IN CONSIDERATION of Main Tape extending credit to the applicant, in order to facilitate the purchase of Main Tape products, the applicant agrees to the following terms and conditions of sale:
Credit Limit: If approved by Main Tape, the applicant will be assigned a Credit Limit, which is subject to periodic revisions, as Main Tape deems necessary.
Terms of Sale: Invoices are due and payable 30 days from the date of the invoice (F.O.B. shipping point), unless otherwise agreed upon in writing.
Late Payment: Past due balances are subject to late payment service charges of 1.5% per month (an annual rate of 18%), or the highest legal rate acceptable in the State in which credit is extended, whichever is less.
Returns: No returned goods will be accepted without prior authorization. Goods returned for credit must show their original invoice number and the return authorization number with the return freight having been prepaid.
Bad Checks: A service charge of $50.00 will be applicable to each returned check.
Revocability: When invoices are past due, or if the applicant’s account has reached its assigned Credit Limit, Main Tape, at its own discretion, retains the right to hold shipments pending payment. Main Tape may also place the applicant on C.O.D. or other cash terms for failure to pay within terms.
Litigation: In the event of any litigation arising out of the agreement, the applicant agrees to pay all reasonable attorney fees and other costs of collection.
Waiver: The failure of Main Tape to enforce any provision of this agreement does not waive Main Tape’s rights to enforce the remaining provisions of this agreement.
State Laws:This Credit Agreement will be governed by the laws of the State in which credit is extended.
I. Limited Warranty:
Main Tape warrants to Customer that for a period of six (6) months from the date of shipment of a Product from Main Tape’s factory (hereinafter the “Warranty Term”) such Product will comply with Main Tape’s internal criteria for material and workmanship, a copy of which is available upon request at Main Tape’s offices. In the event of any nonconformity during the Warranty Term, Main Tape’s sole responsibility shall be, at its sole option and expense, (a) to accept a return of the defective Product and refund the purchase price therefore without interest or (b) to replace the Product with the same or similar Product. IN NO EVENT SHALL MAIN TAPE BE LIABLE FOR LOSS OR DAMAGES, WHETHER DIRECT, INDIRECT, SPECIAL INCIDENTAL OR CONSEQUENTIAL, REGARDLESS OF THE LEGAL THEORY ASSERTED, WHETHER NEGLIGENCE, WARRANTY, STRICT LIABILITY OR OTHERWISE. All warranty claims must be in writing and submitted by Customer to Main Tape.
II. Limitation of Warranty:
Customer shall be solely responsible for determining the suitability of the Product for Customer’s desired use. Additionally, the warranty given under paragraph I shall not apply: (a) if Customer stores, applies or uses Product in manner other than in accordance with Main Tape’s published instructions [available by calling 1-800-858-0481], (b) if Customer does not present a claim for breach of warranty by the end of the Warranty Term, or (c) if Customer is in default of any of its obligations to Main Tape, including payment of any amount due hereunder or otherwise.
III. Disclaimer of Warranties:
THE WARRANTY SET FORTH IN PARAGRAPH I (AS LIMITED BY PARAGRAPH II) IS IN LIEU OF ALL OTHER WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS, IMPLIED AND/OR STATUTORY, AND ALL SUCH OTHER WARRANTIES, INCLUDING BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, ARE HEREBY DISCLAIMED.