Credit privileges with Jinny Corp., Jinny Beauty Supply Company, Inc. or any of our operating divisions, affiliates or subsidiaries (collectively “Jinny”) are offered as a convenience to our customers, and may be withdrawn at any time at the sole option of Jinny. By signing this credit application, customer acknowledges that it has read this agreement and that it fully understands and accepts the terms of this agreement.
CREDIT APPROVAL. Credit will be extended only to customers who have established credit worthiness, who are not past due with Jinny or any other supplier, and who are approved by Jinny. Credit privileges may suspended or canceled by Jinny at its sole option at any time. Customer acknowledges that Jinny may request credit reference information on us at any time and agree to hold harmless and indemnity Jinny for the information provided.
CREDIT POLICY. Customers will receive an invoice not less often than monthly for product ordered from any of Jinny’s locations. Invoices not paid by the 30th day after the original invoice date will be considered past due and will be assessed a finance charge as hereinbelow provided. Jinny may from time to time provide customer with statements showing open invoices and accured finance charges; however, customer’s obligation to pay Jinny for product sold to customer on credit commences with the date of shipment. Alternatively, accrued and unpaid finance charges may be included as part of customer’s next invoice for product ordered and shipped, and shall be immediately due and payable. Jinny will accept credit cards as a form of payment at no charge at the time an order is placed; however, credit cards used to pay invoices will incur an additional charge of 3% on the total unpaid balance.
FINANCING CHARGES. A finance charge will be added to all balances thirty (30) days past the original invoice date, until paid, at a rate of 1.5 percent per month (an ANNUAL PERCENTAGE RATE [API] OF 18.0 PERCENT) on all purchases. Jinny does not agree or intend to contract for, charge, collect, take, reserve, or receive (collectively referred to herein as “charge or collect”), any amount in the nature of interest, finance charges or in the nature of a fee for these credit privileges, which would in any way or event (including demand, prepayment, or acceleration) cause Jinny to charge or collect more for these credit privileges or finance charges than the maximum it would be permitted to charge or collect by federal law or the law of the state from which the invoice was generated or product was shipped by Jinny (as applicable). Any such excess interest, finance charge or unauthorized fee shall, instead of anything stated to the contrary, be applied first to reduce the principal balance of the amount due Jinny, and when this amount has been paid in full, be refunded to customer.
ADJUSTED BALANCE. The finance charge will be computed by applying the periodic rate shown above to the balance owed on the past due invoice, including unpaid finance charges from the previous billing period, and subtracting payments received and credits issued.
C.O.D. PURCHASES. All customers who have not been approved for credit will be on a cash, credit card, or prepaid basis only. Before customer picks up or receives any delivery of product, the invoiced amount must be paid in full. DISPUTES AND DEFAULTS. Your request for credit privileges with Jinny, as set forth in this agreement, shall be deemed a contract made under the laws of the state and country of which you reside.