T&C’s of Charge Account

About this template:

Use template to outline terms and conditions of charge account

Excerpt:

IT IS AGREED AS FOLLOWS: The Customer agrees with the Seller [SELLERS NAME] to pay for all purchases once a monthly statement has been received. Charges which the seller bills but are not paid by the [DAY]th of the month following the purchase will be considered negligent and subject to financial charges. The FINANCIAL CHARGE for individuals is computed by a periodic rate of [%] per month which is an ANNUAL PERCENTAGE RATE OF [%] applied to the Previous Unpaid Balance less Current Credits. Current credits are payments/credits received by [TIME] A.M. on the [DAY]th day of the following month. The minimum payment due will be the payment of the Customer's indebtedness in full. If not paid [SELLERS NAME] may declare the unpaid balance due and payable immediately. The Customer agrees to pay collection expenses including reasonable solicitor's fees and court costs if it is necessary to collect through legal action.

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