If open account credit terms are approved, the terms of payment are:
Payment may be made without interest if received within 30 days from the date of invoice. Payment not received within 30 days from date of invoice shall bear interest equal to the maximum rate permitted by law (the interest rate here under to be adjusted as the maximum rate permitted by law changes).
If resorting to legal services is required in order to obtain payment, debtor agrees to pay reasonable attorney's fees and court costs, whether or not a lawsuit is filed.
It is mutually understood and agreed that this contract shall be governed by the laws of the state of California as to interpretation and performance.
Agreement
1.) Commercial Climate Supply is hereinafter referred to as the Company.
2.) As Principal of (hereinafter referred to as “Customer”). I promise and guarantee that all information provided on this application and agreement is true and complete and that if accepted by The Company, Customer agrees to be bound by all the terms and conditions stated herein. The Customer represents to The Company that this is a commercial account. The Customer authorizes The Company to investigate Customer’s credit history, either in connection with this application for credit or later in connection with an update, renewal, or extension of additional credit under this agreement and to furnish information concerning Customer’s accounts to consumer reporting agencies and others who in The Company’s discretion may properly receive such information.
3.) Credit is to be extended at the sole discretion of The Company and upon such terms and conditions as The Company determines. Credit limitations set by The Company shall be for the protection of The Company and shall not be construed to be a limitation on the customer’s or any guarantor’s liability to The Company. The Company’s delay or failure to enforce any such right or of any other right shall not be deemed a waiver or any part of this agreement.
4.) The Customer agrees to pay for all purchases made on its behalf according to The Company’s normal terms of sale, which are net 30 days., and to pay interest at the rate of 1.5% per month on any amounts that might become past due of these terms The Company may at any time with or with out notice refuse to permit further credit purchases.
5.) The Customer is obligated for all purchases made in the name of the company even if there is a change in the form of business or sale of the business to a third party.
6.) Customer warrants and represents to The Company that the Customer is solvent and further agrees that such warranty and representation shall be continuing and shall be deemed to made by Customer at the time of every purchase under this account.
7.) The Company may send statements and any notices to Customer at the address shown on this application. Notice to customer is given upon mailing.
8.) Customer agrees to supplement all information provided herein as the changes occur.
9.) If the Customer’s account is referred for collection, the Customer shall pay all collection costs and attorney’s fees and costs.
10.) The undersigned is fully authorized to bind customer to this agreement and customer agrees to be bound by all the terms and conditions stated herein.
11.) All moneys received by the Company shall be applied to the outstanding obligation at The Company’s discretion.
If The Company in the collection of any obligation has incurred attorney’s frees and costs; all moneys received shall be first applied to those attorney’s fees and costs.