This credit agreement should be complete and signed by the individual, sole proprietor or partners/agents of the submitting company to enhance the timeliness of
credit decisions. Signatures attest to the financial obligation to pay our invoices in accordance with our credit terms and conditions.The Credit Applicant(s)
understand(s) and agree(s) to the following terms and conditions.
1) Terms of sale on approved accounts are as set under Payment and Credit Terms on page 2 of this application.
2) A cash deposit or credit card authorization may be requested on incoming work if credit terms are not approved. When a credit card is given as security for
obtaining a line of credit with Spence/Banks Inc., customer agrees that the credit card will be used in the event that the account becomes overdue.
A courtesy call will be made to the client informing them that Spence/Banks Inc. will be charging all past due balances to the credit card.
3) In the event that any legal action is required to collect on this account, Supplier will determine venue for such legal matters.
4) The Purchaser agrees that they have 7 days from receipt of invoice to dispute any charge(s) noted within that invoice statement.
5) Interest will be charged on all past due accounts at the rate of 1.5% per month/18% per year.
6) Any account payments or unapplied cash/credit notes will first be used to offset interest on the account and then will be applied to the oldest invoice(s).
7) If there is any change in the ownership of Purchaser or if substantially all of the assets of Purchaser are sold, Purchaser shall promptly notify Supplier of such
sale and Supplier shall have a lien on all the assets of Purchaser and a lien on the proceeds of such sale to secure payment of all outstanding sums
owing to Supplier.
8) Failure to comply with these terms and conditions will result in cancellation of credit privileges without further notice.
9) Spence/Banks Inc reserves the right to refuse the sale of products and services at any time.
10) In the event of any breach of any of the terms of this agreement or any other agreement between Purchaser and Supplier, including but expressly not limited
to the failure to pay sums owing to Supplier when due, then in addition to any other sums due or payable to Supplier by Purchaser, Purchaser agrees
to pay the reasonable attorney fees and costs incurred by Supplier in the enforcement of Supplier’s rights even though no suit or action is filed and if
suit or action is filed to enforce the rights of Supplier then such further sum as the court may adjudge reasonable as attorney fees at trial or on
appeal of such suit or action in addition to all other sums provided by law. The exclusive jurisdiction for any dispute under this agreement shall be
Vigo County, State of Indiana.
11) All terms and conditions of this Agreement and Guaranty are intended to cover Purchaser’s account as well as all of Purchaser’s other branch or regional
accounts, whether set up now or in the future.
12) A $35.00 handling fee will be charged for all checks returned from the bank for any reason. This charge will be noted on your next statement following the
returned check. If two or more checks are returned within a one-year period your account may be cancelled.
13) Applicant understands and agrees to Spence/Banks Inc.’s applicable standard terms and conditions as attached.
The information given in this application/agreement is warranted to be true and correct and given for the purpose of obtaining credit from Spence/Banks, Inc.
THE APPLICANT CONSENTS TO THE OBTAINING OF CREDIT AND/OR PERSONAL INFORMATION AS MAY BE REQUIRED IN CONNECTION
WITH THE CREDIT LINE WHICH MAY BE EXTENDED BY SPENCE/BANKS INC. AND ANY RENEWAL OR EXTENSION THEREOF. APPLICANT
FURTHER AGREES TO THE DISCLOSURE OF ANY TRADE INFORMATION CONCERNING THE APPLICANT TO ANY CREDIT REPORTING
AGENCY OR TO ANY PERSON WITH WHOM THE APPLICANT HAS OR PROPOSES TO HAVE FINANCIAL RELATIONS.
SPENCE/BANKS INC.’S TERMS AND CONDITIONS WILL SUPERSEDE ANY AND ALL OTHER CONTRACTS AND/OR DOCUMENTS UNLESS
EXPRESSLY AGREED TO IN WRITING BY ALL PARTIES TO THIS CONTRACT.
WE, SEPARATELY OR SEVERALLY, CORPORATELY OR INDIVIDUALLY, AGREE TO THE TERMS AND CONDITIONS AS SET FORTH BY
THIS AGREEMENT.