Standard Credit Agreement Terms

STANDARD CREDIT AGREEMENT TERMS

1. Scope of Agreement. This Agreement establishes the general terms upon which GREGORY POOLE EQUIPMENT COMPANY, hereinafter referred to as  GPEC, may extend credit to Customer. Applicant agrees to the following rights and responsibilities if credit is extended:
2. Credit Terms. Applicant agrees to pay for goods, services, rentals, and other items charged to its credit account. GPEC does not offer Credit Terms on Machine  Sale invoices. Payment is late if not received by GPEC at its Raleigh, NC office within thirty (30) days of invoice date on all invoices for goods, services, rentals, and parts. If no invoice is received, Applicant agrees to pay upon receipt of monthly statement or within thirty (30) days of delivery of goods or services,  whichever occurs first. In the event a credit account is not approved, or credit terms have been rescinded, all goods and services must be paid for at the time of  delivery or order. Invoices unpaid thirty (30) days after billing will be assessed a monthly finance charge of one and one-half percent (11/2%) per month, or the maximum rate allowed by the laws of the state in which the transaction occurs. If it becomes necessary to refer this matter to an outside attorney or outside agency  for collection, Applicant agrees to pay GPEC reasonable attorney’s fees and costs of collection. Applicant is required to advise GPEC, in writing, of any disputed  invoices or statements within ten (10) days of the receipt of the same. Failure to notify GPEC in writing of any dispute within such time shall constitute an  absolute waiver of all such disputes by Applicant. Applicant agrees to be bound by electronic communications relating to transactions with GPEC.
3. Right of Offset. Applicant recognizes that it may from time to time be owed money by GPEC due to transactions between Applicant and GPEC which GPEC shall have the right to withhold any such amounts from the Applicant in connection with any contracts or transactions to offset the same against any such sums  owed by Applicant to GPEC in such amounts as may be deemed by GPEC to be reasonably necessary to cover such indebtedness of the Applicant. So long as the  right of withhold and offset is carried out in good faith, the Applicant waives any claims against GPEC for any consequential damages coming from such withhold and offset even if it is later determined that the withhold and offset was improper.
4. Modification. The Applicant acknowledges that neither GPEC nor any of its agents have made any representations or warranties that are not expressly contained  herein. No usage of trade or course of prior dealing between the parties shall be relevant or admissible to supplement, explain or vary any of the terms set forth herein. The failure of either party to enforce any of its rights hereunder shall not constitute a waiver of such rights or of any other rights hereunder. This  Agreement may only be modified in writing and signed by both parties.
5. Remedy Limitations. The Applicant’s exclusive remedy for breach of this contract, negligence, breach of warranty or any defects of any nature in goods sold  hereunder shall be repair or replacement of defective goods at GPEC’s expense. In no event shall GPEC be liable for any incidental or consequential damages,  including loss of profits, and the Applicant hereby waives its right to recover incidental or consequential damages from GPEC.
6. Security Interest. Applicant hereby grants to GPEC a security interest in all goods, equipment, or parts sold on open account pursuant to this Standard Credit  Agreement or otherwise by GPEC, and GPEC may require execution of Uniform Commercial Code Financing Statements by Customer to perfect and extend  perfection of such security interest. Applicant also grants Power of Attorney to GPEC which shall be effective as long as any amount is unpaid under this  Agreement, and which gives GPEC the right to sign on behalf of customer on any financing statements GPEC may wish to file.
7. Rental Agreement. If Applicant rents equipment from GPEC, all terms and conditions applicable to the rental of equipment are incorporated herein as if set out in  full. See GPEC’s website for additional information.
8. Fire, Theft, Vandalism Waiver for Rentals. If Applicant fails to initial the Yes or No box on a rental agreement will be deemed to have accepted FTV and agreed not to expose the rental equipment to any hazardous materials. Acceptance of FTV shall not affect responsibilities of Applicant under the “Repairs” paragraph of the rental agreement, including the obligation to perform periodic maintenance. 
9. Title/True Lease. As set out in the rental agreement, GPEC’s rental agreement operates as a true lease such that at all times title to rented equipment shall be and  remains with GPEC and Applicant shall keep said title clear of any and all liens or encumbrances.
10. GPEC Not Required to Extend Credit. Nothing in this Agreement shall require GPEC to extend any credit to the Applicant. If, however, GPEC in its sole  discretion decides to extend credit to the Applicant, such extension of credit and the terms of sale of all goods and services purchased pursuant to such extension  of credit, shall be governed by the terms and conditions hereof, as well as any terms and conditions on GPEC’s quotations, agreements, rental agreements,  invoices and all other documents pertaining to transactions.
11. Place of Negotiation of Credit Agreement/Choice of Law. This Agreement shall be deemed to have been negotiated in Wake County, North Carolina. This  Agreement shall be governed by the laws of the State of North Carolina.
12. I/we warrant(s) that the information contained in this credit application is true to the best of his/her/our knowledge. Applicant hereby authorizes GPEC to  investigate our credit history, bank references, and other information GPEC deems necessary to extend credit. All such references are hereby authorized to furnish  information requested by GPEC and this authorization shall be continuing for the duration of the account. The applicant hereby represents that none of the credit  extended by GPEC is being used in connection with the purchase of goods for personal, family or household purposes but is an extension of credit for business or  commercial purposes. The applicant agrees that a copy of the signed original of this Agreement transmitted by electronic means to GPEC shall be binding and  have the same force and effect as the signed original. I/we agree(s) to be bound by this agreement for any orders transmitted by electronic means to GPEC.
13. Sales Tax Disclosures: Seller has collected the simplified sellers use tax on taxable transactions delivered to Alabama and the tax will be remitted on the customer’s behalf to the Alabama Department of Revenue.