Terms and Conditions


CREDIT AGREEMENT - TERMS AND CONDITIONS

(Mandatory for all new accounts)

 

1.       Broad Bay Cotton Company™, “Broad Bay Cotton™”, and the applicant, "Customer", agree to enter into a business relationship whereby Customer desires to purchase goods and services from Broad Bay Cotton™  and Customer agrees in consideration thereof to be bound by the terms and conditions stated in this agreement.

2.       Broad Bay Cotton™ will extend credit to Customer based upon the information provided in this application. Customer authorizes “Broad Bay Cotton™” to check the applicant's credit background.  Customer agrees to pay any and all invoices, charges, and costs which Customer or authorized buyer (working on behalf of customer) incurs on Customer’s account with Broad Bay Cotton™.

3.       Customer agrees to notify Broad Bay Cotton™ in writing of any error found in any invoice within (25) days after the date of that invoice.  Failure to notify Broad Bay Cotton™ obligates Customer to pay all charges for the goods as rendered as specified on the invoice.  Customer shall pay all sums owing to Broad Bay Cotton™ in accordance with the terms and conditions on Broad Bay Cotton’s™ invoices.  In the absence of specified terms and conditions, terms shall be Net 30 days. All sums past due shall bear interest charges of 1.8% per month. All returned checks will have a $20 charge added to your account and terms will be changed to pre-pay or COD (cash or money order) only. Invoices 30 days past due may result in terms changed to pre-pay or COD (cash or money order) only.

4.       If payments are not received by Broad Bay Cotton™ within the terms granted to Customer’s account, Customer shall pay for all expenses incurred by Broad Bay Cotton™ in connection with attempts made to obtain payment, including fees charged by a collection agency or attorney.  If Broad Bay Cotton™  refers this agreement to an attorney for enforcement, including collection of amounts which are past due, Customer agrees to pay Broad Bay Cotton™  actual attorney's fees and costs incurred thereby, whether or not formal proceedings are brought to remedy Customer's breach of this agreement.

5.       Customer agrees that any financial documents provided to Broad Bay Cotton™ are true and correct and will be provided to Broad Bay Cotton™ upon request. Customer represents to Broad Bay Cotton™   that it is solvent as of the date of this agreement and that any financial statement attached accurately reflects the present financial condition of customer in accordance with generally accepted accounting principles as of the date noted.

In Consideration of Broad Bay Cotton Company™ continuing or granting credit to the applicant (I, we, they) agree to the following: (1) to pay all collection costs including attorney’s fees of 33- 1/3% of the delinquent balance owed; (2) that this agreement and the account established by this agreement shall be construed and enforced according to the laws of Virginia; that any action in regard hereto or arising out of the terms or conditions of this agreement and the account established by this agreement shall be instituted and litigated in the General District Court or the Circuit Court of the City of Virginia Beach of the State of Virginia and in no other; and in accordance herewith, the applicant submits to the jurisdiction of the courts of the State of Virginia and appoints the Secretary of the Commonwealth of Virginia as agent for service of process

Upon Broad Bay Cotton Company™ acceptance, this agreement embodies the entire agreement of the parties. No promise, representation of agreement made prior to or subsequent to the execution and delivery hereof, by either hereof, and no revocation, partial or otherwise, or change amendment, addition, alteration or modification shall be valid unless the same be in writing signed by all the parties hereto, or by their duly authorized agents.

 

THE UNDERSIGNED CERTIFIES THAT THE INFORMATION FURNISHED IN THE APPLICATION IS TRUE AND CORRECT, AND THAT THE UNDERSIGNED HAS READ AND AGREES TO ALL TERMS AND CONDITIONS OF THIS AGREEMENT NOTED ON THE FRONT AND REVERSE PAGES OF THE APPLICATION.


 

Date:                             Company Name:                                                                                  

 

Signature:                                                         Title:                                                                


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