Credit Terms & Exclusion of Warranties
ALASKA BASIC INDUSTRIES, INC.
Fairbanks Materials, Inc. (FMI)
Fairbanks Precast & Rebar (FPR)
Fairbanks Block & Building Materials (FBBM)
Fairbanks ABI Cement (ABI)
- Each applicant must complete an application for credit, and these Credit Terms and Exclusion of Warranties are a part of that application.
- Decisions will be based on the following:
- Credit Reports
- Length of Employment
- Length of Residency
- Length of Time in Business
- All contractors must be licensed and bonded.
- A personal guarantee must be signed by all principals of a partnership, LLC, corporation or sole proprietorship.
- Limits may be set on the account; however, if credit is extended in excess of the limit, the applicant and guarantors will be bound to pay the full amount.
- Each invoice must show the legal description where the material is to be used.
- The entire unpaid account balance through the end of each calendar month shall fall due and owing on the end of the following month. Accounts are considered past due on the 1st of the calendar month, and are subject to a monthly service charge of 1% on the unpaid principal balance.
- Accounts that age because of customer error will normally be treated as late accounts. Consideration for extraordinary circumstances will be given by the Credit Department.
- Disputes should be promptly referred to the Credit Department where they will be resolved as soon as possible.
- An account that is (30) thirty days past due is considered in default and at ABI’s discretion, the account will be closed to further charges until the balance has been paid in full. ABI will execute its lien rights on any past due account, will seek recovery from guarantors, will institute collection procedures, and will exercise any other rights it may have under law or contract to secure payment of the past due account. If a lawsuit is filed, ABI shall be entitled to recover all attorneys' fees and costs incurred by ABI.
- A person having taken bankruptcy will be denied credit unless extenuating circumstances existed at the time.
- ABI makes no express or implied warranty on goods or materials purchased on the account and expressly disclaims each and every implied warranty of merchantability and/or fitness for a particular purpose which might otherwise be implied in law with respect to the sale of such goods or materials.
There are no warranties, which extend beyond the description contained in this instrument. The buyer accepts that materials delivered by ABI are "as-is".
- Due to unknown use, application and ultimate destination of all such goods and materials, and the difficulties of proving any losses and damages which may result if such goods or material prove to be defective in any way, the damages which the purchaser or his/her agent may recover from ABI for any defect in such goods or materials shall be limited to the purchase price of the defective goods and materials. In no event shall ABl be liable for any other direct, indirect or consequential damages, economic, commercial or otherwise.