BANK PAYMENT AGREEMENT
GUARANTEE & ESCROW DISBURSEMENT
Well Water Testing NC, as Service Provider, hereby authorizes and directs the Escrow Agent, Settlement Agent, and/or Closing Attorney to disburse, from the settlement proceeds at closing, the full invoice amount directly to Well Water Testing NC at 8312 Harps Mill Road, Raleigh, NC 27615, as payment for well water testing services rendered in connection with the above-referenced property.
In the event the real estate transaction does not close on the scheduled date, or if said transaction is otherwise cancelled, withdrawn, or fails to consummate for any reason whatsoever, the Escrow Agent, Settlement Agent, and/or Closing Attorney shall remain jointly and severally responsible for the full and timely payment of the above-referenced invoice directly to Well Water Testing NC within two (2) calendar days following the scheduled bank closing date as set forth herein. Thereafter, interest shall accrue at the rate of 1.5% per day on all outstanding balances until paid in full. The Escrow Agent, Settlement Agent, and/or Closing Attorney further agree to be liable for all reasonable attorney’s fees, court costs, and collection expenses incurred in enforcing this obligation
Acknowledgment
The Escrow Agent, Settlement Agent, and/or Closing Attorney, by execution hereof, expressly acknowledge receipt of this Guarantee & Escrow Disbursement Agreement and hereby agree to disburse, without condition or offset, the full invoice amount directly to Well Water Testing NC. Such obligation shall remain absolute and enforceable irrespective of whether the underlying real estate transaction is consummated, delayed, or terminated for any reason on or after the scheduled closing date.
Signing
By signing below, the undersigned acknowledges, agrees, and affirms that they have read and understood this agreement, and hereby accept full responsibility to fulfill all payment obligations set forth herein. This acknowledgment and agreement are made knowingly, voluntarily, and without prejudice, and shall be binding and enforceable in accordance with the above terms.”
Non-Cancellation Policy:
Once this agreement is signed, the full payment becomes due and is non-negotiable, regardless of whether the water sample has been collected. The Escrow Agent, Settlement Agent, and/or Closing Attorney acknowledges that Well Water NC begins incurring operational costs upon scheduling, including administrative work, route coordination, and laboratory preparation. Therefore, once signed, confirmed, or testing commences, full payment is contractually required, regardless of whether the transaction is not completed or the testing is completed. This obligation is binding upon signature and is not contingent upon loan approval, financing status, or client cancellation.