Vendor Door Catalogs PlastPro 2020 Price Book | Page 30

TERMS AND CONDITIONS
Terms & Payment
All terms are 1% 15 days net 30 days from date of shipments as indicated in Plastpro’s invoice. Cash
discounts shall apply to total net material value amount. Cash discounts must be postmarked by the
U.S. Postal Service on or before the discount due date indicated on Plastpro’s invoice. In the event that
the U.S. Postal Service postmark is after the discount due date on Plastpro’s invoice, the unearned cash
discount will be charged back to the Distributor’s account. Plastpro reserves the right to change these
terms at any time upon 30 days written notice. Any payment received by Plastpro after the due date
shall be subject to a late payment charge of 1.5% per month (18% per year). If legal action is instituted
to collect payment from Distributor, the Distributor shall pay reasonable attorney’s fees and the costs
of collection.
Credit
Without exception, all orders and shipments are subject to the approval of Plastpro’s Credit Department.
Plastpro may establish and change the credit and payment terms extended to Distributor when in
Plastpro’s sole opinion Distributor’s financial or previous payment record warrants such action, and
Distributor’s order of Products hereunder constitutes an agreement to honor the credit and payment
terms so established or changed. Distributor will provide promptly upon request such financial
information as may be reasonably required by Plastpro. Distributor also unconditionally assigns to
Plastpro lien rights that Distributor may have, whether as a vendor or otherwise, to secure payment of
moneys owed to Distributor by reason of Distributor’s sale to a third party. Such assignment shall be
limited in amount to the unpaid balance(s) owed by Distributor to Plastpro for such products and shall
remain in effect only for so long as such balance(s) shall remain unpaid. Distributor hereby appoints
Plastpro as its attorney - in - fact to execute and record such documents as are necessary to affect
said assignment and / or to enforce said lien right. Distributor represents that it is not insolvent as that
term is defined in the Uniform Commercial Code. In the event Distributor becomes insolvent before
delivery of the products, it will so notify Plastpro in writing. Distributor’s failure to notify Plastpro shall
be construed as reaffirmation of Distributors solvency at the time of delivery.
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