PLEASE READ this Agreement carefully as it contains terms and conditions of the Credit Agreement with Parts Wholesalers, Inc.
1. APPLICATION FOR CREDIT. The foregoing information is supplied for purposes of establishing credit with Parts Wholesalers, Inc. As part of this Application for Credit, Customer hereby grants Parts Wholesalers, Inc., permission to contact consumer credit reporting agencies, commercial credit reporting agencies, and any or all of the trade and bank references listed, together with any other references which may be provided by these trade and bank references. I understand and agree to meet the specified terms of credit if extended.
2. ACCEPTANCE OF AGREEMENT. Charges on your account by you or anyone whom you authorize or permit to use your account means you accept this Agreement.
3. AUTHORIZED PURCHASERS. Unless otherwise provided in writing, Parts Wholesalers, Inc. shall be entitled to consider any representative of Customer as an authorized purchaser for Customer.
4. PAYMENT TERMS. Monthly accounts are due and payable on or before the 10th of the month following the date of purchase, or on other terms specified by Parts Wholesalers, Inc. All purchases are FOB Parts Wholesalers, Inc., unless otherwise specified on the invoice.
5. FINANCE CHARGES. I agree that should my account with Parts Wholesalers, Inc., become delinquent (i.e., not paid within time specified at Paragraph 4), I will pay a late charge of one and one-half percent (1½ %) per month (eighteen percent (18%) per annum) on the unpaid balance.
6. RETURNED CHECK CHARGE/LATE CHARGE. In addition to the foregoing, I agree to pay a returned check charge/late charge of $25.00 each time I pay with a check that is returned by the bank unpaid or if I fail to make the required payment within five (5) days after the payment due date in any month.
7. DEFAULT-COLLECTION COSTS. Failure to comply with the terms of this Agreement, including failure to make any required payment when due, shall be deemed a default under this Agreement. The failure to declare a default under this Agreement when it occurs shall not be construed as a waiver of the provisions hereof as regards any subsequent event. In the event of default, Parts Wholesalers, Inc. may refer the collection of your account to an attorney and may charge you reasonable attorney's fees in court or other collection costs as permitted by law and actually incurred by us.
8. ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or breach thereof, shall be settled by arbitration in accordance with the commercial arbitration rules of the American Arbitration Association, and judgment upon the reward rendered by the arbitrator may be entered in any court having jurisdiction thereof.
9. DUTY TO SUPPLEMENT INFORMATION. I agree to notify Parts Wholesalers, Inc., in writing of any material change in financial circumstances occurring from the date hereof. This duty shall continue so long as credit is extended to applicant.
10. GOVERNING LAW/VENUE. It is agreed that this Agreement shall be governed, construed and enforced in accordance with the laws of the State of Washington. The venue of any claim arising out of or relating to this Agreement, or breach thereof, shall be set in Spokane County, Washington.
11. CHANGE OF TERMS. I understand that Parts Wholesalers, Inc., may change any term or part of this Agreement, including any finance charge rate, fee, or due date, by sending a written notice at least thirty (30) days before the change is to become effective.
12. NO LIMITATION OF REMEDIES. I acknowledge that Parts Wholesalers, Inc., shall have all remedies provided by law, without limitation, to collect past due accounts.
