All orders, credits, exchanges and defective merchandise MUST be handled directly between the Members and the Vendors.
The Preferred Select Buying Group will handle monthly billings to the Members.
Credit Memos will be applied to your monthly billing within the month that they are received from the Vendor.
Outstanding credits that you have not received from the Vendor CANNOT be subtracted from the current months billing.
The only exception to this policy will be if Preferred Select Buying Group errors in billing.
Statements to the Members will be mailed no later than six (6) working days after the first of the month by the Preferred Select Buying Group.
Payments must be received by the Preferred Select Buying Group by the 20th of the month in order to receive any discount or promotion allowance offered by the Preferred Select Buying Group.
Any discount or promotion allowance will be denied for any payment received after the 20th of the month.
Administrative fees are not refundable on credit memos.
Any Member Account NOT paid by the end of the month will be assessed a finance charge at a rate of eighteen percent (18%) per annum AND will be placed on stop service. Your account must be paid in full to be reinstated.
In the event the Member is in default of any of the policies or terms listed above, the Member agrees to pay for all costs necessary to obtain performance, including court costs and reasonable attorney's fees.
The member also agrees to submit itself to the jurisdiction of the State of Minnesota and its laws and statutes should legal steps be needed to collect any amounts due under the terms polices listed above.
Payment Options: