1. Applicant agrees that any extension of credit is subject to the terms and conditions set forth herein and in invoices issued to Applicant. No other terms and conditions shall become part of any sales agreement, purchase order, or other transaction, unless set forth in writing and signed by both parties.
2. If ("Seller") agrees to extend credit, all decisions regarding the granting or continuation of credit are at the sole discretion of Seller and may be terminated at any time. Applicant hereby authorizes Seller to contact credit reporting services and other third parties to determine Applicant's creditworthiness. Seller assumes that Applicant is solvent. Continued solvency is a precondition to any sale made by Seller. Applicant agrees to update this Application and financial statements upon request.
3. Acceptance of goods, without notification of dispute or defect pursuant to notice requirements and procedures set forth in invoice, shall be deemed an admission of liability for the amounts referenced in the invoice. Payments received may be applied against open charges at the discretion of Seller. Unresolved credit items shall be deemed to have been issued in error and the property of the Seller if, after notice, Applicant asserts no interest in the item.
4. Payment of all amounts owed shall be made not later than due date as indicated on invoice. Any amounts not paid by due date shall be subject to a late payment charge of 1-1/2% per month, or the highest rate allowed by law, if lower. In addition, Applicant agrees to be responsible for all collection costs and attorneys' fees incurred by Seller in connection with any delinquent account.
5. Applicant hereby authorizes Seller, its successors and assigns, by it's designated attorney, to waive the issuance of service of process and confess judgment against it for the entire unpaid balance of applicant's account, together with all costs applicable to such action.