CREDIT APPLICATION -PARTNERSHIP
A well-drafted Credit Application will:
Information & Benefits:
This application is utilized in order to determine the credit worthiness of a particular business and is generally used in conjunction with a credit bureau report.
Ascertaining the identity of the partnership is paramount especially if doing business under a name different from the partnership name.
Where are they located? How long have they operated at this location? Any other locations? If more than one location, where will the controlling officers be located?
Ownership & Control
Who are the partners? How many partners are there? Who are the General and Limited partners? Should get their titles, dates of birth, socials, addresses and phone numbers. Every controlling owner should sign and guarantee.
Do they own or do they lease office/business space? If they lease, who is their landlord? If they own, are they financing? If so, who is the financing bank?
Should have full knowledge of the financial condition, nature and character of the other party's estate and property. What are their annual sales and profits? Should authorize Creditor to investigate the Individual's and Business's personal and business credit, financial records, including bank records.
Do they have customers or business partners who will provide positive recommendations?
One and one-half percent per month (which is eighteen percent per annum) on all past due sums and reasonable attorney's fees on all sums due and all costs and other expenses incurred by Creditor in collecting any indebtedness of the partnership, whether or not a lawsuit is filed.
This should be a continuing personal guarantee and revocable only in writing by delivery to Creditor of the revocation by certified mail return receipt requested.
In the event any part, portion or provision or paragraph of this Prenuptial Agreement is declared void or invalid by any legislative act or judicial determination, the remaining portions of this Prenuptial Agreement shall not be affected and thereby it shall remain in full force and effect and be binding upon the parties hereto.
Mediation and Arbitration
Mediation and Arbitration should always specify a location in Client's jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).
Always stipulate that the contract will be governed under whatever law the Client ordinarily conducts business. Always make sure that venue and jurisdiction are as convenient to client as possible.
No Modification or Waiver
No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.
This agreement constitutes the entire agreement of the parties and may be modified only in a writing executed by both parties.
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