The BUYER and its undersigned officer, request the opening of a line of credit from the SELLER and agree to the following conditions:
All invoices are to be paid in legal Canadian currency, unless otherwise agreed, at the SELLER’S main place of business. The SELLER, in writing, will
communicate the credit margin and terms to the BUYER. It is on the basis of this contract that invoices are to be paid within the agreed time limit. Once
this time limit has exceeded, the SELLER may withhold orders or cancel the credit limit.
The SELLER remains the owner of all goods sold and delivered until fully paid. The BUYER agrees that according to his stock turnover, goods in stock
are the ones unpaid. Therefore, the SELLER shall be able to reclaim them without proceedings or notification. The BUYER also agrees with the publication
of this agreement.
It is agreed that the BUYER will maintain sufficient insurance for the goods and hereby formally notify his insurance company to issue a cheque to the
order of both the SELLER and the BUYER for any balance if a claim should occur.
It is on the basis of this contract that invoices are to be paid within terms. A one and half percent (1.5%) per month, eighteen percent (18%) annual interest
will be charged and paid after the agreed time limit.
The BUYER will pay all expenses related to returned cheques or account referred to a third party or court for collection and this, without prejudice to the
SELLER’s right to request immediate payment. Will also be charged, pallets and wheel trucks when needed and a credit note will be issued when they
are returned in good condition.
The BUYER and its officers authorize the SELLER or its proxy to gather all relevant information (from banks and/or other sources) concerning their credit
and solvency for the opening of an account and for maintaining it open for the duration of the normal business relationship. The also authorize the SELLER
to keep that information on file for the duration of the same business relationship. They also request all concerned persons to supply such information
and release them from all responsibilities as to the consequences of such information. The SELLER also declares that all information supplied is true and
the SELLER will be allowed to cancel all agreements if they happen to be false. If a line of credit is established for an amount exceeding $25,000, financial
statements of the BUYER and its officers could be requested at any time by the vendor.
A telecopy or facsimile of the present agreement containing the original or a copy of the BUYER authorized signatory has the same validity as an original.
The undersigned hereby constitutes himself as a surety for the benefits of the SELLER for all obligations, invoices, debts and amounts which were, are and may become due to the SELLER by the buyer. This guaranty shall bind the undersigned jointly and severally with the buyer. He also renounces to the benefits of division and discussion and agrees to pay upon request all dues to the SELLER by the buyer