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Purchase Requirement Agreement
FOR GOOD CONSIDERATION, and as an inducement for [Name] to grant credit on extended terms, the undersigned hereby agrees to enter into this Purchase Requirement Agreement on the following terms:
1. During the period from [Date] to [Date] as the undersigned shall be indebted to Creditor, the undersigned shall purchase from Creditor goods in the following quantity:
2. The undersigned shall pay for said purchases within the Creditor's regular credit terms, or such extended terms as shall be expressly approved in writing by Creditor.
3. All purchases hereunder shall further be at such prices and include all promotional or advertising allowances, cash and/or trade discounts and other incentives and inducements, if any, as then customarily available to other accounts purchasing on equally proportionate terms.
4. In the event the undersigned shall fail to meet said purchase requirements, or otherwise default under this agreement, then in such event, Creditor shall have full rights to demand immediate payment of all sums due Creditor notwithstanding extended terms evidenced by any note, extension agreement or other agreement authorizing extended terms.
5. This agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.
Signed on [Date].
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [County]
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____