Trade credit account terms and conditions
In consideration of C J Love Wholesale Limited and its subsidiaries and successors agreeing to supply goods to the applicant company on credit we, being the director/directors/owner of the applicant company, jointly and severally guarantee payment of all financial obligations to C J Love Wholesale Limited and its subsidiaries and successors including financial obligations arising from any increase in the credit limited granted by C J Love Wholesale Limited and its subsidiaries and successors from time to time following review of the application company’s account. For the avoidance of doubt, “applicant company” means: “the company, its subsidiaries and successors which take the benefits of the goods supplied”.
You have the option to pay for the goods at the time they are to be taken from the premises or to request them to be added onto the credit account if enough credit is available.
Even if we have provided you with credit previously, we reserve the right to refuse to complete any order if payment of the account or your credit rating is not satisfactory to us.
You may not withhold payment of any invoice or other amount due to us by reason of any right of set off or counterclaim, which you may have, or allege to have. We shall be entitled, at all times, to set off any debt or claim which we may have against you against any sums due to us from you.
We may close the account at any time, at our sole discretion, with immediate effect.
You may end this agreement at any time by giving us notice provided that you have paid in full any outstanding balances on your account.
If a party fails to make any payment due to the other under this agreement by the due date for payment, then, without limiting the other party’s remedies, the defaulting party shall pay interest on the overdue amount at the rate of 8% per annum above the Bank of England’s base rate from time to time. Such interest shall accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after judgement. The defaulting party shall pay the interest together with the overdue amount. This clause shall not apply to payments that the defaulting party disputes in good faith.