have 120VAC on TB1 ok. Check to see that you have a jumper from TB1 "120" to TB2 "C" and check with a meter or test light to make sure you have 120 volts on TB2 "C". If you do, then you should also have it on TB2 "NO" when it's calling for cooling. If it's good there, then you must have a bad connection / open between there and the receptacle that you're plugging the load into. If you have 120VAC on TB2 "C" and not on "NO" when calling for cooling and you have it jumpered correctly for cooling cut-out at setpoint, then you may have a defective unit.
Sometimes the wire can look like it's into the terminal block and the screw is down and it's making good contact but it isn't, so double check that. I've installed a dozen or more of these (NOT the pre-wired versions) & never had one yet that didn't work out of the box...
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