Kynetic Metalworks LLC — Standard Payment Terms
These Standard Payment Terms ("Terms") apply to all quotations issued, orders accepted, goods sold, and services performed by Kynetic Metalworks LLC ("KMW") on or after the Effective Date, and are incorporated by reference into every KMW quotation, order acknowledgment, and invoice. By placing an order with KMW, Customer agrees to these Terms. Credit terms are extended to business accounts only; all credit extended under these Terms is for commercial purposes.
1. Payment Due Date (Net 15)
Payment of each invoice is due in full within fifteen (15) calendar days of the invoice date ("Due Date"), without setoff, deduction, or withholding of any kind, unless different terms are stated on the face of the invoice or agreed by KMW in a signed writing. Payment is deemed made when good funds are actually received by KMW.
2. Late Charge
Any amount not paid in full by the Due Date is past due and shall accrue a late charge of two percent (2%) per month (24% per annum), or the maximum rate permitted by applicable law, whichever is less, assessed each month on the entire past-due balance, including previously accrued and unpaid late charges, from the Due Date until paid in full. The minimum late charge is $25.00 per invoice per month. Late charges are liquidated charges for the administrative cost and loss of use of funds caused by late payment, are not a penalty, and do not constitute an extension of credit or a waiver of KMW's right to demand immediate payment.
3. Forfeiture of Discounts
Any prompt-payment discount, volume discount, or other price concession reflected on an invoice is conditioned on payment in full by the Due Date. If payment is not received by the Due Date, all such discounts and concessions are automatically revoked, and the full undiscounted price becomes immediately due, in addition to late charges under Section 2.
4. Costs of Collection
Customer shall reimburse KMW for all costs and expenses incurred in collecting any past-due amount, including collection agency fees, court costs, and reasonable attorneys' fees.
5. Invoice Disputes
Customer must notify KMW in writing of any dispute regarding an invoice, including any claimed shortage, defect, or pricing error, within ten (10) calendar days of the invoice date, stating the specific amount disputed and the reason. Any amount not disputed within that period is deemed accepted and payable in full by the Due Date. A dispute as to part of an invoice does not excuse timely payment of the undisputed balance.
6. Application of Payments; Remedies
KMW may apply payments first to collection costs, then to accrued late charges, then to the oldest outstanding principal. If any invoice is past due, KMW may, without liability and in addition to all other remedies: (a) suspend production, shipments, and services on any open order; (b) declare all outstanding invoices immediately due and payable; (c) require prepayment, cash on delivery, or other security for future orders; and (d) revoke any credit terms previously extended. Credit terms are extended at KMW's sole discretion and may be modified or withdrawn at any time as to future orders.
7. Taxes; Payment Method
Prices are exclusive of applicable sales, use, and similar taxes, which are Customer's responsibility unless a valid exemption certificate is provided. Payment must be made in U.S. dollars by check, ACH, or wire transfer to the account designated on the invoice. Any charge-back, reversal, or returned payment is subject to a $50.00 returned-payment fee plus bank charges, and the underlying amount remains due with late charges accruing.
8. Business Accounts Only; Consumer Purchases
Credit terms (including Net 15 payment terms) are available only to business customers purchasing for commercial purposes, and Customer represents that its purchases from KMW are for business use and not for personal, family, or household purposes. KMW does not extend credit to consumers: purchases for personal, family, or household purposes must be paid in full at the time of sale, and Sections 2 through 4 do not apply to them. If, notwithstanding the foregoing, any transaction is determined to be a consumer credit transaction subject to the Colorado Uniform Consumer Credit Code or other consumer protection law, then as to that transaction (a) any late charge, finance charge, or other fee under these Terms shall be reduced to the maximum amount, and assessed only after any grace period, permitted by applicable law, and any excess amount collected shall be credited or refunded; and (b) the remainder of these Terms shall apply only to the extent permitted by applicable law.
9. Governing Law
These Terms and all invoices issued under them are governed by the laws of the State of Colorado, without regard to conflict-of-laws principles. The interest and late-charge rates stated in Section 2 are stipulated by agreement of the parties pursuant to C.R.S. § 5-12-103. If any provision of these Terms is held unenforceable, it shall be enforced to the maximum extent permitted and the remainder shall continue in effect.
10. Entire Terms; Precedence
These Terms supplement, and control over any conflicting payment terms in, Customer's purchase order or other document, unless KMW has expressly accepted different payment terms in a writing signed by an authorized officer of KMW. KMW's failure to enforce any provision on one occasion is not a waiver of that provision on any other occasion. KMW may update these Terms from time to time by posting a revised version at this page; the version in effect on an invoice's date applies to that invoice.