Aerospace Products International
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TERMS AND CONDITIONS
Credit  terms are extended  based upon financial, management and ownership information  provided to Seller by Purchaser,  and if applicable, appropriate security. Failure by Purchaser to notify Seller of  material changes in this information may result in the revocation of Purchaser's line of credit and the requirement that all outstanding balances be paid immediately. Any changes  in  the following will be considered material:
1.   Purchaser’s financial condition;
2.   The legal form of purchaser’s business (e.g., Proprietorship to corporation; C corporation to S corporation, etc.);
3.   The members of Purchaser’s ownership and management; or
4.   The value of security posted by Purchaser.
 
Aerospace Products International, Inc. (API) Credit Terms and Conditions
Our terms are Net 30 days. On the last day of each month a statement will be prepared and emailed to you listing all unpaid invoices as of the close of business for that month. Any part of a statement not paid by the end of the month following the statement date will be considered PAST DUE and will be assessed a service charge. The service charge will be 1.5% per month (18% per year) in all states (and PR) except as follows: AL, GA, MN and MO (.6666% per month; 8.00% a year); ND, KY, AK, DE and MS (.5831% per month; 7.00% per year): CT (1% per month; 12% per year): NE and NY (1.3333% per month; 16% per year); and VA (.4166% per month; 5% per year) on the past due balance, or the rate permitted by applicable law.
Your account will be assigned a MAXIMUM CREDIT LIMIT, subject to review at any time, and should your unpaid balance exceed this limit, you will be required to make a payment on your account prior to the due date and/or accept purchases on a "CASH ON DELIVERY" or Credit Card basis until such time as your balance is reduced to within your credit limit. API reserves the right to discontinue "CHARGE" shipments should your account become past due; if there is an ownership change or name change; in the event of bankruptcy; or at any time API, for good cause deems itself insecure.
The applicant hereby authorizes full and complete credit and business investigation by API,  agrees to execute all other documents required to conduct such investigation, and understands that API will not process a "CHARGE" order until a signed and completed credit application has been submitted and approved. The applicant hereby authorizes the bank listed on the reverse side to release information to API as necessary for API to approve credit and subsequently for any legal purpose. Should it become necessary to place this account in the hands of an attorney for collection, applicant agrees to pay the reasonable attorney's fees and all costs of litigation and collection, and agrees that in any legal action for collection, service of process will be deemed to be effected and sufficient if made at the customer’s last address provided by customer in writing to API.
Applicant further agrees that any disputes relating to this making of the Agreement or arising in the course of doing business with API shall be governed, construed and enforced in accordance with the laws of Tennessee.  excluding all conflicts of laws rules, and shall be resolved exclusively in the state of Tennessee; Applicant waives all objections to improper or inconvenient venue or forum. In addition, Applicant agrees to API’s terms and conditions as posted at API’s website www.apiworldwide.com incorporated herein by reference and subject to change without notice at the Company’s discretion. 
This CONFIDENTIAL CREDIT APPLICATION contains all terms negotiated between the parties and may be modified only upon written agreement acknowledged in writing by both API and the Applicant.

 


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