Surface Adhesive on Credit Policy

The following explains the surface adhesive on credit policy offered by Princeton Chemical Company for Join.It Surfacing Adhesive:

  1. A credit application must be completed for all credit accounts. No purchase orders or shipment requests process without written approval of such applications by the Finance Department.
  2. Standard credit terms are Net 30 (thirty) days.
  3. Finance Department establishes a credit limit if an account qualifies. The base criteria are the applicant’s credit strength, financial health, and forecasted purchase volume.
  4. Accounts going over 30 (thirty) days past due are assessed finance charges per the credit application. Any account that ages over 60 (sixty) days past due is placed on Cash in Advance terms regardless of the credit limit. The account remains on Cash in Advance terms until the account regains good standing on all of its obligations AND the Finance Department clears them.
  5. When Cash in Advance terms are in effect, the account must pay by credit card. The payment must clear before the order processes.
  6. Those applying for a credit limit of $25,000 or greater will provide a copy of reviewed financial statements for up to the last three years. Any organization applying for a credit limit of $200,000 or greater requires owner and spouse’s personal guarantee also.
  7. As deemed necessary by the Finance Department based on an analysis of an account’s financial health, an irrevocable standby letter of credit (LOC) is required from the account.

The Surface Adhesive on Credit Policy also includes additional stipulations as explained by representatives at the time credit is issued.