Credit Policy

The following terms and conditions govern Grandwell's credit policy and procedure. These terms and conditions may change at any time and without notice. If Applicant does not agree with these terms, contact Grandwell to discuss modifications. Any modifications must be done in writing and signed by both a representative of Grandwell and the Applicant.

1. General

Grandwell values our customers highly. In order for Grandwell to improve our level of quality, service, and value to you, we require all of our customers to pay for goods and service promptly. The following standard rules apply to all customers.

Terms

Description

50/50

Customers must provide a fifty percent (50%) deposit to place an order into production. The remaining fifty percent (50%) balance is due prior to order shipment. All outstanding balances owed must be paid before items ship from the warehouse.

Credit Hold

Any invoice, sixty (60) days of age, is automatically placed on credit hold. Any existing orders will not be released and new orders will not be accepted until delinquent invoices are cleared up.

Past Due Policy

Unless otherwise stated, all invoices are payable net thirty (30) days from the date of the invoice. After thirty (30) days, unpaid invoices are marked PAST DUE. After sixty (60) days, the account is placed on CREDIT HOLD and marked DELINQUENT. After ninety (90) days, credit privileges are terminated.

Interest charges will be assessed on all invoices not paid within the specified terms at a rate of 1.5% per month or an annual rate of eighteen percent (18%). All delinquencies will be reported to credit bureaus and placed with our collection service. Customers will be liable for any court costs, attorney's fees and legal associated with collection of delinquent invoices. A thirty-dollar ($30 USD) charge will be assessed for all checks returned for "Not Sufficient Funds" (NSF). Return checks will cause account to be placed on a "Cash In Advance" status

2. Order Cancellation

Buyer must notify Grandwell of any cancellation of confirmed orders in writing. Buyer may cancel any orders either within the first seven days of Grandwell receiving the order or before product shipment date, whichever event occurs first, with a 50% loss of deposit. All orders cancelled after previously stated period will be subject to a 100% loss of original 50% deposit.

3. Returns

Buyer should not return product unless authorize by Grandwell in writing and accompanied by a return merchandise authorization (RMA) number. Buyer is responsible for all expenses of return product's freight. We will not issue credit for any returned product after the date that is thirty (30) calendar days after the date of shipment. All costs incurred by Grandwell prior to shipment shall be invoiced to and paid by the Buyer. We reserve the right to assess a 30% restocking fee for all returned products. All authorization returns must be securely packaged in their original shipping containers. If packaged in any other type of container and loss or damage occurs, additional charges may apply.

4. Delivery

All shipments are FOB Factory, Fuquay-Varina, NC, unless otherwise specified. Delivery dates are approximate only. Grandwell shall not be liable for delay or failure to make delivery as a result of events beyond our control.