Payment Terms & Personal Guarantee Agreement
The following terms apply to all sales made or credit extended to Purchaser by Luxury Landscape Supply (Luxury). In consideration of any sale made or credit extended, Purchaser and Guarantor(s) agree to all of the terms stated herein. Purchaser agrees to timely pay all invoices and its account. Guarantor(s) personally agree(s) to guarantee to Luxury the payment of Purchaser’s invoices, account and any indebtedness owed by Purchaser to Luxury including, without limitation, any credit extended to Purchaser. The liability of Purchaser and Guarantor(s) to Luxury is joint and several with Purchaser.
Any person signing below agrees that his/her signature is in two capacities: as agent for Purchaser and personally as guarantor, regardless of an agency designation. In consideration of any sale made or credit extended to Purchaser and as a material inducement to Luxury to make any sale or extend any credit to Purchaser, Guarantor(s), jointly, severally and unconditionally, personally guarantee(s) to Luxury the payment, not merely the collection, of Purchaser’s invoices, account and any indebtedness owed by Purchaser to Luxury whether presently existing or incurred hereafter. Purchaser’s “account” or “indebtedness” includes, without limitation, the administrative account fee, interest, attorney’s fees, bank fees for dishonored checks and collection and court expenses as provided below. Purchaser and Guarantor(s) each represent and warrant that the information provided herein is complete and true. Purchaser and Guarantor(s) authorize(s) Luxury and its agents to investigate the creditworthiness, employment, income, banking, trade and credit references of Purchaser and Guarantor(s) and report to proper persons and bureaus Purchaser's and Guarantor’s performance.
If Purchaser fails to pay his/her/its account or indebtedness when due, Luxury may, at its option, levy a $500.00 administrative account fee to Purchaser’s account, which fee Purchaser and Guarantor(s) hereby agree to pay on demand, to defray Luxury’s costs to process and collect the account or indebtedness before filing suit. Purchaser and Guarantor(s) agree to pay interest at 18% per annum on any unpaid invoice or other charge from its due date until paid. If Purchaser’s account or indebtedness is referred to an attorney to collect, Purchaser and Guarantor(s) agree to pay attorney’s fees equal to 25% of the principal amount of the account or indebtedness found due and owing either by settlement or a court of competent jurisdiction and all collection and court costs incurred by Luxury to collect the same. Purchaser and Guarantor(s) agree to reimburse Luxury on demand for any bank fee incurred because a check or other form of payment is returned unpaid because of insufficient funds or otherwise. Luxury may apply payments in the following order: (i) administrative account and bank fees; (ii) interest; (iii) attorney’s fees; (iv) collection and court expenses; and (v) principal.
Sales are authorized without a signature on an invoice. Sales conclusively evidence the acceptance by Purchaser and Guarantor(s) of the terms set forth herein without exception. Goods may be sold and credit extended to Purchaser without notice to Guarantor(s) who hereby waive presentment, demand, protest, homestead, default, notice of default and evidence of indebtedness. Guarantor(s) personal guarantee(s) is/are continuing and only may be terminated by written notice delivered by certified mail, return receipt requested, to Luxury’s office. Guarantor(s) are liable for all sales made or credit extended to or debt incurred by Purchaser before such notice is received. Guarantor(s) personal guarantee is not discharged or affected by his/her death or the impairment of any security interest or collateral, and is binding on Guarantor(s) heirs, executors and legal representatives.
Purchaser and Guarantor(s) irrevocably waive any right to trial by jury in any action or proceeding concerning this Agreement, the Guarantee, Purchaser’s account or indebtedness, invoices and the commercial relationship between Luxury and Purchaser and/or Guarantor(s). Purchaser and Guarantor(s) agree to submit to personal jurisdiction and venue in a court of competent jurisdiction in Gwinnett County, GA for all disputes or controversies concerning this Agreement, the Guarantee, Purchaser’s account and indebtedness, invoices and the commercial relationship between Luxury and Purchaser and/or Guarantor(s).
Guarantor(s) irrevocably waive(s) and agree(s) to not assert any claim (as defined in 11 U.S.C. §101) that Guarantor(s) may now or hereafter have against Purchaser because of payments or transfers made by Guarantor(s) or payments or transfers for which Guarantor(s) are obligated to make to Luxury hereunder.
SECURITY INTEREST: Purchaser hereby grants a security interest to Luxury in all goods now or hereafter purchased. Purchaser and Guarantor acknowledge reading this Agreement and Guarantee before signing it.
