CUSTOMER CREDIT FACILITY ENROLMENT

TERMS & CONDITIONS

 

CLAUSE A: All outstanding accounts must be settled within 7 days after the receipt of a Statement of Account following the expiry of the Credit period herein granted to the Applicant from the invoice date.

 

CLAUSE B: A 1.5% interest per month calculated on a daily basis will be charged on all overdue account commencing from the expiry date of the 7 days allowed for payment until full payment.

 

CLAUSE C: Any amounts over and above the credit limit herein granted must be settled immediately upon receipt of Statement of Account failing which Parvati Textiles Centre reserves the right to withhold further supplies of deliveries to the Applicant until full settlement of the same.

 

CLAUSE D: The ownership of the various goods to be delivered by Parvati Textiles Centre under this credit facility will only be transferred to the applicant when he has met all that is owing to Parvati Textiles Centre, no matter on what grounds. Until payment is received, if Parvati Textiles Centre so desires, the applicant is required to store his goods in such a way that it is clearly property of Parvati Textiles Centre and can be recognized as such. Nevertheless, pending full payment to Parvati Textiles Centre which is a condition precedent to the transfer of ownership in the goods to the Applicant, the Applicant will be entitled to sell the goods to a third party within the framework of the normal carrying on of his business. The Applicant, as long as he has not fully discharged his debt to Parvati Textiles Centre shall hand over to Parvati Textiles Centre the claim he has against his buyers emanating from his transaction.

 

CLAUSE E: Notwithstanding the credit facilities is granted by Parvati Textiles Centre to the Applicant herein, Parvati Textiles Centre reserves the right to demand immediate payment for all outstanding accounts notwithstanding that the credit period for which the goods are sold and supplied has not expired and should the Applicant refuse to effect payment as demanded aforesaid, Parvati Textiles Centre reserves the right to take legal action for proceedings against the Applicant for the recovery of all outstanding accounts notwithstanding that the credit period has not expired as Parvati Textiles Centre deems fit and at their absolute discretion

 

CLAUSE F: Parvati Textiles Centre reserves the right to review or terminate the credit facilities herein granted to the Applicant at any time if necessary at their absolute discretion.

 

CLAUSE G: Should the Applicant fail, refuse or otherwise default in settling his outstanding accounts within the period permitted under Clause A above, Parvati Textiles Centre shall be entitled to stop all deliveries and shall forthwith and without notice or demand to the Applicant be entitled to recover possession of the goods already delivered to the Applicant under this credit facility from his premises or else where as they may be found by virtue of what is laid down under Clause D above and the exercise by Parvati Textiles Centre of such a right is additional to but without prejudicing Parvati Textiles Centre other rights against the Applicants set out in Clauses E & F above which are exercise by Parvati Textiles Centre irrespective of wether or not the Applicant is in default aforesaid as Parvati Textiles Centre deems fit and at their absolute discretions.

 

CLAUSE H: The Applicant shall undertake to pay to Parvati Textiles Centre by way of reimbursement all expenses (including legal costs on a full indemnity basis) incurred by or on behalf of Parvati Textiles Centre in taking any legal proceeding to recover any goods, money, interest or other payments due to Parvati Textiles Centre arising out of or in respect of the credit facilities herein granted or to be granted to the Applicant or to enforce any or all of the terms and conditions herein on the part of the Applicant to be observed by him/them.