Please complete section "A" for a personal account or section "B" for a business account. Please print. If a question is not applicable, please type "N/A".
"You" and "Yours" refer to each person [a] Who is issued a charge and Credit Card [b] Who is authorized to use it or [c] Who signs this Agreement, or on whose behalf this agreement is made. "We" and "Our" refer to Gorham's Limited, Bermuda. You agree to pay for all purchases acquired by you or dependent cardholders according to the following terms:
Usage:The person named on the Card shall sign the Card and any replacement issued on expiry or loss thereof immediately upon receipt. The cardholder must sign for every time the Card is used. We reserve the right to ask for additional identification with signature.
Payment:Each month you agree to make a minimum payment as shown on your bill and any past due amount. You may, at any time, pay more than minimum amount due, or you may pay the balance in full. If balance is not paid in full by the next billing cycle, you will not receive a discount. All accounts will be rendered in Bermuda Dollars.
Minimum Payment:Your minimum monthly payment will be 20% of the new balance, but no less than $40.00, or the entire new balance if it is less than $40.00.
Late Charge:Each month you must pay at least the minimum Amount Due. Any amount overdue after ninety days will be subject to a 1 1/2% late charge fee on the amount over ninety days. If Amount Due is not paid in full, discount will be lost.
Default:If you fail to make any payment as agreed and continue not to make payments all costs and legal expenses incurred by Gorham's Limited to enforce payment will remain the responsibility of the main cardholder. Default may also result in the closing of the account and subsequent submission to the Bermuda Credit Association (B.C.A.). In the event a cheque is received for payment on your account and is returned to us by your bank for any reason, you will be charged a further $40.00 for administrative costs incurred by us.
Canceling or Limiting Credit:We share the mutual right to cancel or limit your credit at any time. However, this will not affect your obligation to pay the amount you owe plus all applicable late charges until payment is met in full.
Change in Terms:We have the right to change any terms in this Agreement at any time by giving you notice of the intended change or when required by law. If you use this account after the effective date of change you will be deemed to have agreed to the new terms. At our option, we may apply any new terms to your entire account balance to the extent permitted by law. If you do not agree to the changes, you must surrender the Charge Card and pay the unpaid balance under the Original Agreement.
Credit Investigation:We may request a credit report in connection with your charge account application.