Ace Natural Credit Application
After three months of weekly deliveries averaging at least $500 per week, any account may be reviewed to qualify for credit terms.
Credit Terms Agreement with the Customer and Ace Natural
The term “Customer” used herein shall mean the individual or legal person to whom Ace Natural, Inc. grants credit.
Credit terms represent:
a) Credit Period: the maximum amount of days on which a payment must be made.
b) Credit Limit: the maximum dollar amount that a customer can owe to Ace Natural at any given time. (maximum outstanding balance)
IMPORTANT: Ace Natural Credit Terms may be changed at any time without notice.
Ace Natural uses different sources of information and metrics to assess customers’ risk.
Credit terms are determined through many variables and those that have a positive status should reflect favorably on the customer’s credit worthiness.
Based on the business relationship, purchases and payment history, each Ace Natural customer has a risk profile and an internal risk score associated to it.
Ace Natural uses this risk score to consider extending credits terms to eligible customers.
Ace Natural also uses the same risk score to regularly monitor and manage the credits terms for each customer.
Customers with lower risk score might be extended better credit terms than customers with a higher risk score who might not even qualify for credit at all.
Credit terms are directly linked to the customer’s performance in terms of purchases and payment history.
Customers who pay beyond their terms in days or exceed the dollar amount of credit limit extended by Ace Natural will increase their risk score in real time. Therefore the credit terms offered to these customers will be dramatically reduced or terminated completely.
When the credit terms assigned to a chronically delinquent customer are reduced or terminated, the new balance will be due immediately.
Invoices that are not paid when due will thereafter incur a late fee penalty until paid at a rate of interest equal to twelve percent (12%) per annum (1% per month). If You reasonably and in good faith dispute the amount contained in an invoice, then You must timely pay any undisputed portion of the invoice and provide Ace Natural with a written notice specifying the disputed amount and the basis for the dispute in reasonable detail.
Non-Payment and Breach
If, at any time: (a) balance due is not paid within the Credit Period; and/or (b) the Credit Limit is exceeded; and/or (c) the customer ceases business with Ace Natural or enters into any form of liquidation, bankruptcy, receivership or administration in any jurisdiction, or are unable to meet payments when due; Ace Natural retains the right to take any or all of the following actions:
- Stop providing services to such customer.
- Require immediate payment of all outstanding invoices.
- Suspend or terminate the extended Credit Terms.
- Exercise any applicable right of lien over the business. (Example: PACA)
- Apply automatically and without prior notice a default interest at the annual rate of 7 (seven) percent.
- Apply administrative fees and late fees and other professional fees related to the collection efforts.
- Report the customer’s payment performance to multiple credit rating organizations.
- Commence collection proceedings which may include filing a lawsuit in a New York state court.
Customer warrants that by entering into these Credits Terms, it has the authority to do so on its own behalf and on behalf of its Subsidiaries, if and to the extent credit granted extends to such Subsidiaries.
This credits terms agreement constitutes the entire agreement between the parties with respect to its subject matter and constitutes and supersedes all prior agreements, representations and understandings of the parties, written or oral.
