Credit account terms

For the purpose of processing a credit application, the Customer authorizes Jamac Sales and Distribution Ltd. to investigate the Customer's credit experience with suppliers, banks and other institutions. Upon approval by Jamac's Credit Manager, credit privileges are extended subject to the following terms, which the Customer agrees to:

1. 1

   Jamac shall determine in its sole discretion the amount of credit and whether to grant it. Jamac has no obligation to grant credit, and any grant is without commitment to provide future credit.

2. 2

   The Customer is responsible for all credit it receives, whether or not such credit exceeds authorized credit limits.

3. 3

   The Customer will pay for all purchases on the account within thirty (30) days of the invoice date (Net 30), and is responsible for delivering payment to Jamac's office by the required date.

4. 4

   Credit privileges may be suspended should the account become overdue, without prior notice to the Customer.

5. 5

   Interest is charged at 2.0% per month (24% per annum) on overdue accounts, commencing the first day the account is overdue, both before and after judgment.

6. 6

   The Customer authorizes Jamac and its agents and affiliates to conduct any credit and bank checks it deems appropriate, and to exchange financial, personal or other information with financial institutions, credit reporting organizations, suppliers, governmental authorities and collection agencies. This clause constitutes consent under applicable privacy legislation.

7. 7

   Any dispute must be reported in writing to the Credit Manager within 10 days of the date the labour was performed and/or material supplied. Absent a written dispute within 10 days, the Customer shall pay all amounts due without set-off pending resolution; payment does not affect the dispute.

8. 8

   The Customer agrees to provide up-to-date financial statements and records, and a general or specific assignment of accounts receivable, upon request.

9. 9

   The Customer is responsible for all solicitor-and-client costs and other expenses incurred by Jamac in connection with collection of the account.

10. 10

    This agreement binds all respective heirs, executors, administrators, successors and assigns. Where there is more than one party, they shall be jointly and severally liable in the event of default.

11. 11

    The Owner must notify Jamac in writing of any changes in ownership. Where applicable, the Customer consents to Jamac using the Customer's social insurance number as required.

12. 12

    These credit terms are binding and take priority over any other terms of credit alleged to exist between the parties. Jamac reserves the right to change any of these terms on notice.

13. 13

    The undersigned stockholder, director and/or officer personally, jointly and severally, guarantees payment of all future obligations of the company, including reasonable attorney fees, lawful interest and collection expenses. This is a continuing guarantee, revocable only by written notice sent by certified mail. A photocopy or facsimile of this application and agreement shall be as valid as an original.