CONFIDENTIAL Revised 03/11
COMMERCIAL CREDIT APPLICATION AND OPEN ACCOUNT AGREEMENT
OFFICE USE ONLY
Approved by ____________ LIVE OAK MATERIALS, INC.
Approval date___________ 600 FM 2725, Ingleside, TX 78362
Credit Line _____________ P O Box 1269, Aransas Pass, TX 78335
Office (361) 775-0065 Fax (361) 775-2676
Web Site: www.liveoakmaterials.com
Name ____________________________________________________ Bus Phone (______) _____________________________________
Trade Name (If Diff) _________________________________________ Fax Number (______) ___________________________________
Physical Address ____________________________________________ Mobile Phone (______) __________________________________
____________________________________________________________ Home Phone (______) ___________________________________
Billing Address ___________________________________________ E-Mail: ________________________________________________
__________________________________________________________ Corporation [ ] Partnership [ ] LLC [ ]
Registered Agent __________________________________________ Proprietorship [ ] Individual [ ]
Addr /Phone _______________________________________________ If Corporation/LLC, State in which incorporated _________
Date Business Established __________________________________ Date Incorporated ___________ EIN# ___________________
Name and location of any other business (es) owned: ____________________________________________________________________
NAMES OF OWNERS, PARTNERS, OFFICERS, PARENT OR SISTER COMPANIES:
NAME TITLE RESIDENCE ADDRESS HOME PHONE SOCIAL SECURITY #/EIN
Name of Accounts Payable Representative: _______________________________________________________________________________
If branch or division, location of home office ___________________________________ Phone (______)_____________________________
Open Account? [ ] Commercial [ ] Residential [ ] Type of Business _____________________________ Req. Yds/Mo ____________
Job Name & Job Location/Address ____________________________________________________________ Total Yards ____________
Are purchase orders required? YES [ ] NO [ ] Tax Exempt? YES [ ] NO [ ] If yes, attach certificate.
BANK REFERENCE AND FINANCIAL INFORMATION:
NAME/LOCATION ACCT# PHONE CONTACT
Commercial Checking ______________________________________________________________________________________________
Construction Loan ____________________________________________________________________________________________________
TRADE REFERENCES (INCLUDE A CONCRETE REFERENCE) AND PRINCIPAL SUPPLIERS:
NAME ADDRESS PHONE BALANCE OWED
Name/Address of Landlord/Mortgagee ___________________________________________________________________________________
Are you now in a bankruptcy proceeding, or have you filed a bankruptcy or had an involuntary insolvency proceeding filed against you?
When _____________Where ______________________________ Are you currently a party to any lawsuit, or are there any outstanding judgments against you or your business? YES [ ] NO [ ] Explain: ____________________________________________________
Note: The terms of this agreement supersede terms and conditions of any purchase order submitted
TERMS AND CONDITIONS:
1. All amounts paid by the 10th day of the month following month of purchase may be allowed a discount unless quoted on a net basis. Any amount not paid by the discount date will be due 30 days following invoice date. You, as Buyer (“Buyer”) agree that Buyer will pay all invoices within the stated terms and agree to all terms contained in invoices supplied by Live Oak Materials, Inc. ("Seller") as may be amended from time to time. In the event payment is not timely made, Buyer agrees to pay a finance charge of 1½% per month (18% per annum) or at the highest rate allowed by law on all overdue amounts, and to pay all collection costs incurred by Seller in enforcement of the terms and conditions of this agreement, including court costs, reasonable attorney's fees, and collection agency fees. TERMS AND CONDITIONS CONTINUED ON NEXT PAGE OF AGREEMENT Page 1 of 2
TERMS AND CONDITIONS CONTINUED
2. Buyer agrees that this agreement will be governed by the laws of the State where the sales are made and that in the event legal action becomes necessary, jurisdiction and venue shall be in Texas.
3. Buyer agrees that any line of credit desired or approved is not a limitation of liability, and Buyer expressly agrees that Buyer will be responsible for valid charges in excess of a credit limit.
4. Buyer hereby authorizes the Seller to utilize oral or written consumer credit reports on Buyer from time to time in connection with the extension or continuation of the business credit represented by this credit application. Buyer authorizes the Trade References listed herein to release to seller any information concerning the credit or financial status of buyer.
5. Buyer agrees that all information supplied by Buyer herein is correct to the best of Buyer’s knowledge, and Buyer understands that all goods or services purchased from Seller are subject to all terms and conditions contained in this credit application and agreement and all other terms and conditions contained on any of the Seller's invoices, delivery tickets and/or statements.
