Due to the current economic conditions in the industry, Marena Industries Inc. finds itself in a position that we will no longer be able to extend any payment terms to our customers beyond net 30.
Historically, our payment terms have been Net 30, but Marena Industries management has worked with customers that have been unable to meet the payment terms. Unfortunately this cannot continue and we are being forced into implementing a finance service charge of 2 1/4% per month after 30 days. For those customers that can pay in less than 30 days, we can offer a 2% discount on payments within 10 days of invoice. Discount does not apply after the 10 day period.
Net 30 from Invoice date, unless prior special arrangements have been made.
A service charge of 2 1/4% per month, but not to exceed the highest amount allowed by applicable state law, shall be made on all sums due the Seller that have not been paid within thirty (30) days from the invoice date, and the buyer agrees to promptly pay said service charge. If Seller commences litigation or employs attorneys to collect payment of any amounts due it from Buyer, Buyer agrees to pay reasonable attorney's sums which may be due.