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Payment Procedures |
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SETTLEMENT OF ACCOUNT. Purchaser shall make settlement within thirty (30) minutes of conclusion of sale session in which the horse is purchased, for the full sale price. Settlement is to be in the form of U.S. currency, cashier's check or traveler's check, unless financial responsibility and clearance for credit have been approved by Barretts.
FINANCIAL RESPONSIBILITY. Approved credit request or confirmed Letter of Credit.
CREDIT REQUEST. Page 11/12 is to be presented to Barretts at least two weeks prior to sale in order that the request can be verified and approved. If credit is approved, payment must be made within 15 days or finance charge at maximum legal rate will be assessed from date of purchase (See Condition Sixth).
LETTER OF CREDIT. Must be issued payable at sight, irrevocable, and confirmed by:
Bank of America · Trade Finance Services 9350 Flair Drive, El Monte, CA 91731 Telephone (818) 307-6600 · Fax (818) 307-6690 Telex MCI67652 Swift · BOFA US 6S
in favor of: Barretts Equine Limited, P. O. Box 2010, Pomona, CA, 91769 and payable against the following documents: 1) invoices for each and every horse purchased, showing full purchase price, including sales tax and other charges as applicable; and 2) executed copy of Barretts standard business form "Acknowledgement of Purchase."
Letter of Credit should expire not less than forty-five (45) days from last day of sale and be filed with Barretts at least one week prior to date of sale. For additional information, please contact the Barretts sales office.
WIRE TRANSFERS. To facilitate settlement for purchases, U.S. funds only may also be wire transferred as follows:
Bank of America · Pomona Main Branch 444 S. Garey Avenue, Pomona, CA 91766 Account Number 02101-06622 Routing Number 122000661 Beneficiary: Barretts Equine Limited
Transfers must indicate they are for the account of Barretts and should show purchaser's name and hip number(s) for the horse(s) in question.
AGENTS. If purchaser is represented by an agent, such
agent must either comply with all provisions with regard to financial
responsibility as if he were the purchaser, or must submit a
letter of authorization (or use form on page 8) signed by purchaser,
addressed to Barretts, which states that the agent is authorized
to purchase at a particular sale for account of purchaser and
that such purchaser has complied in advance with all the provisions
concerning financial responsibility. |
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