In consideration of Seekonk Supply, Inc. (“SSI”) extending credit to the undersigned business entity customer (“Customer”), Customer agrees that the following terms shall govern all future transactions between SSI and Customer unless and until modified by a written instrument signed by a corporate officer or Credit Manager of SSI: (1) All invoices shall be due and payable within 30 days of the invoice’s date; (2) Customer shall pay a finance charge of 18% on all past due invoices; (3) Customer shall forthwith upon demand reimburse SSI for all expenses incurred on non-negotiable checks and/or for reversed credit card charges; (4) Customer shall immediately notify SSI in writing via certified mail, return receipt requested in the event of change in trade name and/or entity legal status, e.g., termination , amendment or merger; (5) All past-due invoices which are forwarded by SSI to its counsel for collection shall be subject to attorney’s fees, as liquidated damages, in an amount equal to 33.3% of the gross balance owed, inclusive of finance charges, and regardless whether litigation has been commenced. Customer agrees tht said liquidated damages represent a fair and reasonable calculation of SSI’s damages n the event that Customer’s account is forwarded by SSI to its counsel for collection, and that same does not constitute a so-called “penalty” and (6) All demands, claims, a ctions, causes of action, suits, roceedings and litigation between SSI and Customer (collectively the “Parties”) arising out of or in any way connected with this Agreement and the Parties’ performance hereunder, or any claim of damage resulting from any act or omission of the Parties, shall be commenced in the state courts of Bristol County, MA only.
In consideration of SSI extending credit to Customer names above, the undersigned personal guarantor hereby personally and unconditionally guarantees payment to SSI for all sums due SSI by Customer pursuant to the Business Entity Credit Agreement. This Personal Guarantee shall constitute a continuing guarantee and shall cover all indebtedness regardless of date incurred, including indebtedness arising under successive transactions that either continue the indebtedness or from time to time renew it after it has been satisfied. SSI shall not be required to pursue and exhaust its remedies against Customer before seeking enforcement against the personal guarantor. This Personal Guarantee may not be changed unless and until modified by a written instrument signed by a corporate officer or Credit Manager of SSI. All demands, claims, actions, causes of action, suits, proceedings and litigation between SSI and the personal guarantor arising out of or in any way connected with this Personal Guarantee shall be commenced in the state courts of Bristol County, MA only. This Personal Guarantee may be executed in multiple counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute ne and the same document. Execution by facsimile, pdf or other electronic means shall be deemed an original signature.
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