Credit Account Form/Agreement/Application
Confidential: Follett Credit Account Form, Agreement & Application
V: ADDITIONAL AUTHORIZATIONS:
Applicant/Entity is responsible for any and all authorized purchases including bulk rental and alternate collateral
processes made by an authorized charger, regardless of any change in the authorized charger’s employment or
financial aid eligibility or enrollment status, unless applicant has notified the bookstore in writing in advance of the
purchases that the authorized charger is no longer authorized to make purchases on the account.
RENTAL (University/Campus Only):
If the account is for a bulk rental program, the Applicant/Entity must provide additional information along with the
submission of this application: (1) the name of the student or group of students authorized to rent and (2) the
corresponding charge limit amount for each type of authorized rental. The Applicant guarantees payment to Follett
Higher Education for replacement value of any unreturned, damaged, lost or stolen rental books plus any and all
unreimbursed applicable fees as outlined in the rental agreement.
REFERENCES (Third Party Only):
Applicant authorizes verification of bank, trade references and reporting agencies to release any reports to Follett for
purposes of evaluating credit worthiness of its applicant. Applicant will provide Follett with a statement of its financial
condition if Follett requests a statement. Applicant further authorizes Follett to use any information provided by the
applicant pursuant to this agreement for the purpose of administering the applicant’s account (s).
VI: PAYMENT INFORMATION AND TERMS:
Payment via lock box check or electronic payment (wire/ACH) is preferred payment methods to ensure security and
prompt application of payments to accounts. Applicant agrees to provide all applicable information within the payment
remittance advice (including invoice #, store #, major account #, etc.) as part of the lock box/electronic remittance
documentation. In addition for electronic remittance, the comment/reference field of the bank transfer must include
Applicant agrees to be bound by the terms of the credit governing the account (s). Applicant will receive an invoice
each month/predetermined period for the charges made to Applicant’s account by authorized signers. Payment is
due net thirty days from the date of the invoice. Disputes on any invoice must be reported to Follett within thirty days
from the invoice date.
PAYMENT TERMS UNIVERSITY/COLLEGE/CAMPUS:
In addition to the above payment terms, r
eference Campus Contract with Follett for terms and conditions. Commission
payable to the university/college will be withheld for A/R charges that are more than 6
0 days in arrears. Application of
the commission to A/R will occur after 90 days instead of payment of commission.
LATE FINANCE CHARGES/ACCOUNT ON HOLD:
Late payments will be subject to a monthly finance charge of 1.5%. Follett may place all or any one of the applicant’s
accounts on hold in the event late payment and pursue collection for delinquent balances. To the extent permitted by
applicable law, the Applicant will be liable for any costs and attorneys’ fees incurred by Follett as a result of such
collection. The laws of the State of Illinois will govern this agreement.