FOR AND IN CONSIDERATION OF THE EXTENSION OF CREDIT BY 1SOURCEVIDEO.COM LLC, (herein after referred to as “1SourceVideo”) to _____________________________ (herein after referred to as “APPLICANT”) hereby unconditionally guarantees to 1SourceVideo the payment of all indebtedness, liabilities, and obligations of every kind and nature to 1SourceVideo whether absolute or contingent, direct or indirect, due or to become due, heretofore or hereafter created arising or exiting without limitation as to amount, and further represent, guarantee and agree with the following terms:
1. The terms of payment are net 15 days. Any balance due and not paid at the close of business on the 15th consecutive day from the date of invoice will be considered delinquent, and may be subject to a service charge on such balance. If any account balance continues unpaid on the 30th consecutive day from the date of invoice, such account may be suspended from any additional credit and all purchases thereafter made only on a “cash on delivery” basis.
2. 1SourceVideo reserves the right to limit applicant’s credit purchases and to withdraw or restrict applicant’s credit if applicant fails to pay his/her obligations as they are due.
3. If requested, current or year-end financial statements will be supplied to 1SourceVideo.
4. In the event of default in payment, if the account is placed with an attorney or collection agency, applicant agrees to pay all the expenses and costs of collection to include reasonable attorney’s fees.
5. This agreement shall be governed by the laws of the State of New Jersey and applicant consents to the jurisdiction of the Court of the State of New Jersey for Monmouth County or any Federal District Court having jurisdiction therein for the determination of all disputes arising under this agreement.
6. Applicant authorizes 1SourceVideo, or any credit bureau or other investigative agency employed by 1SourceVideo, to investigate the references listed herein for verification and to thereafter obtain, from time to time, credit reports to evaluate its creditworthiness.
7. It is the sole discretion of 1SourceVideo and its associates to determine and establish an applicable credit limit for reseller accounts.
a. This determination will be based upon consecutive purchasing history, sales totals, expected growth, past payment
method/history and credit history. 1SourceVideo is willing to discuss, with a potential terms candidate, their needs as a business so that an equitable arrangement is reached for both parties.
b. As the business relationship progresses, the reseller may request a revision of their credit line in the form of an increase of terms. 1SourceVideo may grant this request at its sole discretion. Further, as the business relationship progresses, or at any time, 1SourceVideo may also decrease any pre-determined credit limit and will supply notice of such revision, but will not require confirmation to execute this change.
c. Any revision made will not be arbitrary, but will be an adjunct to the consideration of the business history existing between 1SourceVideo and the Reseller, such as: purchasing history totals, expected growth and past payment method.
8. The signature on this agreement will serve as authorization to take any possible recourse to obtain funds owed to 1Sourcevideo for overdue invoices, returned checks, or balances owed as a result of a failure of a company, i.e. the company ceases to operate, goes out of business. In the event of any indication of possible company failure,1SourceVideo reserves the right to charge the credit card for all unpaid invoices whether they have come to or passed term.
9. It is the responsibility of the reseller to maintain an updated file, and to submit all required documents in a timely manner. If any documents are missing or expire, orders may be held until these documents are received and the file has been updated.
10. By signing the application, the applicant and its constituents agree to the “Terms and Conditions” listed in the this agreement and those terms and conditions shall govern all 1SourceVideo sales to the applicant.
THE UNDERSIGNED, AS AN AUTHORIZED REPRESENTATIVE FOR THEIR ORGANIZATION, HAS READ THE ABOVE TERMS AND CONDITIONS AND AGREES TO ABIDE BY THEM. THIS FORM IS TO BE SIGNED BY THE PRINCIPLE OF THE COMPANY.
PRINT COMPANY NAME:_____________________________DBA:___________________
SIGNATURE: : ___________________________________________ TITLE: :______________________
Print, and sign application. Send application and bank reference to: