The Standard Trade Credit Agreement serves as a fundamental tool for businesses extending credit to their customers in the United States. This document is essential when establishing formal credit relationships between suppliers and buyers, particularly in situations where regular purchases occur on credit terms. The agreement addresses key aspects such as credit limits, payment schedules, late payment penalties, and security arrangements, while ensuring compliance with federal and state regulations. It provides legal protection for both parties and clearly defines their rights and obligations under the credit arrangement.
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1. Parties: Identification of creditor and debtor
2. Background: Context of the trade credit relationship
3. Definitions: Key terms used throughout the agreement
4. Credit Terms: Amount, duration, and conditions of credit
5. Payment Terms: Payment schedule, methods, and late payment provisions
6. Security: Collateral or guarantees required
7. Default Provisions: Consequences of default and remedies
8. Governing Law: Applicable jurisdiction and dispute resolution
1. Insurance Requirements: Required insurance coverage for secured assets - use when specific assets are used as collateral
2. Personal Guarantee: Individual guarantee of corporate obligations - use when dealing with small businesses or high-risk customers
3. Credit Limit Adjustments: Provisions for modifying credit limits - use for long-term or evolving business relationships
4. Early Payment Discounts: Terms for early payment incentives - use when offering cash flow incentives
1. Schedule A - Credit Application: Detailed credit application form and requirements
2. Schedule B - Financial Statements: Required financial documentation and reporting
3. Schedule C - Personal Guarantee Form: Standard form for personal guarantees if required
4. Schedule D - Security Agreement: Detailed terms of any security arrangements
5. Schedule E - Payment Schedule: Detailed payment terms and dates
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