Account Holders

Guide to Applying for Credit Facilities

Welcome to our comprehensive guide on applying for credit facilities. Understanding the terms and conditions associated with credit is essential for responsible borrowing. Below, we outline the key conditions that apply when you enter into a credit agreement with us.

General Applicability of Conditions

When you place an order, it is essential to note that all agreements are subject to the conditions stated herein. These conditions take precedence over any conflicting terms in your documentation unless we have specifically varied them in writing. Any attempt to modify these conditions on your part will not be recognized unless explicitly agreed upon by us in writing

Review of Credit Facilities

We reserve the right to review the extent, nature, and duration of the credit facilities at any time. This ensures that we can manage our lending practices effectively.

Interest on Overdue Payments

If any payment is not made within the agreed-upon term, you will incur interest at the maximum permitted rate, which may be updated periodically. Interest will be calculated and billed monthly in advance. Should you fail to pay this interest, it will be added to your principal balance, which will then also accrue interest.

Suretyship Obligations

By signing, you agree to be a surety and co-principal debtor in favor of the creditor. This means you are responsible for ensuring that all amounts owed by the debtor are paid in full. You waive certain legal protections, acknowledging your understanding of the terms.

Continuing Suretyship

Your suretyship is ongoing and remains effective even if there are fluctuations in the debtor’s indebtedness. You cannot withdraw, revoke, or cancel this agreement without our prior written consent. Any consensual cancellation will only be valid if documented in writing and signed by both parties.

Proof of Indebtedness

A certificate signed by any director or manager of our company will serve as sufficient proof of the debtor's indebtedness. This includes confirmation of amounts due, interest accrued, and any other relevant matters related to the credit agreement.

Admission of Indebtedness

Any admission made by you regarding the debt owed will be binding.

Conditions Precedent to Delivery of Goods

Delivery of goods is subject to the following conditions:

Availability of Goods:We must have the goods ordered in stock.
Time of Delivery:Delivery dates are approximate. Delays in delivery will not allow for withdrawal or termination of the agreement.
Liability for Delays: We will not be liable for any indirect or consequential damages arising from delayed deliveries.

Ownership and Risk

Ownership of goods remains with us until all amounts due have been paid. However, the risk passes to you upon delivery.

Events of Default

In the event of any of the following, we reserve the right to cancel the sale and reclaim goods without notice:

Breach of any conditions stated herein
Failure to pay any amounts due
Entry of civil judgments against you
Publication of a notice of surrender of your estate under the Insolvency Act
Provisional sequestration or winding up of your estate

Return of Goods

Should we agree to accept the return of goods for credit, you will incur a handling charge of 12.5% of the invoiced price of the returned goods.

Legal Costs

If we engage attorneys to recover amounts owed, you agree to pay all legal costs incurred, including collection charges.

Jurisdiction

You consent to the jurisdiction of the Magistrate’s Court for any claims arising from this agreement, even if the amount exceeds the court’s nominal jurisdiction.

Domicilium

You nominate your registered office or physical address for the service of all notices related to your account.

Waiver of Rights

No relaxation or indulgence granted to you by us shall be considered a waiver of any rights, nor shall it constitute a novation of the terms of this agreement.

Stamp Duty

You will be responsible for paying any applicable stamp duty related to this agreement.

Condition of Sale

All goods are sold voetstoots (as is) without warranties. Any complaints must be raised in writing within 7 days of receiving the goods. You must continue to make payments during any dispute.

Complaints Regarding Non-Manufactured Goods

If you have complaints about goods not manufactured by us, you may cede any rights to us against the supplier but cannot withhold payments to us.

Indirect Damages

Any agreement to modify the terms of this document must be in writing and signed by both parties.

Variations to Agreement

Any agreement to modify the terms of this document must be in writing and signed by both parties.

Interpretation

Words importing one gender shall include the other gender, and singular terms shall include the plural, and vice versa.

Approval Letters

Upon receiving an approval letter, you must adhere to the stated credit limit. If your purchase exceeds this limit, reevaluation will occur only after full payment.

Account Suspension

Accounts that become overdue will be temporarily suspended. An interest rate of 2.5% per month will be imposed on overdue accounts.

Purchase Orders

If unit prices are not specified in your purchase order, our sales team will assume they are at normal prices without discounts, leading to no claims for price discrepancies.

This guide is intended to provide clarity on the terms and conditions of credit facilities. If you have any questions or require further information, please feel free to contact us.