Business Account Agreement
ACCOUNT: While we, Seller, have offered to sell various goods and services to you, Buyer, you have chosen to establish a business charge account (“Account”) for your business use and to purchase such products and services under the terms of this Agreement. Your account shall be used only for the purchase of products and services primarily for your business use. Any person signing the Business Account Application on behalf of Buyer hereby acknowledges that such person is duly authorized to do so and to bind Buyer to this Agreement.
CREDIT LINE: You agree that we may establish a credit line for your convenience and that the aggregate amount of your credit purchases at any one time will not exceed your credit line. You will be advised of your credit line when your Account is approved. You agree that we may change your credit line from time to time based on our evaluation of changes in your credit capacity and your performance under this Agreement.
LATE FEE: All balances that exceed twenty-one (21) days are subject to a late fee. When there is a balance subject to a late fee on our Account, the late fee will be computed by applying a periodic rate of 1.5% per month (ANNUAL PERCENTAGE RATE: 18%) to the balance subject to a late fee.
PAYMENT TERMS: Charges are due and payable upon receipt of the invoice. Delinquent accounts will be subject to payment of the late fee described above and to suspension or termination of credit privileges without notice. A $50.00 charge will be assessed to your Account for each check returned due to insufficient funds. More than two (2) returned checks in a calendar year will be cause to terminate credit privileges without notice and we may demand that the entire unpaid balance be paid immediately by cash, cashier’s check, credit card (including credit card processing fee), or ACH withdrawal.
APPLICATIONS OF PAYMENTS: Payments shall be applied first to any unpaid fee(s) and then to the unpaid balance of each item of products and services in the order of their purchase.
DEFAULT: If you do not pay any payment when due, or if you breach any other item of the Agreement, we may demand that the entire unpaid balance be paid immediately with the credit card on file (including credit card processing fee) or ACH withdrawal, and, if not paid, start a lawsuit for collection of the balance, subject to any notice of default and any right to cure required by law. You agree to pay reasonable attorney fees and courtcosts as permitted by law if your Account is referred for collection to any attorney who is not our salaried
employee. We also reserve our rights and remedies pertaining to repossession and resale of any possessed
merchandise and equipment as provided under applicable laws, including the Uniform Commercial Code.
PREPAYMENT: You have the right to pay at any time your entire account balance in full.
CHANGE IN TERMS: You agree that we change the existing rates, charges and other items of the Agreement, as
well as introduce new terms and fees (such as delinquency charges and supplemental processing or service
fees) when permitted under applicable law, provided you are given proper written notice. Any such
amendments will apply to the then existing balance of your Account, to the extent permitted or required by
applicable law.
CREDIT CAPACITY: You give us the right to investigate your business credit capacity and credit history. You agree
that the outstanding balance of your Account will not at any time exceed your credit limit. We are authorized to
furnish information about your Account and yourself to credit reporting agencies and others who may lawfully
receive such information.
CONTACT PERSON: The Contact Person listed on the Business Account Application attached hereto is authorized
to provide us with information necessary to establish initially your Account records. We are also authorized to send
to the Contact Person’s attention all Account information. In addition, the Contact Person is the individual
designated by you to provide all information which we may reasonably request relating to your business. Unless
you report any error in the Account information with five (5) days of your receipt thereof, we shall be entitled to
rely on such information for processing your Account. You will provide us with advance written notice of any
change in the Contact Person.
CANCELLATION: We and you have the right to cancel this Agreement as it relates to future purchases. You, of
course, remain obligated to pay for all purchases made prior to such cancellation.
PARTIES TO THE AGREEMENT: This is an agreement between the Seller and the Buyer identified above and no other
entity shall be deemed a party to this agreement of a third-party beneficiary hereo