Free Account Credit Agreement Template
Account Credit Agreement
1. Introduction
This Account Credit Agreement (hereinafter referred to as "Agreement") is entered into as of the May 12, 2058 by and between Blitzcraft, with a principal place of business at Peoria, AZ 85345, and Isabelle Harris, with a principal place of business at Montgomery, AL 36101.
The purpose of this Agreement is to establish the terms and conditions under which Blitzcraft grants credit to Isabelle Harris for the account specified herein.
2. Credit Limit
The credit limit for the account shall be $950,000. This limit is subject to review and modification at the sole discretion of Blitzcraft, provided that Blitzcraft provides Isabelle Harris with written notice of such changes at least 15 days in advance.
2.1 Credit Limit Adjustments
Blitzcraft reserves the right to temporarily or permanently increase or decrease the credit limit, dependent on the creditworthiness and financial status of Isabelle Harris.
3. Payment Terms
All amounts charged to the account must be paid in full within 20 days from the date of the invoice. Failure to comply with these payment terms may result in account suspension or termination.
3.1 Late Payments
If any payment is not made by the due date, Isabelle Harris agrees to pay a late fee of 8% of the outstanding balance per month or part thereof.
4. Interest
An interest rate of 5% per annum shall be applied to all outstanding balances that remain unpaid after the due date.
5. Default
In the event of a default under this Agreement, Blitzcraft may terminate the credit account, demand immediate repayment of all debts and accrued interest, and initiate proceedings for the recovery of all amounts owed.
5.1 Events of Default
Events of default include but are not limited to: (a) failure to make any payment when due, (b) breach of any covenant, representation or warranty contained herein, (c) insolvency, or (d) any other event which Blitzcraft reasonably deems to affect Isabelle Harris's creditworthiness.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona, without regard to its conflict of laws principles.
7. Amendments
Any amendment or modification of this Agreement shall be in writing and signed by both parties.
8. Entire Agreement
This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written.
9. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
Party A:
Party B:
