Terms of Credit (Artiwood Australia Pty Ltd referred to as “Artiwood ”)
- 1. In applying for credit with Artiwood, I/we (who in these terms will be referred to as “the Applicant”) acknowledge that any credit granted following this application will be subject to the terms and conditions stated in this application or as subsequently varied by Artiwood at its discretion and advised to the Applicant.
- 2. Payment terms are “Net 30 Days”. This means payment is due due within 30 days from the date of invoice unless alternative terms have been agreed and confirmed in writing by Artiwood.
- 3. Account payments are not subject to any settlement discount.
- 4. Artiwood reserves the right to charge interest on an invoice that has not been paid in full by its due date. The applicable rate will be National Australia Bank’s published Overdraft Business Rate on the date the balance becomes due. Interest will accrue on the outstanding balance on a daily basis until it is paid in full.
- 5. A Late Payment Administration Fee of $11.00 (inclusive of GST) may be applied to an invoice monthly for every month payment of the outstanding balance has not been made in full on or before its due date. An account remains in arrears until this fee, interest and any outstanding balance is paid in full. Artiwood reserves the right to waive this fee at its discretion.
- 6. Any Credit limit approved by Artiwood and advised to the applicant must not be exceeded. Artiwood periodically reviews its credit limits. By signing these Terms of Credit, the Applicant permits Artiwood to review and revise its credit limit from time to time. Artiwood may increase or reduce the Applicant’s credit limit at the Applicant’s specific request. Artiwood may also reduce the Applicant’s credit limit without approval, but Artiwood will not reduce the Applicant’s credit limit below the outstanding balance on the Account at the time of the reduction without prior communication with the Applicant.
- 7. Ownership in goods invoiced remains with Artiwood and does not pass to the Applicant until payment is made in full. Notwithstanding the ownership in the goods remaining with Artiwood until full payment is made, risk in the goods passes to the Applicant immediately upon delivery of the goods to the Applicant.
- 8. Artiwood, or its representatives, reserves the right to actively pursue collection of outstanding amounts, and costs, if any, will be passed on to the account of the Applicant.
- 9. Artiwood reserves the right to cancel its credit terms. Notice of this decision will be made to the Applicant in writing. Any outstanding balance must be paid In full.
- 10. Artiwood may at any time set-off amounts owed by Artiwood to the Applicant from the amounts owed by the Applicant to Artiwood. Artiwood will ordinarily apply payments against the oldest outstanding amount due.
- 11. The Applicant indemnifies and holds harmless Artiwood and its officers, employees and agents from and against all actions, claims, proceedings or demands which may be brought or made against it or them or any of them in respect of any loss, injury, or damage arising out of any breach of these terms and conditions by the Applicant or any negligent act or omission by the Applicant and from and against all damages, costs and expenses incurred in defending or settling any action, claim, proceeding or demand arising from such breach, act or omission.
- 12. So far as the law permits, the liability of Artiwood for a breach of a condition or warranty that cannot be excluded is limited, at the option of Artiwood, to:
- 13. Artiwood hereby advises that, pursuant to s. 18E(8) of the Privacy Act 1988, information disclosed in the course of this credit application may be disclosed to a credit reporting agency. Under Section 18E(8)(c) of the Privacy Act 1988 Artiwood is allowed to give a credit reporting agency personal information about the Applicant’s credit application, information which may be given to an agency is covered by Section 18E(1) of the Act and includes identity particulars (as permitted by the Privacy Commissioner’s determination issued under Section 18E(3)); the fact that the Applicant has applied for credit and the amount, the fact that Artiwood is a credit provider to the Applicant, payments which become overdue outside of agreed trading terms and for which collection action has been commenced; advice that payments are no longer overdue; cheques drawn by the Applicant which have been dishonoured more than once; in specific circumstances, that in the opinion of Artiwood you have committed a serious credit infringement; that credit provided to you by Artiwood has been paid for or otherwise discharged. Pursuant to ss. 18K(1) and 18N (1) of the Privacy Act 1988 and para. 2.12 of the Credit Reporting Code of Conduct issued under s. 18A of that Act, the Applicant hereby agrees to Artiwood obtaining personal information from a credit reporting agency or a credit provider for the purpose of assessing this application for commercial credit (including information as to creditworthiness); and agree to that agency or provider providing that information to Artiwood for that purpose. You further agree to the obtaining from, and provision by, such agency or provider further credit reports, which may assist Artiwood in recovering any sums outstanding under the terms of the commercial credit agreement to which this application may lead.
- 14. Artiwood is not liable for any costs incurred in the completing of this Credit Application form. You are responsible for any stamp duty or other government charges levied on or in connection with this Application, Terms and Conditions or credit facility.
- 15. Confidentiality of your information – Except as required by law, Artiwood will only use or disclose your personal information as necessary for maintaining this credit facility. For example, disclosure to Accounts Receivables staff or to external auditors.
- 16. Default – If you or an authorised officer:
(a) the replacement or repair of the goods;
(b) the supply of equivalent goods; or
(c) the cost of replacing or repairing the goods or of acquiring equivalent goods.
(a) obtain credit by fraud or dishonesty; or
(b) allow the amount of a monthly statement to remain unpaid for more than 30 days from its due date; or
(c) breach any of these terms and conditions; or
(d) being an individual commit an act of bankruptcy or become insolvent under administration; or
(e) become an externally-administered body corporate or have an application for winding-up filed against you; or
(f) use the credit facility in circumstances where Artiwood believes that the continued use of the credit facility may cause loss or damage to you or Artiwood.