1. Purpose and Application

This Net 30 Terms and Credit Policy governs business account applications, credit review, account activation, approved payment terms, card-on-file requirements, default remedies, and account administration for Amped Direct commercial customers.

This document supplements Amped Direct’s Terms and Conditions. If there is a conflict, the more specific credit or payment provision governs for the account relationship.

2. Credit Review and Approval

Amped Direct may request and rely upon trade references, business identity information, tax numbers, ownership details, banking information, card-on-file information, and any other information reasonably required to evaluate creditworthiness, fraud risk, and account suitability.

• Submission of an application does not guarantee approval.

• Credit approval, credit limits, payment terms, and account privileges are granted at Amped Direct’s sole discretion and may be revised, suspended, or withdrawn at any time.

• Amped Direct may approve an account subject to conditions, including lower credit limits, prepayment requirements, deposits, guaranty support, shorter terms, or card-on-file requirements.

3. Initial Credit Limit and Review

Unless Amped Direct advises otherwise in writing, any initial credit limit is a discretionary operating limit and not a commitment to extend credit for any specific order or project. Amped Direct may decline transactions that would exceed the current approved limit or elevate collection risk.

4. Invoicing and Due Date

Unless otherwise stated in writing, invoices are due thirty (30) calendar days from the invoice date. Statements may be provided as a courtesy, but failure to receive a statement does not extend the due date. The Customer must notify Amped Direct promptly of any billing dispute or discrepancy.

• Any billing dispute should be raised in writing within ten (10) calendar days of invoice date.

• Undisputed amounts remain payable when due even if a portion of an invoice is disputed.

• Partial payments may be applied by Amped Direct in its discretion to fees, interest, oldest invoices, or specific transactions.

5. Card on File and Authorization

As a condition of approval or continued use, Amped Direct may require a valid credit card or other approved payment method on file. The Customer authorizes Amped Direct to securely maintain that payment method through an approved payment processor and to charge it for amounts lawfully owing under the account relationship where payment is overdue, a payment fails, or the account is otherwise in default.

• No charge is made at the time the payment method is placed on file unless separately authorized or required for a transaction.

• Charges may include overdue principal, authorized fees, return-payment charges, freight adjustments, and applicable taxes, to the extent permitted by law and the signed account documents.

• The Customer must keep the payment method current and immediately replace any expired, cancelled, or invalid card.

6. Late Payment, Interest, and Collection Costs

Overdue balances may bear interest both before and after judgment at the lesser of: (a) two percent (2.0%) per month, calculated monthly on overdue amounts; or (b) the maximum rate permitted by applicable law.

• The Customer will pay reasonable costs of collection, including administrative collection costs, agency fees, legal fees on a substantial-indemnity basis where awarded or enforceable, NSF charges, and chargeback costs actually incurred by Amped Direct.

• Amped Direct may place the account on credit hold immediately when an invoice becomes overdue or where Amped Direct reasonably believes payment insecurity exists.

7. Suspension, Revocation, and Application of Payments

Amped Direct may suspend shipments, revoke account privileges, reduce credit limits, require prepayment, or terminate the account at any time for overdue balances, repeated late payment, adverse reference information, chargebacks, insolvency risk, suspected fraud, misuse of the account, or breach of any agreement with Amped Direct.

8. Use of Account and Authority

The Customer is responsible for all orders placed under its account by its employees, agents, site personnel, purchasers, or anyone reasonably appearing to have authority to act for the Customer. The Customer must promptly notify Amped Direct of any change in ownership, legal status, invoicing details, account contacts, or approved purchasing personnel.

9. Sole Proprietors and Unincorporated Applicants

If the applicant is a sole proprietorship, partnership, or other unincorporated business, the signatory acknowledges personal responsibility for all amounts owing under the account. If the applicant is a corporation or other entity, the signatory represents that it has authority to bind the applicant.

10. Returned Payments, Chargebacks, and Fraud Controls

Amped Direct may charge a reasonable administrative fee for returned payments, failed electronic transfers, or dishonoured instruments. Initiating a chargeback without valid legal basis may be treated as non-payment and may result in immediate suspension or closure of the account.

11. Financial Deterioration and Security

If Amped Direct reasonably determines that the Customer’s financial condition has materially deteriorated, Amped Direct may require immediate payment, additional assurance, prepayment, deposit, or other credit support before accepting further orders.

12. Notices and Electronic Communications

The Customer consents to receive invoices, statements, account notices, payment reminders, and related commercial account communications electronically. The Customer remains responsible for monitoring the email addresses it provides for account administration.

13. Governing Law and Interpretation

This document is governed by the laws of Ontario and the federal laws of Canada applicable therein. Any unenforceable provision will be adjusted or severed only to the minimum extent required to preserve the remaining agreement.