The preceding information is for the purpose of obtaining credit and is warranted to be true. I/We hereby authorize Desco Inc. to investigate allreferences and customary credit information sources including consumer credit reporting repositories (see Consent to Obtain Consumer Credit Report below) regarding my/our credit and financial responsibility for the purpose of obtaining credit and for periodic review for the purpose of maintaining the credit relationship.
CREDIT POLICY: Statements are rendered as of the Desco Inc. Terms. COD restrictions may be placed on any past due account.
CREDIT TERMS: All invoices are due per Desco Inc. Terms. A service charge of one-and-one-half percent (1%%) per month or eighteen percent (18%) per annum may be assessed on delinquent invoices but not to at any time exceed the highest legal rate of interest legally allowed. A service charge at the maximum allowed by law can be applied for any returned check. I (we) agree to pay account promptly within terms stated.
VENUE: All amounts due for purchases from Desco Inc. are payable in U.S. dollars. It is further understood that this agreement isentered into in the state of North Carolina, county of Rowan and is governed by the internal laws (but not the conflict laws) of the state of North Carolina, and you agree that any collection action or lawsuit of any type may be filed in any court of competent jurisdiction in North Carolina, in Desco Inc.'s discretion.
CHANGE OF OWNERSHIP: I/We understand that we must notify Desco Inc. in writing and by certified mail of any change in ownership, the name of the business or structure of the business under which credit is established, within thirty (30) days of the date such change is effective.
COLLECTION AND ATTORNEY'S FEES: In the event of default, and if this account is turned over to an agency and/or an attorney for collection, the undersigned agrees to pay all reasonable attorney's fees, and/or costs of collection whether or not suit is filed.
CERTIFICATE OF USE: I/We certify that this request is for the extension of credit for business purposes only and not for the extension of credit for personal, family or household purposes.
AUTHORITY OF SIGNATURE AND TITLE: The person executing this agreement has the authority to bind the customer and is authorized by the customer to enter into the credit application terms and conditions: