Posted by DogmongerCA on 5/15/08 8:46am
Msg #247551
Some helpful tools for successful payment
So much hollering about companies that don't pay. These are some useful tools you can use to help you collect payment. These may or may not be applicable in your state. I am not an attorney, so this is not meant as leagal advice in any manor or form. First form is a letter of Guaranty. Second is a generic credit application. If you get these filled out, it will give you some ammunition when you have to go to court, and the information you recieve will help you in your collection process
GUARANTY AGREEMENT
This Guaranty Agreement (this "Guaranty" is made effective as of
__________________ by ___________________________________, (the
"Guarantor" of _________________________, _________________________,
_________________________, __________.
This Guaranty is being given to ___________________________________, (the
"Creditor" of _________________________, _________________________,
___________________________________.
This Guaranty is being given for the benefit of the Guarantor and for
___________________________________, (the "Debtor" of
_________________________, ________________________,
________________________________.
I. OBLIGATIONS. This Guaranty is given by the Guarantor to induce the
Creditor to extend credit to the Debtor, and in consideration of the Creditor
doing so, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and further acknowledging that
the Creditor intends to rely on this Guaranty, the Guarantor guarantees prompt
payment when due of all payments and liabilities of the Debtor to the
Creditor, whether now existing or hereafter incurred (it being understood and
agreed that this Guaranty is a continuing one, except as such duration is
specifically limited elsewhere in this Guaranty), including interest and
charges, and to the extent not prohibited by law, all costs and attorney's fees
incurred in attempting to realize upon this Guaranty.
II. DURATION. This is a continuing Guaranty which shall remain effective
until the Creditor is provided with written notice of revocation. The notice
shall be delivered in person or mailed by first class mail, postage prepaid, and
shall be deemed delivered on the third day after so mailed, addressed to the
Creditor at the above address (or at such other address supplied to the
Guarantor in writing by the Creditor). No such revocation shall affect the
liability of the Guarantor with respect to the Debtor's obligations to the
Creditor (which "obligations" shall also include the proceeds of the Creditor's
loan commitments to the Debtor, if any) incurred prior to the effective date of
revocation, as long as such obligations are within the scope of this Guaranty.
III. NOTICE OF DEFAULT. The Creditor shall not be required to notify the
Guarantor of a default by the Debtor in the Debtor's commitments to the
Creditor before proceeding against the Guarantor under this Guaranty.
IV. CREDITOR PROVISIONS. The Creditor must exercise reasonable
diligence to recover monies due or performance owed by the Debtor before
seeking to enforce this Guaranty and collect against the Guarantor. If the
Guarantor is required to perform in the place of the Debtor, the Guarantor
will assume the place of the Creditor in any legal action against the Debtor.
This Guaranty is given with the understanding that the security, if any, shall
all be exhausted before any claim is asserted against the Guarantor for
collection of any debt or the performance of the contract by the Guarantor.
V. AUTHORITY TO ALTER OBLIGATION. The Guarantor agrees that,
without notice to the Guarantor, the Creditor may (a) change the terms of
payment or performance by the Debtor to the Creditor, and/or (b) release any
security. In either event, the Guarantor shall not be released from any
responsibility on the obligations of the Debtor. Liability under this Guaranty
is not dependent or conditioned upon this instrument being signed by any
person or persons. The Guarantor's liability under this Guaranty is several
and is independent of any. Other guarantees. Guarantees of others, if any,
may be released or modified, with or with out consideration, without
affecting the liability of the Guarantor.
VI. ASSIGNMENT. This Guaranty (a) shall bind the successors and assigns of
the Guarantor (this Guaranty is not assignable by the Guarantor without the
express written consent of the Creditor, and is not affected by the death of
the Guarantor), (b) shall inure to the Creditor, its successors and assigns, and
(c) may be enforced by any party to whom all or any part of the liabilities
may be sold, transferred, or assigned by the Creditor
VII. FINANCIAL CONDITION. The Guarantor agrees to provide the Creditor
with information concerning the Guarantor's financial condition upon
reasonable request.
VIII. CORPORATE AUTHORITY. The Guarantor certifies that it is not
prohibited under its articles of incorporation or bylaws (or its articles of
organization or operating agreement, if a limited liability company) to act as
the Guarantor.
IX. ENTIRE AGREEMENT. This Guaranty contains the entire agreement of the
parties with respect to the subject matter of this Guaranty and there are no
other promises or conditions in any other agreement, whether oral or written.
This Guaranty supersedes any prior written or oral agreements between the
parties with respect to the subject matter of this Guaranty.
X. AMENDMENT. This Guaranty may be modified or amended, if the
amendment is made in writing and is signed by both parties.
XI. SEVERABILITY. If any provision of this Guaranty shall be held to be
invalid or unenforceable for any reason, the remaining provisions shall
continue to be valid and enforceable. If a court finds that any provision of
this Guaranty is invalid or unenforceable, but that by limiting such provision
it would become valid or enforceable, then such provision shall be deemed
to be written, construed, and enforced as so limited.
XII. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to
enforce any provision of this Guaranty shall not be construed as a waiver or
limitation of that party's right to subsequently enforce and compel strict
compliance with every provision of this Guaranty.
XIII. APPLICABLE LAW. This Guaranty shall be governed by the laws of the
State of ______________.
XIV. RECEIPT. The Guarantor acknowledges receipt of a copy of this Guaranty.
Guarantor:
_____________________________________
___________________________________
Final
Business Credit/Company Account Application
Business Information
Desired Amount of Credit:
Name:
Title: Phone Number: Fax:
Business Name:
Shipping Address:
City: State: ZIP
E-Mail Address:
Web Address:
Billing Address (If different than above)
Name
Title: Phone Number: Fax:
Billing Address:
City: State: ZIP:
E-Mail Address:
Description of Business
Please Describe Your Business:
Business Structure (Sole Proprietorship, Corp., Partnership, Etc.):
TAX ID (FIN, SSN):
Number of Employees: Email:
Resale ID #: State: ZIP:
Parent Company:
How Long in Business:
Trade References
#1 Firm Name:
Contact Name:
Street/Mail Address:
City: State: ZIP:
Phone: Fax: E-Mail:
Open Since:
#2 Firm Name
Contact Name:
Street/Mail Address:
City: State: ZIP:
Phone: Fax: E-Mail:
Open Since:
#3 Firm Name
Contact Name:
Street/Mail Address:
City: State: ZIP:
Phone: Fax: E-Mail:
Open Since:
2
Accounts Payable Phone Number
Bank Reference (Information Required for Cre dit Limit of $500 or more) or send a
copy of a business credit report by Equifax, TRW, etc. if within the last six months
Bank Name & Address Phone Type of Account Account
Other Assets or Sources of Income (Information for Credit
copy of a business credit report by Equifax, TRW, etc.
Limit of $500 or more) or send a
if within the last six months
Description Amount per Month or Value
I authorize ________________________. to verify the information provided on this form and hereby
agree to the release of information from financial/credit institutions or Trade References about
accounts or Company Information as required by this business credit application.
Signature of Authorized Representative Date
It is acceptable to substitute a standard corporate credit information sheet for the financial
and trade references information if your company uses a standard form. Please compare
your information with our form so that we have the necessary information to process your
credit application in a timely manner. Please sign the second sheet of the application so we
can verify you’re financial and references information.
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