Past Due Policy
The payment terms for monthly storage and activity fees are Net 30 days. Tax Invoices are due upon receipt of invoice. After 60 days, the patron may be assessed interest on the unpaid balance at 1% per month. This charge is not punitive as much as it simply covers the general Patronships’ cost of doing business.
After 30 days past due from date of invoice, the patron is issued a past due notice, with current account status. Assuming payment or a satisfactory, interest bearing payment plan/resolution is reached between the parties, no further action will taken.
After 60 days past due from the date of invice, the patron will be issued a hold notice and a no inbound or outbound transactions will be processed for the account until payment or an approved payment plan is approved.
After 90 days past due from the date of invoice, the patrons product will be placed on a warehouseman's lien hold and no product will be shipped or received until payment in full of all outstanding invoices is received. No payment plans will be approved once an account has been placed on a lien hold.
Taxes are treated in the same manner and by the same procedures as storage and processing fees but will become “past due” fifteen (15) calendar days after the invoice mailing. All assessments and protocols will prevail as shown above, thereon. All other variations and contingencies regarding the treatment and administration of past due accounts, aside from these terms as stated, will remain in domain of the Co-op General Manager and administered by the Co-op Controller.