Credit Terms & Conditions - HPM Building Supply
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Credit Terms & Conditions

Credit Terms and Conditions

HAWAII PLANING MILL, LTD.

COMMERCIAL CREDIT APPLICATION AND AGREEMENT

TERMS AND CONDITIONS

These Commercial Credit Terms and Conditions (“Terms”) govern credit extended by Hawaii Planing Mill, Ltd., doing business as HPM Building Supply (“HPM”), to the business applicant identified in a signed Credit Application and Agreement (the “Applicant”). By submitting a signed Credit Application and Agreement and upon HPM’s acceptance of the application, Applicant hereby agrees to be bound by these Terms and Conditions, which are incorporated by reference into and form a part of the Credit Agreement between Applicant and HPM:

  1. Applicant represents and warrants that all information provided in or in connection with its Credit Application and Agreement, including but not limited to financial details, identification, and business information, is accurate, true, complete, and correct in all respects. Applicant acknowledges that such information is being provided for the purpose of obtaining credit from HPM. Applicant further agrees that HPM may verify any such information provided and take appropriate action, including denial of credit or termination of the credit agreement, in the event of any misrepresentation, omission, or inaccuracy.
  2. Each individual signing the Credit Agreement and Application on behalf of Applicant represents and warrants that they are duly authorized to execute and submit the application and to bind Applicant to these Terms and Conditions. Applicant acknowledges and agrees that upon HPM’s approval and acceptance of the Credit Application and Agreement, the signed Credit Application and Agreement, together with these incorporated Terms and Conditions shall constitute a binding Credit Agreement between Applicant and HPM.
  3. Applicant hereby authorizes the banks named in its Credit Agreement and Application and any other relevant financial institutions, references, and credit reporting agencies to release all information requested by HPM for the purpose of obtaining and/or reviewing Applicant’s credit, and hereby authorizes HPM to investigate all references, employment history and customary credit information sources including consumer credit reporting repositories regarding Applicant’s credit and financial responsibility for the purpose of obtaining credit and for periodic review for the purpose of maintaining the credit relationship. Applicant knowingly consents to HPM’s use of such credit information consistent with all applicable laws.
  4. Applicant agrees that all amounts due to HPM, as evidenced by HPM’s account statement and/or invoices, shall be paid in full and received by HPM no later than the last business day of the month following the month in which the applicable purchase was made, and indebtedness incurred. Applicant agrees that any amounts not received by HPM that date shall be deemed delinquent and shall accrue applicable late fees, charges, or interest as provided herein.
  5. Applicant agrees to pay HPM a service charge of 1.5% per month (18% per year) on any delinquent balance, calculated from the first day the balance becomes delinquent and continuing until paid in full.
  6. In the event any delinquent balance is referred to a collection agency or attorney for collection, Applicant agrees to pay, in addition to the amount of the delinquent balance and any service charges, all costs and expenses of collection allowable by law, including reasonable attorney’s fees, whether or not any legal proceeding is filed or initiated. Applicant further agrees that HPM may report any delinquency to any credit reporting agency, provided that HPM complies with any notice requirements prior to such reporting as required by applicable law.
  7. Applicant agrees to be bound by the Terms and Conditions1 posted online at https://www.hpmhawaii.com/term..., as in effect at the time of each purchase from HPM. These Terms and Conditions include HPM’s general terms of sale and apply to all purchases made by Applicant from HPM.
  8. Applicant agrees to immediately notify HPM in writing of any change regarding any information provided in, or in connection with, the Credit Application and Agreement. Such changes include, but are not limited to, changes in ownership, the name or structure of the business under which credit is established, mailing address, authorized purchasers, and financial condition. Upon request by HPM, Applicant further agrees to provide supporting documentation for any such change, including, but not limited to, proof of ownership or business structure changes.
  9. Applicant understands that Applicant may terminate this Agreement at any time by delivering written notice to HPM. Applicant agrees that HPM may terminate this Agreement at any time by providing written notice to Applicant. Applicant agrees that upon termination of this Agreement, Applicant shall remain obligated to pay all amounts owing under this Credit Agreement, including but not limited to accrued interest, fees, or charges, and shall continue to perform any other term or condition that is necessary for the complete execution of the obligations under this Agreement, including those necessary to fully satisfy any outstanding indebtedness.
  10. Notwithstanding anything herein to the contrary, in the event HPM determines that Applicant has made any false or misleading statement or representation in or in connection with the Credit Application and Agreement, including but not limited to misrepresentations regarding financial status, business operations, or ownership, HPM reserves the right to terminate this Agreement immediately, and all sums owed to HPM shall become immediately due and payable. In the event that HPM discovers that Applicant has violated any term of this Credit Agreement, HPM reserves the right to take appropriate action to enforce its rights, including, but not limited to, referring the account to a collection agency, pursuing legal action, and reporting the violation to credit reporting agencies, all in accordance with applicable law. HPM will provide written notice to Applicant of any determined false statements or violations, and may, at its sole discretion, allow a reasonable period for the Applicant to cure the violation before taking further action.
  11. I (we) agree that any disputes, claims, or controversies arising out of or relating to this Agreement will be resolved through binding arbitration in Hilo, Hawaii, in accordance with the Arbitration Rules, Procedures, and Protocols of Dispute Prevention and Resolution, Inc., a Hawaii Profit Corporation, or its successor, which are available at https://dprhawaii.com/wpcontent/ uploads/2019/12/2019-12-30-2020-Arbitration-Rules-Final-Version.pdf or upon request from HPM. I (we) consent to the joinder or consolidation of any guarantor(s) in the arbitration, and that the arbitrator shall have the authority to hear and determine all claims related to this Agreement and/or the guaranty in one proceeding. The arbitration process will be conducted by a single neutral arbitrator selected by mutual agreement between the parties, or, if the parties cannot agree, appointed by Dispute Prevention and Resolution, Inc. The decision of the arbitrator shall be final and binding. The Circuit Court of the Third Circuit, State of Hawaii, shall have exclusive jurisdiction over any action relating to the arbitrator’s award or the enforcement of this agreement to arbitrate. I (we) further agree that this agreement will be governed by and construed in accordance with the laws of the State of Hawaii, without regard to its conflict of law principles.