The undersigned, on behalf of the Applicant Business (“Customer”), applies for participation in the Iconic FlexPay Program offered by Iconic Techniques LLC (“Company”) and agrees to the following terms and conditions:
1. The information furnished in this application is true, complete, and accurate to the best of Customer’s knowledge. Customer authorizes Iconic Techniques LLC to verify any information provided, including business registration status, trade references, and publicly available commercial information, for the purpose of evaluating Customer’s creditworthiness and eligibility for participation in the Iconic FlexPay Program. Customer further agrees to provide additional information reasonably requested by Iconic Techniques LLC in connection with this application or any extension of trade credit.
2. The Iconic FlexPay Program constitutes a commercial trade credit accommodation solely for business transactions and is not a consumer loan or financing arrangement. Customer acknowledges that all purchases made under FlexPay are for business purposes only and not for personal, family, or household use.
3. Approval for FlexPay participation, credit limits, and payment terms are granted solely at the discretion of Iconic Techniques LLC and may be modified, reduced, suspended, or terminated at any time without prior notice. No extension of credit shall obligate Iconic Techniques LLC to accept any order or continue extending credit.
4. Customer agrees to pay all sums owed pursuant to invoiced payment terms. Unless otherwise stated in writing, Customer shall pay the required upfront payment percentage prior to production, and the remaining balance shall be due within thirty (30) calendar days from the invoice date. Failure to remit required upfront payment shall delay production and delivery.
5. Customer agrees that any balance not paid when due shall accrue a monthly late charge equal to one and one-half percent (1.5%) per month, or the maximum rate permitted by applicable law, whichever is less. Customer further agrees to pay all reasonable costs incurred by Iconic Techniques LLC in enforcing this Agreement, including without limitation attorney fees, collection agency fees, court costs, and administrative recovery expenses, whether or not litigation is commenced.
6. Title to all goods supplied by Iconic Techniques LLC shall remain with the Company until payment is received in full. Customer grants Iconic Techniques LLC a purchase-money security interest in all goods sold and any proceeds thereof to the extent permitted by law until all obligations are satisfied.
7. Customer acknowledges that products supplied under FlexPay are custom manufactured or specially produced. Accordingly, orders may not be canceled once production has commenced, and any deposits or upfront payments shall become non-refundable upon initiation of production.
8. Except as expressly provided by law, all products are provided “AS IS,” and Iconic Techniques LLC disclaims all implied warranties, including warranties of merchantability and fitness for a particular purpose. Iconic Techniques LLC shall not be liable for indirect, incidental, consequential, or special damages, including lost profits or business interruption, and total liability shall not exceed the amount paid for the specific order giving rise to the claim.
9. Customer shall be deemed in default upon failure to make payment when due, provision of materially inaccurate information, insolvency, bankruptcy filing, cessation of business operations, or violation of any term of this Agreement. Upon default, Iconic Techniques LLC may suspend performance, cancel pending orders, and declare all outstanding balances immediately due and payable.
10. Customer consents to Iconic Techniques LLC maintaining internal records relating to payment history and account performance for risk management and operational purposes. Such information shall not be sold to third parties except as required for collection or legal enforcement.
11. Any dispute arising out of or relating to this Agreement shall be resolved exclusively by binding arbitration administered pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall take place in Howard County, Indiana, and Customer expressly consents to personal jurisdiction and venue in Howard County, Indiana. Judgment upon the arbitration award may be entered in any court having jurisdiction thereof, and Customer waives any right to trial by jury.
12. This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana without regard to conflict of law principles.
13. The undersigned represents and warrants that he or she is duly authorized to execute this Agreement on behalf of the Customer and bind the Customer to its terms. This Agreement constitutes the entire understanding between the parties unless modified in writing by Iconic Techniques LLC.