TERMS OF PAYMENT
Payment is due according to the terms set forth on the statement. If Buyer fails to pay the statement balance by the last calendar day of the month immediately following the billing period, interest shall accrue to Hight Enterprises LTD’s (d/b/a McGuckin Hardware) credit on such sum at the rate of 1.5% per month. If Hight Enterprises LTD, in its sole discretion, finds it necessary to employ an attorney to collect any past due sum owed here under, it may collect, in addition to any other sum owed here under, reasonable attorney fees.
Any credit terms offered by Hight Enterprises LTD are available only for so long as Buyer complies with all of its obligations under these terms and conditions, including, without limitation, the provisions requiring timely payment of invoices within stated terms. If credit terms are no longer available, Buyer shall pay cash in advance for all purchases. If Hight Enterprises LTD shall have any doubt at any time as to Buyer’s financial responsibility, Hight Enterprises LTD, at its option, either may:
(a) Decline to allow further charges except upon receipt of cash in advance or upon giving of other security satisfactory to Hight Enterprises LTD.
(b) Terminate this sale.
Nothing in this paragraph is intended to affect the obligation of Buyer to accept and pay for the goods.
Buyer shall not be entitled to deduct from the price invoiced to it by Hight Enterprises LTD the amount of any claim asserted by Buyer against Hight Enterprises LTD, unless such claim shall have been allowed, in writing, by Hight Enterprises LTD. The provisions of the preceding sentence are of the essence of this sale.
Buyer will be in default if
(a) Buyer fails to pay to Hight Enterprises LTD any amount when due under this agreement.
(b) Buyer fails for a period of ten (10) days after receiving written notice from Hight Enterprises LTD to fulfill or perform any provisions of this agreement.
(c) Buyer becomes insolvent or bankrupt, or a petition therefor is filed voluntarily or involuntarily and not dismissed within thirty (30) days from filing.
(d) Buyer makes a general assignment for the benefit of its creditors, or a receiver is appointed, or a substantial part of Buyer’s assets are attached or seized under legal process and not released within thirty (30) days thereafter.
Questions? Please contact Accounts Receivable.