Credit Application ”” Terms and Conditions

1. This application is submitted by the undersigned ("Applicant") for the purpose of obtaining a credit account with Industrial Fabrics, Inc. All representations are accurate, complete and truthful to the best of the Applicant's knowledge and belief.
2. The Applicant hereby authorizes any individual, firm or corporation given as a credit reference to disclose to Industrial Fabrics, Inc. orally or in writing, any information which is pertinent to this application.
3. If the Applicant is a corporation, the undersigned affirmatively states that he is authorized to make application on behalf of said corporation and to obligate same for any credit extended thereto as a result of this application; and further that the corporation on whose behalf application is hereby made will continue to be bound and obligated for any credit advanced thereto until notice to the contrary is given in writing to Industrial Fabrics, Inc. at 510 O'Neal Lane, Baton Rouge, LA 70895.
4. If Applicant presents a Financial Statement as a part of this application, it is incorporated by reference. Applicant agrees to submit a Financial Statement as requested by Industrial Fabrics, Inc. Any Financial Statements submitted in connection with this application or as requested will be accurate, complete and truthful.
5. Credit extended by Industrial Fabrics, Inc. to Applicant shall be due when billed. Applicant agrees to pay the amount due within thirty (30) days following the due date to avoid a finance charge. After thirty (30) days, Applicant agrees to pay a finance charge of one and one-half (1-1/2%) percent per month or the maximum rate of eighteen (18%) percent. It is not the intent of either party to violate any Usury Statutes; any excess interest collected will be credited against principal.
6. If this account is not paid in full when due and is placed in the hands of an attorney for collection, Applicant agrees to pay twenty-five percent additional on principal and interest as attorney's fees, and all court costs.
7. DISCLAIMER OF WARRANTIES: INDUSTRIAL FABRICS, INC. DISCLAIMS ALL WARRANTIES EITHER EXPRESSED OR IMPLIED INCLUDING THE WARRANTY OF MERCHANTABILITY AND FITNESS FOR PURPOSE. THE MATERIALS AND EQUIPMENT SOLD TO APPLICANT ARE SOLD AS IS WHERE AS. Notwithstanding, if Industrial Fabrics, Inc. furnishes any written limited warranty, the limited written warranty will prevail.
8. Venue: For all goods and products sold in Texas, venue lies in Houston, Harris County, Texas. For all other transactions, venue lies in East Baton Rouge Parish, Louisiana.
9. State Laws: The laws of the State of Louisiana and Texas shall control the construction of any transaction between Industrial Fabrics, Inc., Applicant and Guarantor.
10. Security Interest: Applicant grants to Industrial Fabrics, Inc. a purchase money security interest in all materials and equipment sold. Applicant authorizes Industrial Fabrics, Inc. to execute and file a financing statement to evidence the security interest.
11. NOTICE TO APPLICANT: DO NOT SIGN THIS AGREEMENT UNTIL YOU HAVE READ IT. YOU ARE ENTITLED TO A COPY OF THE SIGNED AGREEMENT.

Guaranty

For value received, the undersigned does hereby personally, primarily, and individually, guarantee payment of all amounts due and owing by Applicant to Industrial Fabrics, Inc. including principal, interest, attorney fees and costs.

Applicant agrees that this guaranty shall continue and remain valid and enforceable as to all indebtedness now existing or hereinafter incurred by Applicant until ten (10) days after receipt of written notice by the undersigned to Industrial Fabrics, Inc. terminating this guaranty. To the extent not prohibited by law, Guarantor waives all notices and all defenses including the defense of impairment of collateral and any other defenses not prohibited. Guarantor agrees that Guarantor may be sued without necessity of joiner of Applicant.

Terms and General Conditions of Sale

1. QUOTATIONS: Price lists and quotations are valid for thirty (30) days and thereafter subject to change without notice. Special order quotations are firm for acceptance within forty-five (45) days. Prices on signed Purchase Orders are firm for shipment within ninety (90) days; thereafter units not shipped are subject to invoicing and storage charges of 5% of unit price per month.
2. PAYMENT TERMS: Purchases other than for cash are subject to credit approval. Payments on open account are due 30 days Net from invoice date. NO RETAINAGE WILL BE ALLOWED. Failure to pay within the specified time allows Industrial Fabrics, Inc. to charge interest at the Annual Percentage Rate of 18% on unpaid accounts, together with all costs of collection.
3. DELIVERIES: All delivery requests should be placed a minimum of 24 working hours in advance of the desired time of delivery. All deliveries are scheduled on a first-come, first-serve basis.
4. TAXES: All Federal, State, and Local taxes in effect at the time of shipment shall be paid by Buyer. It is Buyer's responsibility to provide a tax-exemption certificate with the Purchase Order if a project is exempt. Absent a certificate, Buyer agrees to pay any taxes subsequently invoiced.
5. TRANSPORTATION: All transportation costs other than those included in FOB destination prices shall be paid by Buyer. Unloading time is limited to one hour; additional time is charged at $65.00 Net per hour. Buyer must be available at the delivery site to sign the delivery ticket.
6. RETURNS: Returned products are subject to count and inspection. Credit is issued only for standard stock items in resalable condition, at contract unit prices less a 25% restocking charge, within ninety (90) days of purchase. NO CREDIT WILL BE ALLOWED ON ANY RETURNED CUSTOM OR SPECIAL ORDER PRODUCTS.
7. ESTIMATES: Industrial Fabrics, Inc. assumes no responsibility for the accuracy of estimates of Buyer's requirements. Buyer must supply exact order quantities.
8. SPECIAL AND CUSTOM ORDERS: Signed Purchase Orders indicating exact order quantities are required and, once accepted, are not cancelable in whole or in part. Quoted prices are based on estimated quantities; smaller totals are subject to price adjustments.
9. QUALITY AND CLAIMS: Products are guaranteed to conform only to specifications quoted or published at the time of shipment. Seller is not responsible for damage after delivery; claims for visible damage must be noted on the carrier's Bill of Lading. Use of product by Buyer shall constitute acceptance. Except as expressly set forth in writing, all warranties (including merchantability and fitness for a particular purpose) are disclaimed.
10. FORCE MAJEURE: Industrial Fabrics, Inc. shall not be liable for any failure or delay of performance due to causes beyond its control. In no circumstances shall Industrial Fabrics, Inc. be liable for incidental or consequential damages.
11. PRELIMINARY NOTICES: Buyer agrees it is a material obligation to furnish all information needed by Industrial Fabrics, Inc. to timely file a Preliminary Notice on any construction project for which it is furnishing labor and/or materials.

”” END OF TERMS & CONDITIONS ””