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Account Application Form
Guarantee to Grunthal Lumber of Grunthal, ManitobaIn consideration of your selling goods at any one time or from time to time to person taking responsibility for the account* (hereafter called the company) of the company applying* on such terms of credit as you shall think fit, I/we guarantee to you the payment of all moneys which are now or which shall at any time hereinafter be due to you by the company. This guarantee to be a continuing guarantee, and shall remain in full force and effect until I/we notify you in writing of its cancellation, whereupon we agree to pay you whatever may then be due to you by the said company,Dated at your location* on Today's date*
Section Township Range E.G. SW25-5-E*
TERMS OF ACCOUNT
I/we hereby make application of credit account and in making this application agree to abide by the terms of credit as set out in your credit plan at this date or as it may be amended by you from time to time. It is understood that I/we will be notified in advance of any changes in terms at least thirty days before such changes become effective.
I/we agree as follows:
1. To accept full responsibility for payments for all goods and services as purchased by me or by others authorized to make purchases on my behalf and responsibility.
2. To control purchases of goods and services by those authorized to purchase, the maximum authorized credit limit, will not be exceeded. This undertaking does not in any way limit my/our responsibility for goods purchased that may exceed this limitation.
3. To abide by such regulatory procedures as you may establish from time to time to control purchases within the limits arranged.
4. To make such payments as are required to KEEP THE ACCOUNT IN A CURRENT CONDITION AT ALL TIMES.
CURRENT condition means the previous months balance is brought to a ZERO BALANCE, not a partial payment being made with a balance owing on the account.
5. TO PAY THE COMPLETE AMOUNT DUE FOR EACH MONTH’S GOODS AND SERVICES BY THE 15TH OF THE MONTH FOLLOWING that in which the purchases were made, unless I/we have requested and had approved by you a schedule of deferred or extended payments (commonly referred to as revolving credit) and to keep current any such extension of payments. Payments can be made by cheque, cash, debit, e-transfer or through online banking.
6. That Grunthal Lumber has authority to put ‘on hold’ any account that has not kept the terms set above.
7. ON ANY AMOUNT THAT IS NOT PAID BY THE 15TH OF THE MONTH I/WE AGREE TO PAY A SERVICE CHARGE OF 2% PER MONTH (24% COMPOUNDED ANNUALLY), CALCULATED MONTHLY AND ADDED TO THE ACCOUNT, UNTIL THE ACCOUNT HAS BEEN PAID IN FULL OR MADE CURRENT WITHIN THE TERMS ARRANGED.
8. Any payments made on this account which do not pay the account in full will be applied firstly to interest charges and secondly to apply on the principal outstanding.
9. To pay any or all costs that may be involved in the collection of any past due portion of any balance owing.
10. That the information supplied in this application is to be considered the basis of your assessment of my/our credit worthiness and that all information is true and factual.
11. That my credit accommodation afforded under this application shall insure to the benefit of and be binding upon the respective executors, administrators, successors and assigns of the parties hereto.
12. I/WE CONSENT TO YOUR MAKING WHATEVER INVESTIGATION, OR OBTAINING WHATEVER REPORTS, YOU DEEM NECESSARY AT THIS DATE AND DURING THE TERMS OF THIS AGREEMENT.
I/we hereby certify that I/we have read the terms and conditions above and agree to abide by them. Dated at Current Location* this Current Date*