ACCOUNT AGREEMENT for CREDIT APPLICATION

 By signing this agreement, the BUYER understood that:

 ORDER:  All orders must be placed with a written Purchase Order with proper P. O. number and the authorized signature and faxed to Color Stone at (404)696-2002.  The Purchase Order must clearly state the agreed prices, payment term, delivery date, and delivery carrier.  All tiles are sold by box, not by piece.

PRICES:  The prices are subject to change without notice.  The updated price list will be mailed or faxed to the BUYER within 15 days from the date of change. 

TERMS:  Payment shall be due for all credit extended no later than thirty (30) days from the date of Bill of Lading (hereafter “B/L). Payment terms for sample orders are COD.  All checks must be payable and addressed to Color Stone International, Inc. 5475 Tulane Drive; Atlanta, GA30336; USA.

SERVICE CHARGE:  The BUYER understood and agreed that any invoice remaining unpaid beyond the terms specified shall be subject to a monthly service charge of two percent (2%) for each thirty (30) day period (annual percentage rate of 24% ) - that such invoice shall remain unpaid.

LATE FEES:  To the extent not prohibited by law, Color Stone Int’l, Inc. will charge and the BUYER agrees to pay the above stated service charge plus a late fee of $10.00 if the BUYER fails to make required payment within 10 days after the payment due date.

DAMAGE & LOSS CLAIM:  The BUYER agreed to sign the B/L of good condition shipment and to accept the full and no damage shipment; to state any loss and visible damages on the B/L and have the driver sign it; to claim all loss and damage of the shipment to the delivery carrier.

RETURN MATERIAL:  No material may be returned without proper authorization from Color Stone Int’l.  Absolutely no return after thirty (30) days from the B/L date.  Absolutely no return after installation.  Absolutely no return of broken boxes or broken packing. The VENDOR will only accept unopened boxes.  An invoice number and date of purchase must be provided to the Color Stone Int’l before returning material.  All returned material will be subject to a 15% restocking charge unless the material has defect. The BUYER will be responsible for return freight and other charges.

DEFAULT-COLLECTION COSTS: If all or any part of the indebtedness incurred by reason of extension of credit shall be collected by or through an attorney at law or any outside sources, the VENDOR may charge the BUYER reasonable attorney’s fee and

court costs as permitted by law and as actually incurred by the BUYER in addition to the principal amount of the indebtedness, accrued finance and collection costs.

SUSPENSION OF CREDIT: If the BUYER’S account balance in delinquent or in default, at VENDOR’S discretion, the VENDOR may not authorize a shipment for the BUYER’S purchase order.

CHANGE OF TERMS:  Color Stone Int’l may change any term or part of this Agreement by sending the BUYER a written notice before the change is to become effective.  Color Stone Int’l may apply any such change to the outstanding balance of the BUYER’S account on the effective date of the change and to new orders placed thereafter.  If the BUYER does not agree to the change, the BUYER must notify the VENDOR in writing within 7 days after the effective date of the change at the address provided in the notice of change, in which case the BUYER’S account will be closed and the BUYER must pay the VENDOR the balance under the existing terms of the unchanged invoice terms.

CHANGE OF ADDRESS:  If the BUYER changes address and telephone and fax numbers, the BUYER must notify Color Stone Int’l of the new address and telephone and fax numbers within 15 days.

GOVERNING LAW:  This Account Agreement shall be governed by the laws of the State of Georgia.

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PERSONAL GUARANTEE

 In consideration of credit being extended by Color Stone International Inc. to the above named buyer for merchandise to be purchased, whether applicant be an individual or individuals, a proprietorship, a partnership, a corporation, or other entity, the undersigned guarantor or guarantors each hereby contract and guarantee to Color Stone International, Inc., the faithful payment, when due, of all accounts of said applicant for purchases made within five years next after the date of this agreement.  The undersigned guarantor or guarantors each hereby expressly waive all notice of acceptance of this guarantee, notice of extension of credit to applicant, presentment, and demand for payment on applicant, protest and notice to undersigned guarantor or guarantors of dishonor or default by applicant or with respect to any security held by Color Stone International, Inc., extension of time of payment to applicant, acceptance of partial payment or partial compromise, all other notices to which the undersigned guarantor or guarantors might otherwise be entitled and demand for payment under this guarantee.  Any revocation of this guarantee shall be in writing and delivered to Color Stone International, Inc.

NOTICE TO APPLICANT: Do not Sign this account agreement BEFORE you read it.  The Buyer agrees to be bound by the terms and conditions of this Agreement for extended credit. The APPLICANT authorizes Color Stone Int’l or Color Stone’s agents to investigate the Buyer’s credit and financial records, including the balances of any checking and saving accounts. The Buyer certifies that the information contained in the application is true and correct as of this date and the Buyer agrees that any person who signs below on the Buyer’s behalf is authorized and enter into this Account Agreement.

BUYER UNDERSTANDS AND AGREES THAT THE CREDIT LINE WILL BE REDUCED IF BUYER’S ACCOUNT HAS 90 DAYS OR OLDER PASTDUE.  

BUYER UNDERSTANDS AND AGREES THAT ORDER WILL BE HELD UNTIL ALL THE BALANCE IS PAID IF BUYER’S ACCOUNT HAS 60 DAYS OR OLDER PASTDUE.

BUYER UNDERSTANDS THAT THE CREDIT TERM WILL NOT BE APPROVED UNLESS PAGE 4 IS COMPLETED AND PERSONAL GUARRANTEE IS SIGNED.

 

X______________________________________________________________________

SIGNATURE                                                                                   DATE

PLEASE PRINT: ________________________________________________________

 

NAME (PRESIDENT OR MAJOR OWNER)                          SS#  (MUST FILL)

This Credit Application covers the following branches or subsidiaries of the company.

 

Business Name _____________________ Phone # _____________ Fax #___________

 

Address _____________________________________________ State____ Zip_______

 

Business Name _______________________ Phone #_____________ Fax #__________

 

Address _____________________________________________ State____ Zip_______

Please attach a list of additional business names if there are more.

THE ORIGANIAL COPY OF THIS AGREEMENT MUST BE MAILED TO COLOR STONE INTERNATIONAL, INC.

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