Terms & Conditions
AGREEMENT TERMS AND CONDITIONS
1. BINDING AGREEMENT – This Agreement shall be between the Company and NUSTAR Building Materials as well as any other subsidiary and affiliated corporations, companies, partnerships, and joint ventures (hereinafter referred to as “Nustar”). In the event of litigation, suit will be brought against the Company by the Nustar entity from which purchases were made. This Agreement shall inure to the benefit of the successors and assigns of Nustar, and shall be binding upon the Company’s agents, assigns, affiliates, parents, and subsidiaries.
2. AUTHORIZATION FOR CREDIT REVIEW – The Company hereby authorizes Nustar at any time and from time to time to obtain any and all information it deems necessary from any and all sources or references listed on this Application for Business Credit and Agreement (the “Agreement”), and from any other credit bureaus, creditors of the Company, trade references, banks or other financial institutions to assist it in its consideration of the Agreement. The Company authorizes all persons, institutions, organizations, companies and credit reporting agencies to furnish any and all information, including commercial and consumer credit reports, requested from time to time by Nustar.
3. PAYMENT TERMS – If this Agreement is accepted, the Company agrees to pay in full the invoice price of all purchases now or hereafter made from Nustar promptly, with all invoices being due and payable 30 days from the date of invoice. If the total invoice price is not paid in full on or before the due date, the Company agrees to pay a late payment charge on the unpaid delinquent balance, including amounts post judgment which will prevail over the statutory rate, calculated at the rate of the lesser of: (a) one and one-half percent (1.5 %) per month or (b) the highest rate allowed by law. If the Company shall fail to fulfill any of its obligations under this Agreement, or if Nustar in good faith deems itself insecure because the prospect of payment is impaired, or the prospect of performance of any provision of the Credit Application is impaired, or if a default occurs for any other reason provided in this Agreement, then Nustar, at its option and without notice, may declare the entire unpaid balance owed by the Company under this Agreement to be immediately due and payable, or terminate the credit privileges of the Company under this Agreement, or both.
4. COLLECTION – Should it be necessary to place this account for collection, suit or other legal proceeding, the Company agrees to pay all costs and expenses of collection, suit or other legal action, including reasonable attorney’s fees and litigation costs, including, if necessary, appellate attorney’s fees and costs. THE COMPANY HEREBY WAIVES ANY AND ALL PRIVILEGES AND RIGHTS WHICH THE COMPANY MAY HAVE UNDER CHAPTER 47, FLORIDA STATUTES RELATING TO VENUE, AS THEY NOW EXIST OR MAY HEREAFTER BE AMENDED AND WAIVES THE RIGHT TO TRIAL BY JURY, AND FURTHER, THE COMPANY AGREES THAT ANY LEGAL ACTION BROUGHT FOR COLLECTION OF PAST DUE ACCOUNTS OR ACTIONS ARISING FROM THIS AGREEMENT, SHALL BE BROUGHT IN THE COURT OF COMPETENT JURISDICTION IN PALM BEACH COUNTY, FLORIDA.
5. DEFAULT – The occurrence of any of the following events shall constitute a default under this Agreement: (a) the Company fails to fulfill any of the obligations of this Agreement or to perform, or rectify the breach of, any warranty, agreement, or other undertaking by the Company; (b) the Company or any guarantor of the Company’s indebtedness under this Agreement dies, terminates existence, abandons its business, becomes insolvent, bankrupt, becomes the subject of bankruptcy, receivership, insolvency or similar proceedings, or makes an assignment for the benefit of creditors; (c) any information or other representation now or hereafter made or furnished to Nustar by the Company is believed in good faith by Nustar to be inaccurate, incomplete or false in any material respect; (d) the Company violates or breaches any provision of this Agreement; (e) any collateral which is security for the Company’s indebtedness under this Agreement is lost, suffers material damages or is destroyed, is levied upon or becomes subject to a receivership, or cannot be located within five (5) days alter demand by Nustar to inspect the same; or (f) any other event which causes Nustar, in good faith, to deem itself insecure or to believe that the prospect of performance of any provision of the Agreement by the Company is impaired.
6. WAIVER – Nustar may, at its option, permit the Company to remedy any default under this Agreement without waiving the default so remedied or any other subsequent or prior default by the Company. The Company waives notice of default under this Agreement and waives presentment, demand, protest, and notice of dishonor as to this Agreement or any other instrument.
