The Applicant represents that they are authorized to execute this application on behalf of or as the agent of Applicant. Applicant further states that the information contained herein is correct and acknowledges that the information contained herein is given for the sole purpose of Applicant requesting credit from Garvin. Applicant agrees to the following Terms and Conditions:
Applicant agrees that if credit is extended, any such extension of credit is subject to periodic review by Garvin. Applicant agrees to all terms, conditions and charges as detailed in Garvin’s invoices and other company documents. All terms and charges are subject to change by Garvin without notification. Under no circumstances is the extension of credit by Garvin deemed to be an executory contract for any purpose. Notwithstanding the provisions of any subsequent purchase order or other request for shipment of goods by Applicant, all transactions between the parties hereunder shall be governed by Garvin’s terms and conditions.
In the event Applicant fails to pay an invoice within the stated terms on such invoice, Garvin reserves the right to impose a monthly service charge computed on the outstanding balance of such invoices less any credits equal to the lesser of 1.5% per month (18% APR), or the highest lawful rate of interest in effect in the state where Applicant is located. If Garvin incurs costs in the collection of the outstanding account, Applicant hereby also agrees that it will pay any such costs, including reasonable attorneys’ fees.
Applicant authorizes Garvin to contact any parties listed and to verify any information contained in this application. Applicant further authorizes Garvin to obtain a credit report on the applicant and/or any principal or guarantors thereof. Applicant agrees to immediately notify Garvin in writing of any changes that affect ownership, or financial condition. Applicant agrees that all transactions between Applicant and Garvin are not Assignable by Applicant.
If credit is extended, Applicant agrees to pay all invoices within the terms stated on the invoice, without setoff or deductions. Garvin may establish other credit terms and suspend or restrict shipping product if payment of any invoice is not made within the terms stated on the invoice, or the financial condition of Applicant at any time does not justify the credit terms granted. Additionally, if the amount due for any invoice is not paid within the terms stated on the invoice or the Applicant is insolvent, Garvin, in its sole discretion, may discontinue any credit extensions and demand payment in full of any outstanding invoices, and Garvin may further proceed with any collection activities of any unpaid amounts due, including proceeding with further legal action.
Applicant agrees that all transactions between Applicant and Garvin shall be governed according to the laws of the Commonwealth of Massachusetts, without regard to the principles of conflicts of laws, and further agrees to submit to the jurisdiction of the federal and state courts of Massachusetts for any litigation in connection with its transactions with Garvin; provided, however, that Garvin may in its sole discretion choose a different forum and/or choice of applicable law.