Credit Application and Authorization
The applicant understands that the information furnished on this application will form the basis for extending credit and accordingly warrants that the information is true and correct. Any misrepresentation in this application will be considered evidence of fraud. The applicant authorizes What Chefs Want to investigate the bank and trade references and principals listed on this application for the purpose of obtaining credit and understands What Chefs Want will hold this information in the strictest confidence.
Payment Terms
Payment terms greater than net 7 days require completion of the personal guarantee. If credit is extended, the applicant promises to pay for all purchases within the terms granted. What Chefs Want will not accept any unauthorized deductions on payment of invoices. What Chefs Want may impose a temporary credit hold and reserves the right to suspend service until all invoices that make up any past due balance are satisfied. Applicant agrees to pay a service charge of 1.5 percent per month (18 percent annual percentage rate) on all past due balances.
Fees and Collection
What Chefs Want may impose a returned check fee not to exceed the maximum amount permitted by law. If any third parties are employed to collect outstanding monies owed by the applicant, the undersigned agrees to pay reasonable collection costs, including attorney fees and all costs of litigation incurred.
Perishable Agricultural Commodities Act (PACA) Notice
All perishable agricultural commodities are sold subject to the statutory trust authorized by Section 5(c) of the Perishable Agricultural Commodities Act, 1930. What Chefs Want retains a trust claim over these commodities and any receivables or proceeds from their sale until full payment is received. Buyer understands that interest, attorney fees, and collection costs related to past due balances are sums owing in connection with the PACA Trust.
Additional Conditions
What Chefs Want may change credit terms or terminate this agreement at any time at its sole discretion. Applicant shall notify What Chefs Want by certified mail immediately upon any change of ownership or address. All new customers will be placed on COD until the application has been approved. Returns must be authorized within 24 hours of shipment or delivery. Invoices may not reflect any rebates, incentives, or discounts granted to customers.