7. ACCURACY OF INFORMATION – The Company certifies that any and all information now or hereafter supplied to Nustar by the Company, or at the Company’s request or instruction, is both accurate and complete, and the Company will, upon request, establish the accuracy and completeness of any such information. The Company shall promptly notify Nustar of any change in such information supplied, and of any change in the Company’s primary place of business or mailing address, or the residence of any guarantor(s). The Company shall promptly notify Nustar by certified mail if it should change the form the Company’s business (e.g., incorporate, convert to an LLC, etc.) at any time subsequent to the date
of this application.
8. PROVISION OF INFORMATION – The Company is required to provide Nustar, upon request, information regarding bonding companies, general contractors or owners, for the purpose of serving preliminary notices, claims on payment bonds, or construction liens pursuant to Chapter 713, Florida Statutes.
9. CORPORATE AUTHORITY AND LIABILITY – The Company warrants and represents that it has authority to enter into this Agreement and that any person signing this Agreement has been duly authorized to execute this Agreement for and on behalf of the Company. If the Company is not yet a legally organized corporation, the Company acknowledges that Nustar is relying on the credit worthiness and financial ability of the owner or owners of the Company to discharge any and all obligations of the Company to Nustar. If the Company, subsequent to this application, incorporates or converts to a limited liability company, limited liability partnership, or other business entity the owner or owners of the newly formed entity shall be jointly and severally liable to Nustar for any and all of the Company’s indebtedness to Nustar, whether existing prior to incorporation or subsequently incurred, in addition to the new entity. Nothing contained herein shall vitiate the personal guaranty provided concurrently with this Agreement.
10. ADDITIONAL PROVISIONS – The rights and remedies of Nustar stated in this Agreement are cumulative and are in addition to any other rights or remedies provided by law.
11. PRODUCT CLAIMS – ALL WARRANTIES ARE EXC LUDED, WHETHER EXPRESSED OR IMPLIED BY OPERATION OF LAW OR OTHERWISE , INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NUSTAR SHALL NOT BE LIABLE (DIRECTLY OR INDIRECTLY) UNDER ANY CIRCUMSTANCES FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR ANY OTHER TYPE OF DAMAGES ARISING OR RESULTING FROM A BREACH OF WARRANTY, BREACH OF CONTRACT, OR OTHER CLAIMS RELATING TO THE SALE, HANDLING, OR USE OF THE GOODS SOLD. NUSTAR’S LIABILITY HEREUNDER, AND THE COMPNAY’S AND/OR GUARANTOR’S EXCLUSIVE REMEDIES HEREUNDER, EITHER FOR BREACH OF WARRANTY, BREACH OF CONTRACT, FOR NEGLIGENCE, OR FOR ANY OTHER CLAIMS, ARE EXPRESSLY LIMITED TO THE GIVING OF CREDIT FOR REPLACEMENT MATERIALS ONLY TO THE EXTENT OF THE PURCHASE PRICE FOR THE MATERIAL. NUSTAR MUST BE GIVEN WRITTEN NOTICE, IDENTIFYING THE ALLEGEDLY DEFECTIVE GOODS AND SPECIFYING THE ALLEGED DEFECT WITHIN TEN (10) DAYS AFTER RECEIPT OF THE GOODS BY THE COMPANY, NUSTAR MUST ALSO BE GIVEN THE OPPORTUNITY TO INSPECT THE ALLEGEDLY DEFECTIVE GOODS AND IF REQUESTED BY NUSTAR, THE ALLEGEDLY DEFECTIVE GOODS MUST BE RETURNED TO NUSTAR. FAILURE TO GIVE THE REQUIRED NOTICE WITHIN THE TIME PROVIDED OR FAILURE TO RETURN AN ALLEGEDLY DEFECTIVE GOOD TO NUSTAR FOLLOWING NUSTAR’S REQUEST, CONSTITUTES A WAIVER OF A CLAIM FOR CREDIT OR REPLACEMENT. NUSTAR’S RESPONSIBILITY TO GIVE CREDIT OR REPLACEMENT IS LIMITED TO THE EXTENT OF THE ORIGINAL PURCHASE PRICE OF THE GOODS. NO CREDITS WILL BE ISSUED FOR MERCHANDISE RETURNED BY THE COMPANY ASIDE FROM THOSE COVERED ABOVE.