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TERMS AND CONDITIONS OF CREDIT
We are pleased to offer our Wellborn Dealers credit terms on Wellborn product. A review of the following information
will provide details of our terms and conditions of credit.
I. TERMS OF PAYMENT
A.
Cash Discount Wellborn
,
Wellborn Closets, Elegant Bath and Estate Dealers Only:
Please see purchase agreement for cash
discount percentage that may be taken off the net merchandise amount for payment made within 10 calendar days from the
invoice date. Discounts taken but not earned will be rebilled. Credit card payments can receive the cash discount terms.
A convenience fee of 2.5% will be added to all credit card payments. The Wellborn Dealer should refer to the Purchase
Agreement for their cash discount. This discount does not apply to Home Concepts invoices.
B.
Wellborn, Wellborn Closets, Elegant Bath and Estate Net Terms:
Net amount of invoice is due within 30 calendar days from
invoice date. Please see Purchase Agreement for terms. To insure proper credit, please submit the payment attached to the
remittance portion of the invoice. The Wellborn Dealer should refer to the Purchase Agreement for their terms. Online
payment is available for Wellborn, Wellborn Closets, Elegant Bath and Estate invoices.
C.
Home Concepts Net Terms:
Net amount of invoice is due within 30 calendar days from the invoice date. Terms are net 30
days. To insure proper payment posting, please submit a copy of the invoice(s). The Home Concepts Dealer should refer to
the Purchase Agreement for their terms. Online payment is available for Home Concepts invoices. A convenience fee of
2.5% will be added to all credit card payments.
The Home Concepts brand by Wellborn Cabinet, Inc. offers a 1% credit for defective or replacement parts on invoices paid
in 30 days. This includes payments via credit card.
D.
Credit Hold:
If account is in arrears or above credit limit, the account may be placed on "Credit Hold." When an order is
placed on credit hold, it is not entered into production. The order will be held until the account is removed from the "Credit
Hold Status." The order ship date will change because the new order date starts from the date of release of order, not when
originally ordered.
E.
Finance Charges:
A 1.5% finance charge per month (18% APR) will be charged on all balances after invoice due date. These
terms are subject to keeping the account in good standing with Wellborn Cabinet, Inc. and can be changed if Wellborn's
terms are not met.
F.
Line of Credit:
A line of credit is established for each Wellborn Dealer and can be reviewed periodically during the year.
G.
Credit Terms:
Terms will be in effect after approval by Wellborn's Credit Manager. Continued credit will be contingent
upon the account being maintained in a satisfactory manner. Credit not kept in good standing will be reviewed and terms
may be changed at any time.
H.
Credits:
Credits against accounts will apply only with the issuance of a credit memo by Wellborn. Deductions or debits to
an account will not be honored without a Wellborn credit memo issued by Wellborn's Credit Department and will result in
the account becoming past due and shipments may be held. This does not apply to The Home Concepts brand by Wellborn
Cabinets, Inc.
I.
Credit Standing:
Since Wellborn is dependent on credit rating services such as Dun & Bradstreet for information on the
credit standing of its present and prospective Wellborn Dealers, Wellborn supplies such information on any arrears accounts
to these rating services.
J.
Pricing/lnvoice Errors:
All errors in pricing/invoicing such as incorrect multiplier, special charges, freight, tax, etc., must be
reported to the Credit Department to insure proper credit.
No deductions from invoices may be taken. If in fact deductions are taken, account will be placed on Credit Hold Status. If the
Wellborn Dealer has a credit request, please notify the Wellborn Territory Manager or the Credit Department. No deductions
should be taken for display discounts, Co-op Advertising or other programs. The invoice must be paid and then a credit claim
to the appropriate department may be submitted.