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Articles01/11/2012
Credit Applications
In one sense, a credit application is a marketing device. A company does not want to put too many provisions in a credit application or contract that might scare off a customer. A customer residing out of state cannot usually be sued in New York, without a written agreement authorizing suit in New York. New York law is very strict about the manner in which process must be served. However, a written agreement for a simple, cheap, alternative method of service is enforced by the courts. The following provision is recommended for all credit applications or contracts: "Any invoice from you shall be deemed conclusive proof of its contents unless written objection to it is received by you within 30 days after it is sent . In any action for payment of any unpaid invoice amount or other charge due: [a] any court in New York County, N.Y. shall have personal jurisdiction over the parties, and [b] personal service of the summons and complaint is waived and service shall be made by first class mail with postal mail receipt to our/my last known address." Other provisions can be added which make life more difficult or more expensive for the customer. For a personal guaranty: "The undersigned is a principal officer of the company making this credit application and personally guarantees all sums due by the company, and personally agrees to all of the provisions herein." For extra interest: "We/I shall pay a finance charge of 2% per month on any overdue invoice." For attorney fees: "We/I shall pay your reasonable attorney fees in any effort to recover any sum due."
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