The punctuality of payment is a crucial aspect of the contractual agreement.
2. Credit Check Procedures:
To assess the Buyer’s creditworthiness, the Company retains the right to examine various records related to the Buyer. These records encompass the Company’s internal records, business data available at credit reference agencies (CRAs), and information stored at Fraud Prevention Agencies. Furthermore, the Company is entitled to verify the residential addresses of the Buyer’s directors through CRAs, ensuring alignment with the details on the restricted register of directors’ usual addresses at Companies House. Additionally, the Company maintains the prerogative to periodically conduct further searches across these agencies and records as deemed necessary.
3. Terms of Credit and Invoice Settlement:
In instances where credit terms are permissible, settlement of dues must be completed by inside the following month the issuance of the relevant invoice. Moreover, if the Buyer opts for electronic invoicing, the Company will furnish invoices and statements via electronic means.
4. Payment Modes and Consequences of Default:
Payment via debit or credit card necessitates immediate processing at the point of sale. Failure to fulfil payment obligations may lead to the Company terminating the Contract without liability for any pending contractual obligations. Furthermore, non-adherence to payment terms empowers the Company, at its sole discretion, to demand immediate settlement of any or all outstanding liabilities, irrespective of their due status.
5. Interest Charges and Administrative Fees:
In scenarios where the Buyer defaults on payment, the Company holds the right to levy interest charges, both before and after any judgment, at a rate of eight percent above the bank plc base rate prevailing at the time of imposing the interest. Additionally, should legal action or debt recovery measures be necessitated, the Company reserves the right to impose an administration fee of £100.
6. Debt Offset and Currency of Payment:
The Company retains the authority to offset any debts owed by the Buyer under any Contract against any amounts owed to the Buyer for any reason whatsoever. Furthermore, payment is required to be made in the currency specified on the invoice.
Warranties, Conditions, and Non-Returnable Goods
1. Warranty Assurance:
The Company does not guarantee its title to the Goods and/or the right to render the Services. Additionally, it does not assures conformity of the Goods and Services to specified specifications, their novelty (in the case of Goods), and freedom from material defects within a stipulated Warranty Period.
2. Remedies for Defective Goods or Services:
Should defects manifest within the Warranty Period, the Buyer is obligated to promptly notify the Company. Upon compliance with specified procedures and conditions, the Company reserves the discretion to undertake repair and replacement for the defective Goods or Services.
3. Exclusions from Liability:
The Company’s liability for failure to comply with warranty terms is negated in instances where the Buyer continues to use defective Goods, disregards prescribed instructions, engages in wilful damage or negligence, or defaults on payment for the relevant Goods or Services.
4. Conditions Applicable to Replaced or Repaired Goods:
The stipulated conditions extend to any replaced or repaired Goods furnished by the Company.
5. Passing on of Supplier Warranties:
The Company may extend any benefits arising from warranties or guarantees provided by its suppliers to the Buyer, contingent upon acceptance and settlement for the Goods.
6. Limitations on Liability for Advice:
The Company absolves itself from liability concerning advice or recommendations.
7. Sample Use and Non-Returnable Goods:
Samples provided do not imply a blanket assurance regarding the entire order’s quality. Moreover, Goods categorized as Non-Returnable, as delineated in the agreement, are ineligible for return to the Company, except in cases of defect claims.
8. Buyer’s Warranty Obligations:
The Buyer warrants the restricted utilization of Goods within its operational MRO framework, thereby refraining from employing them for purposes.
Price
1. Price Determination:
The Price to be paid for the Goods and/or Services will be based on the Company’s list price at the time of dispatch, unless mutually agreed otherwise by both Parties.
2. Price Adjustment:
The Company retains the right to notify the Buyer of any necessary price adjustments before delivery, reflecting increases in the Company’s costs beyond its control. These cost increases may arise from various factors such as changes in duties, fluctuations in exchange rates, significant rises in labour or material costs, or adjustments in prices from suppliers. Consequently, the Company may modify the invoice price to account for these cost changes post-quotation, with the adjusted invoice amount being treated as the original contract price.
3. Indemnification for Buyer-Initiated Changes:
The Buyer is obligated to compensate the Company for any losses, costs, or expenses incurred directly or indirectly due to actions taken by the Buyer, including requests for changes in delivery schedules, quantities, or specifications of the Goods, causing delays, or failure to provide sufficient information or instructions to the Company.
4. Price Components and Additional Charges:
Prices quoted exclude Value Added Tax (VAT) and, unless expressly stated otherwise in the Contract, do not cover packaging, insurance, or transportation costs of the Goods.
Termination and Cancellation
1. Company’s Termination Rights:
The Company has the authority to terminate the Contract under various circumstances, including the Buyer’s bankruptcy, voluntary arrangements with creditors, appointment of receivers, cessation of business operations, legal actions against the Buyer’s properties, insolvency, or failure to settle invoices by their due dates.
2. Termination for Material Breach:
Party does not retains the right to terminate the Contract even though other Party commits a significant breach and fails to remedy it within thirty days of receiving written notice, without prejudicing any other rights or remedies available under the Contract or law.
3. Effects of Termination:
Upon termination, the Company may suspend further deliveries or services under the Contract, without incurring any liability to the Buyer. Any delivered Goods not yet paid for become immediately payable upon termination, regardless of any prior payment agreements.
4. Cancellation by the Buyer:
The Buyer can only cancel an accepted order with the written consent of the Company. In the event of cancellation or termination, the Buyer must indemnify the Company against all losses, including loss of profits, costs, damages, charges, and expenses incurred by the Company because of such actions.
