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Net 30 Payment Terms

Draft v 1.1
Effective Date: 03/08/2024

The purpose of this policy is to outline the payment terms and the steps and procedures to address delinquent customer accounts that are subject to net 30 payment terms. 

By purchasing our product, you agree to Cable Bulletʼs Terms & Conditions as well as our payment terms of Net 30 from the Invoice date and understand that Accounts not paid within these terms will be subject to a 1% monthly finance charge, compounded daily, until all outstanding amounts are paid in full. Accounts exceeding 90 days of non-payment may be referred to a debt recovery agency and/or an attorney.

You also agree to reimburse Cable Bullet for any legal and/or collection fees, costs and expenses reasonably incurred in order to enforce this Agreement regardless of whether or not litigation is initiated.

Customers with net 30 payment terms are expected to remit payment for goods or services received within 30 days from the invoice date. If payment is not received within this period, the following steps will be taken to address the delinquency:

1. First Payment Notification (Day 1)

  • Cable Bullet will send a system email notifying the customer of the balance due amount and
  • Once the account is past due, we can shut off all services and cancel any invoice(s) and/or order(s) that have not yet been processed, with no obligation to return services or fulfill any invoice and/or order.

2. Second Payment Reminder (Day 20)

  • The staff accountant will send a follow-up email reminder of the balance due amount and pending deadline.

3. First Overdue Reminder (Day 30)

  • The staff accountant will send a reminder via email notifying the customer of the overdue payment.
  • The staff accountant will notify the sales manager of the overdue customer
  • The sales manager will follow up with an email to ensure receipt of the reminder and discuss any potential payment

4. Second Overdue Reminder (Day 45)

  • If payment is not received after the initial reminder, the staff accountant will send a written notice by certified mail, to your last known address, emphasizing the importance of settling the overdue account to avoid service interruption or penalties.
  • The sales manager will flag the account for review and possible suspension of further credit terms.

5. Credit Suspension & Penalty (Day 60)

  • If payment remains delinquent after 60 days, credit will be suspended and the customer will be informed of this action in writing by the staff accountant.
  • A late payment fee may be assessed according to the terms outlined in the credit agreement.
  • The customer's credit terms may be reevaluated, and future orders might require payment in advance or upon delivery until the account is settled.
  • The sales manager will decide on the continuation of the business relationship with the delinquent

6. Debt Recovery (Day 90) 

  • After 90 days of non-payment, Cable Bullet reserves the right to engage a debt recovery agency and/or attorney to collect the outstanding amount(s). However, if any payment is returned for insufficient funds, charge back from credit card payment, cancelled or returned wire transfer, or any clawed back payment, then Cable Bullet can engage a debt recovery agency and/or attorney to collect the outstanding amount(s) ten (10) days after sending notice of the returned payment. Such notice can be via email or certified mail to your last known address.
  • All additional fees, costs, and expenses including, but not limited to attorneys’ fees, costs, and expenses and costs of collection, associated with the debt recovery process, regardless of whether or not litigation is initiated, will be borne by the customer.

Governing Law, Venue, Jurisdiction, Waiver of Jury Trial. All sales of goods and/or services shall be interpreted and construed in accordance with the laws of the State of Indiana, without regard to its choice of law principles, except to the extent governed by federal law. All actions relating to collection of past due account(s) shall be brought in either the state or federal courts in Indiana. The Parties hereby consent to the venue and jurisdiction of the state and federal courts Indiana, and waive any rights to contest such venue and jurisdiction.  ANY LITIGATION FOR COLLECTION OF PAST DUE ACCOUNT(S) SHALL BE COMMENCED AND VENUED SOLELY IN THE STATE OF INDIANA IN THE COURTS WITH JURISDICTION OVER LITIGATION COMMENCED IN KOSCIUSKO COUNTY, INDIANA. THE PARTIES HERETO EACH HEREBY VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY PAST DUE ACCOUNT(S) AND AGREE THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.