Terms and Condition of Sale: Avery Products Corp (Avery) terms and conditions of sales (current copies of which were provided to you with this credit application and/or will be provided by your Avery representative upon request), shall govern all transactions between Avery and the undersigned credit applicant (Customer). Customer may use its normal commercial purchase orders in placing orders with Avery, but any such forms shall be used for convenience only. Any provision therein inconsistent with, or in addition to, Avery’s general terms and conditions of sale (other than provisions specifying quantity and type of product ordered, delivery dates requested, and addresses for invoicing and shipping) shall have no force or effect whatsoever. Shipping dates given to Customer by Avery prior to actual shipment shall be deemed to be estimates only. Taxes shall be added to the price and paid by Customer unless Customer provides Avery with a valid exemption certificate acceptable to Avery and the appropriate taxing authorities. The net amount of invoice shall be payable in accordance with, and the discount to which Customer is entitled shall be indicated in, the Payment Terms set forth on the invoice. Amounts not paid within twenty days of due date may be subject to a late payment charge of 1.5% per month on the unpaid balance to be billed each month until invoice is paid in full. Customer agrees that the charge of 1.5% per month referred to above represents a reasonable endeavor to fix Avery’s minimum probable loss resulting from delinquent payment, that such charge bears a reasonable relation to such loss and that such charge is reasonable in amount. Failure of Customer to pay any Avery invoice by its due date makes all subsequent invoices immediately due and payable irrespective of terms and Avery may withhold subsequent deliveries until the full account is settled. Any remittance received from or for the account of Customer may be applied by Avery against any indebtedness owed by the Customer without prejudice to the remainder of any such indebtedness, regardless of any notation or statement appearing on, referring to, or accompanying such remittance. If in Avery’s opinion Customer’s financial condition does not justify continuance of production or shipment on their terms of payment specified, Avery may require payments in advance.
Security Interest: Customer hereby grants Avery a purchase money security interest in all inventory, equipment and other goods now, or hereafter sold, or furnished by Avery to Customer and all proceeds (including proceeds of insurance policies) of any such property, to secure the payment to Avery of all indebtedness now, or hereafter, owed by Customer to Avery in accordance with the terms upon which such indebtedness was created, including interest or delinquency charges thereon, and all costs of collection incurred by Avery upon Customer’s default; and the Customer agrees to execute any financing statements or other documents, give any notices, and take any other action reasonably requested by Avery to perfect, continue the perfection of, or protect the priority of such security interest. Customer’s failure to pay all amounts owed to Avery in full when due shall constitute a default by Customer, shall entitle Avery to declare all indebtedness of Customer to Avery to be immediately due and payable and shall give Avery all rights of a secured party under the Uniform Commercial Code.
The undersigned represents and warrants that the financial statements of Customer attached hereto and all other information herein is true and correct in all respects, and that he/she is authorized to sign this application in the capacity indicated. The undersigned authorizes the bank of record to verify pertinent information relevant to determining credit worthiness.
