Ok, I've got an issue for you...
Our 35-year-old family business has been running into problems with our sole supplier of products.
Our account with them has been one month behind for years, since we order one month, send out statements at the end of the month with 30-day net terms to the customer.
Within the past few months, the supply company has changed ownership and new payment terms have been smacked down on us. Now, in order for us to place an order, they are requiring us to pay double up front befor ethey send us anything. For example, if we have an order for $2000 worth of supplies, they will not release that order until we first pay $4000.
Is this legal?
Note: We have no other suppliers nearby that can turn our orders around within a day, otherwise we would have switched to a different company.
Thanks in advance for any help,
RM
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