6. If the Buyer’s legal structure or ownership changes after the execution of this Application, Buyer shall notify Seller in writing within 15 days of such change and both Buyer and any subsequent owner, entity or individual from such change in legal structure or ownership shall be liable to Seller for any indebtedness incurred by Buyer, other entity or individual.
7. Buyer understands that all goods or services purchased from Seller are subject to all terms and conditions contained in this credit application and agreement and all other terms and conditions contained on any of the Seller’s invoices, delivery tickets and/or statements. The terms and conditions of this Application shall apply to and govern all purchases of goods by the Buyer from Seller regardless of any terms of any preceding or subsequent purchase order(s) of the Buyer and regardless of any oral promises of any employee of the Seller. In the event of any conflict between the provisions of this Agreement and the terms of any other agreement, sales order, purchase order, oral statement or otherwise, the terms and conditions of this Agreement shall control.
8. Buyer agrees that all funds owed to Buyer from anyone or received by Buyer to the extent those funds result from the labor or materials supplied by Seller shall be held in trust for the benefit of Seller (Trust Funds). Buyer may commingle Trust Funds, but agrees it has no interest in Trust Funds held by anyone and to promptly account for and pay to Seller all such Trust Funds.
9. Seller shall have the sole discretion and complete right to apply any payment received from Buyer in any manner which Seller deems proper unless otherwise specified in the remittance by Buyer.
10. SELLER MAKES NO EXPRESS OR IMPLIED WARRANTIES WITH RESPECT TO ANY GOODS OR PRODUCTS SOLD. ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED AND EXCLUDED BY SELLER.
11. Buyer agrees and stipulates that a copy, facsimile and/or electronic version of this Application and all other documents between Buyer and Seller shall be binding between Seller and Buyer without the necessity of Seller producing an original document.
12. Seller shall not be liable for any damages or other losses resulting from any delay in delivery or performance where such failure is the result of a cause beyond the Seller’s reasonable control, including but not limited to, an act of God, any government law, regulations, or order, shortage of material, or any other cause beyond the Seller’s reasonable control.
13. Seller’s liability hereunder shall be limited to the purchase price paid by the Buyer for any goods. IN NO EVENT SHALL SELLER HAVE ANY LIABILITY FOR COMMERCIAL LOSS, CLAIMS FOR LABOR, OR ANY CONSEQUENTIAL DAMAGES OF ANY OTHER TYPE.
This document is executed on the _____ day of _____________________, 20________.
CORPORATE SEAL __________________________________________________________________
Name of Corporation/Partnership/Proprietorship
1. In consideration of the extension of credit to ____________________________________________ ("Buyer") by Live Oak Materials, Inc. ("Seller"), and for good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned guarantee the full and prompt payment when due, whether by acceleration or otherwise, of all past, present and future indebtedness, obligations and liabilities of the Buyer to the Seller, including all costs of collection, interest at the contract rate and reasonable attorney's fees.
2. The undersigned waive(s) all notices and demands of any kind, including, but not limited to, all demands of payment and notices of nonpayment and dishonor of the above obligations by Buyer. The undersigned further consent (s) to any extension of credit, acceleration, modifications, amendments or changes of terms of any agreements concerning the obligations, including, but not limited to, any extensions or renewals of the obligations or change in the rate of interest, the acceptance of any partial payments or the release or transfer of any collateral for the payment of the obligations.
3. The undersigned hereby authorize the Seller to utilize oral or written consumer credit report on each signator/guarantor from time to time in connection with the extension or continuation of the business credit represented by this credit application.
4. This Guaranty is a continuing guaranty of payment, and shall inure to the benefit of Seller from the date hereon and shall remain in full force and effect until written notice of termination thereof has been received by the Creditor by certified mail, return receipt requested. Termination of the guaranty by the undersigned shall not affect any of the Guarantor's obligations hereunder with respect to indebtedness incurred prior to the termination.
5. If the Buyer is a corporation, this Guaranty covers all indebtedness, obligations and liabilities to Seller undertaken on behalf of such corporation by any officer or agent of said corporation, without regard to the actual authority of such officer or agent. The term "corporation" shall include legal entities of any kind whether legally chartered or not.
6. No delay on the part of the Seller in exercising any of its options, powers or rights, or partial or single exercise thereof shall constitute a waiver thereof. All of the Seller's rights are cumulative and alternative. Whenever possible, each provision of this Guaranty shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition without invalidating the remainder of the provision or the remaining portions of this Guaranty. In the event legal action becomes necessary, jurisdiction and venue shall be at the sole option of Seller in the State of Texas.
This document is executed on the _______ day of _____________, 20_____.
Witness Guarantor (Corporate Title if any)
Witness Guarantor (Corporate Title if any) Page 2 of 2