Credit application

Ownership of goods: The seller retains ownership of the goods sold until final payment of the sale price. Any loss shall become the responsibility of the Buyer from the time of departure of the goods or services from the Seller. Any claim, lack or error, must be made within 10 days of the date of the invoice.

Failure to Pay: In the event of failure to pay the price in accordance with the terms of payment set forth in the following paragraph, Seller shall have the right, in its judgment, either to demand payment of any balance due on the sale price or to repossess the goods sold, without the necessity of any notice or legal proceedings to that effect, the customer consenting thereto in advance, without any indemnity or return of monies received from the sale prices, if any.

Return of goods: No return of goods will be accepted without authorization from the seller. In addition, an administrative fee equivalent to 20% of the selling price of such goods will be charged to the customer, if applicable.

Regular term: Net 30 days, or as agreed between the parties.

Interest: Any past due account will bear interest at the rate of 24% per annum (2% per month) calculated and compounded monthly.

Purpose: The above terms and conditions shall apply to all transactions relating to the purchase of goods between the parties throughout the duration of their business relationship and shall be binding upon the heirs, successors, legal representatives or assigns.

Credit Agreement: The parties mutually agree that Seller’s possession of a facsimile (fax copy) of the credit agreement duly completed and signed by Buyer shall constitute conclusive evidence in the same manner as if Seller held the original copy of the credit agreement.

Personal liability: In the case of a corporation, the person signing for the corporation also personally commits himself/herself, by the fact of this signature alone, jointly and severally with the corporation, to the vendor, for all obligations arising from purchases made following this credit application.

Credit Information Authorization: The customer hereby applies for the opening of his customer account, authorizes the seller and his official employees or representatives to obtain any information concerning himself, his associates or the shareholders and directors of the company.

Liquidated Damages: In the event that the Customer fails to perform any of its obligations hereunder, the Seller shall retain counsel for the protection of its rights or to enforce them. The customer agrees to pay to the seller an additional sum equivalent to 10% of any balance which would then be due, as damages, unless exempted by law or regulation. This clause also applies in cases where the account is placed in collection with a collection agency.

Credit Approval: This credit agreement shall become effective upon approval by the credit department.

Election of Domicile: Customer agrees that for all purposes relating to this Agreement or the goods sold and the performance of all obligations hereunder, the parties elect domicile at the place of business of the Seller mentioned in this Credit Agreement and Customer waives any rights it may have with respect to the jurisdiction of the courts of any other district of this Province or of any other district of the Provinces concerned.