Terms & Conditions of Business Credit
In consideration of Summit Electric Supply ("Summit") permitting the purchase of materials to the undersigned company or entity ("Applicant") agrees to the following terms and conditions:
- The person(s) signing this agreement warrants and represents that they have full authority to enter this credit agreement on behalf of the applicant. Applicant represents that all materials purchased from Summit will be used for commercial purposes only. The applicant understands that the submittal of this application does not constitute a credit account until approved by Summit.
- Applicant agrees to pay for all materials purchased from Summit by the due date according to the terms of the sale stated on each invoice. All accounts are due and payable at the remittance address shown on the Seller invoice. Any prompt payment discounts offered on invoices may be taken only if the invoice is paid not later than the 10th day of the month in which is due.
- As allowed by applicable law, Applicant agrees to pay interest on all past due amounts. Interest shall accrue at 1 1/2 % per month on the past due balance, but not to exceed the highest amount lawfully allowed by law in the state in which this application is executed. Acceptance of any payment from Applicant without the accrued interest included shall not be deemed to be a waiver of such accrued interest.
- Applicant and Guarantor agree to pay all costs of collection, including reasonable attorney's fees that Summit may incur in connection with any collection effort that they may undertake to collect any amounts owing Summit by the undersigned.
- No terms or conditions of purchase orders that are different from Summit terms of sale will become part of any contract unless approved in writing by Summit.
- Applicant authorizes Summit to obtain credit and financial information concerning the applicant at any time and from any source. As often as Summit may request, the undersigned will provide financial statements and such other financial information of the undersigned.
- The law of the state in which the Summit branch office with which you do business is located governs the terms and conditions of sale.
- Applicant and Guarantor(s) agree that venue of any legal action brought on this account will be in the county and state of the applicant's place of business or Summit's place of business, at the discretion of Summit. The Applicant and Guarantor(s) hereby waive their rights to a jury trial.
- This agreement may be terminated at will by Summit without notice or demand.
- In the event of any change in character of ownership of the applicant's business by incorporation, or otherwise, by addition of partners, or by change in ownership of the corporation, Applicant shall immediately notify Summit in writing at the address shown on the invoice, certified mail, return receipt requested. Summit will rely on the information provided on the credit application until so notified of the change.