Bolt Expo LLC Credit Policy & Agreement
Generally: Bolt Expo, LLC (hereinafter “Bolt Expo”) may extend certain credit privileges to the Buyer, (hereinafter “Buyer”, “Applicant” or “Business”). Bolt Expo may, at its discretion and without written or oral notice to the Buyer, suspend, lower or discontinue credit privileges to the Buyer. Any extensions of Credit are made subject to this Credit Policy and Agreement (“Agreement”).
Application: Bolt Expo will only accept credit applications that are made in writing and complete. Bolt Expo may, at is discretion, accept verbal information in order to expedite the application process. However, Buyer shall be required to submit to Bolt Expo a complete written and signed application prior to final approval. Bolt Expo shall review all applications of all Buyers to determine their credit worthiness and the amount of credit, if any, to be extended. The Buyer will be advised when a final decision has been made on the application. Buyer shall be obligated to update any changes in the credit application, including a change of address for Buyer or any Guarantor.
Line of Credit: The amount of credit and the terms of such credit shall solely be determined by Bolt Expo based upon the following information: (1) the amount of credit requested by Buyer; (2) the credit history of Buyer; (3) the credit worthiness of Buyer; and (4) the financial stability of Buyer. The credit history and worthiness of any guarantors may also be taken into consideration when making any credit decision.
Credit Terms: All purchases made are to be paid in full in accordance with the terms of the specific invoice, with no exceptions for a longer payment term. All payments shall be made payable to Bolt Expo, and paid by check, cash, or credit card. If the Buyer fails to pay Bolt Expo the amount owed in full when due, the Buyer shall be in default. Bolt Expo shall use all remedies available under Georgia law in order to collect the amounts owed by Buyer, including but not limited to initiating litigation and/or obtaining a materialmen’s lien. Upon the Buyer’s default, Buyer shall be responsible for the principal amount owed, plus interest at the rate of 1.5% per month on any outstanding balance. Furthermore, Buyer shall also be responsible for full cost of collections, including, but not limited to, all attorneys’ fees incurred by Bolt Expo, regardless of whether litigation has been commenced.
Trading Terms and Conditions: All purchases are expressly contingent upon Buyer’s complete and unaltered acceptance of Bolt Expo’s Trading Terms and Conditions (the most recent copy of which is available at www.boltexpo.com). No terms or conditions other than those stated in the Bolt Expo’s Trading Terms and Conditions shall be biding upon Bolt Expo unless set forth in writing and signed by Bolt Expo.
Security: Bolt Expo may, at its discretion, request security from the Buyer or additional guarantors in order to extend or continue credit to the Buyer.
Guarantor: The individual whose name and signature appears on the Credit Application shall be personally liable for any outstanding amount that may be owed to Bolt Expo in the event of default, unless a different guarantor has been identified and signs the credit application. For value received, and for the purpose of influencing Bolt Expo to extend credit or other financial accommodations, or to continue to extend credit or other financial accommodations, to Buyer, each person or entity who signed the Seller’s Credit Application as guarantor (hereinafter “Guarantor”, whether one or more) hereby guarantees jointly and severally, without limitation as to amount, the prompt payment when due of any and all indebtedness of Buyer to Bolt Expo, together with any late payment charge that may accrue thereon, regardless of how such indebtedness is incurred, whether such indebtedness is direct or indirect, absolute or contingent, due or to become due, or exists now or arises hereafter, on the terms and conditions herein (the “Guaranty”). In addition, Guarantor agrees to pay all costs of collection, legal expenses and attorney’s fees paid or incurred by Seller in the collection of Buyer’s indebtedness and in enforcing this Guaranty. The foregoing indebtedness, principal, interest, costs, expenses and fees are hereinafter called the “Indebtedness”. The Guaranty is continuing and shall remain in full force and effect upon Guarantor and Guarantor’s heirs, executors, administrators, successors and assigns until the later of (a) expiration of thirty (30) days after written notice by Certified Mail of revocation is received by Bolt Expo and (b) all of the Indebtedness owed to Bolt Expo by Buyer will have been fully paid (including all late payment charges and attorneys’ fees which accrue after expiration of the 30 day period). Guarantor waives all claims for subrogation, reimbursement, exoneration, contribution and indemnification with respect to sums paid or payable to Bolt Expo by Guarantor. Guarantor hereby waives any right to enforce any remedy that Bolt Expo now has or may hereafter have against the Buyer. Guarantor further agrees that any and all claims of Guarantor against Buyer will be subordinate and subject in right of payment to the prior payment in full of all principal, interest, reasonable costs of collection (including attorneys’ fees and expenses), and any other liabilities or obligations owing to Bolt Expo by Buyer.
Withdrawal of Credit: If the Buyer defaults on payment of the amount owed to Bolt Expo, or, if upon periodic review of the Buyer’s repayment history or credit worthiness any negative information is discovered, Bolt Expo reserves the right to discontinue, lower or revoke Buyer’s credit, and demand all future deliveries be on a C.O.D. (payment on delivery) basis.
Not a Consumer: Buyer represents and warrants that Buyer is not a “consumer” as defined in the Federal Consumer Credit Protection Act, or any other consumer credit laws (Federal, State or Local), and Buyer waives all rights granted to consumers under the Federal Consumer Credit Protection Act, and other Federal, State and Local laws pertaining to “consumer” rights. Buyer further represents and warrants that all purchases made from Bolt Expo and any credit extended hereunder will be used solely for business and commercial purposes
Waiver and Modification: No action or inaction on the part of Bolt Expo shall be deemed a waiver of Bolt Expo’s rights under this Credit Policy. All modifications of this Agreement shall be in writing.
Governing Law; Consent to Jurisdiction and Venue. This Credit Policy shall be governed by the laws of the State of Georgia and the courts of Gwinnett County, Georgia shall have exclusive jurisdiction without reference to the choice of law, conflicts of law, or principles of any other state or country which might otherwise be applied. BUYER HEREBY CONSENTS TO JURISDICTION, PERSONAL AND OTHERWISE, OF SUCH COURTS, AND HEREBY WAIVES ANY OBJECTIONS OF ANY NATURE TO VENUE IN SUCH COURTS.