1. Application & approval
Credit is extended at the sole discretion of Dynamic Stone Tools Inc. and its affiliates. We may approve or decline any application, set or change a credit limit, and reduce, suspend or revoke credit at any time.
2. Credit authorization & release
You authorize us to obtain business and/or personal credit reports and to contact the trade and bank references provided, and you authorize those references, banks and credit bureaus to release credit and account information to us. A copy of this authorization is as valid as the original.
3. Payment terms
Your payment terms are set when your account is approved and are shown on each invoice. Invoices are due within those terms from the invoice date.
4. Late payment
Past-due balances accrue a service charge of 2.5% per month (or the maximum allowed by law). We may hold the account and withhold shipments while any balance is past due.
5. Collections
If the account is referred for collection, you agree to pay all reasonable collection costs, including attorney’s fees and court costs. A fee may apply to any returned payment.
6. Personal guaranty
For certain accounts we may require an owner or officer to personally guarantee the account; a separate guaranty will be provided if requested.
7. Title & security
Title to goods remains with us until paid in full; risk of loss passes on delivery to the carrier.
8. Related terms
This Credit Agreement incorporates our Terms & Conditions of Sale and Return Policy by reference.
9. Governing law
Governed by the laws of the Commonwealth of Virginia, United States.
10. Electronic signature
Submitting this application with a typed name constitutes a legally binding electronic signature under the U.S. E-SIGN Act.
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