Terms of Agreement
The undersigned authorizes MLC to make all credit inquiries that it deems reasonable and understand that you will retain this application whether or not it is approved and answer questions about your credit experience with me. The information on this form is correct and I understand that you are relying upon this information when deciding to give credit.
TERMS OF
PAYMENT: ALL INVOICES ARE DUE IN FULL ON THE 10TH DAY OF THE FOLLOWING MONTH
FROM STATEMENT DATE. A TIME PRICE DIFFERENTIAL OF
1.5% PER MONTH (EFFECTIVE ANNUAL RATE OF 18%) WILL BE ADDED TO ALL PAST DUE AMOUNTS. THE
UNDERSIGNED APPLICANTS UNDERSTAND AND AGREE TO THE TERMS OF THIS AGREEMENT.
PRICES: All
price quotations are valid only for materials shipped within 7 days indicated on the
quotation or price list. All prices quoted without sales tax. Plans, estimates and take
offs are solely estimates and are not guaranteed.
LIEN
DOCUMENTATION: A
Notice of Commencement must be furnished for each new project upon demand by MLC and
waivers of lein will be furnished upon full payment.
NOTICE:
A RESIDENTIAL BUILDER OR A RESIDENTIAL MAINTENANCE AND ALTERATION CONTRACTOR, IS REQUIRED
TO BE LICENSED UNDER ARTICLE 24 OF ACT 299 OF THE PUBLIC ACTS OF 1980, AS AMENDED BEING
SECTIONS 339.2401 TO 339.2412 OF THE MICHIGAN COMPILED LAWS. AN ELECTRICIAN IS REQUIRED TO
BE LICENSED UNDER ACT NO. 217 OF THE PUBLIC ACTS OF 1956 AS AMENDED BEING SECTIONS 338.891
TO 338.892 OF THE MICHIGAN COMPILED LAWS. A PLUMBER IS REQUIRED TO BE LICENSED UNDER ACT
NO. 266 OF THE PUBLIC ACTS OF 1929 AS AMENDED BEING SECTIONS 338.901 TO 338.917 OF THE
MICHIGAN COMPILED LAWS.
AGREEMENT TO PAY ATTORNEY FEES:
The applicant company promises to pay all costs of collection of all obligations of the company to MLC of any type or nature, including but not limited to open account, contract and construction leins, which costs shall include but not be limited to the actual and reasonable attorney fees of MLC incurred in connection with the collection of any past due amounts owed to MLC whether by suit being instituted for such purposes otherwise. In the event that suit is instituted, the amount of the said attorney fees shall be such that the court having jurisdiction thereof shall determine as reasonable. In the event suit is not instituted, then the amount owed to MLC for attorney fees shall be not less than one-third (1/3) of the amount owed which the applicant company considers to be fair and reasonable.
SWORN STATEMENT FOR BUSINESS ENTITY LOAN
THE
UNDERSIGNED IS APPLYING FOR AN EXTENSION OF CREDIT IN THE AMOUNTS OF $
FROM MLC AND THE UNDERSIGNED HEREBY CERTIFIES THAT HE/SHE IS ENGAGED IN THE
BUSINESS OF PERFORMING CONSTRUCTION SERVICES WHICH MLC’S PRODUCT WILL BE USED.
THE UNDERSINGED MAKES THIS SWORN STATEMENT FOR PURPOSE OF INDUCING MLC TO MAKE AN EXTENSION OF CREDIT TO THE UNDERSIGNED AS A “BUSINESS ENTITY” IN FULL COMPLIANCE WITH THE REQUIRMENTS OF ACT NO. 52 OF PUBLIC ACTS OF 197O OF THE STATE OF MICHIGAN
PERSONAL GUARANTEE
THE UNDERSIGNED JOINTLY AND SEVERALLY, PERSONALLY GUARANTEE THE PAYMENTS OF ANY PURCHASES BY SAID APPLICANT AND/OR CORPORATION, THIS GUARANTEE IS GIVEN IN CONSIDERATION OF, AND AS AN INDUCEMENT FOR THE EXTENSION OF CREDIT TO SAID APPLICANT AND/OR CORPORATION. SHOULD THE WIFE SIGN AS GUARANTOR HEREIN SHE DOES SO BECAUSE SHE IS PERSONALLY INTERESTED IN THE SUCCESS OF THE APPLICANT HEREIN.
© Michigan Lumber, 2008. All rights reserved.