1) LAKsafety Products may in assessing my/our application for credit or if the application is accepted and subsequently any payment becomes overdue obtain personal information and seek from a credit reporting agency or other credit provider information about my/our credit arrangement and I/we understand that this information may include my/our credit worthiness, credit history or credit capacity that the credit providers are allowed to give or receive pursuant to the Privacy Act and Privacy Amendment Act.
2) The applicant(s) must inform LAKsafety Products in writing within seven (7) days of any change of his/her their business or corporate structure
3) LAKsafety Products reserves the absolute right to refuse or withdraw the applicant(s) credit facilities at any time in the event that the applicant is in breach of these terms and conditions.
4) All contracts between LAKsafety Products and the Applicant shall be deemed to have been entered into in the Democratic Socialist Republic of Sri Lanka and shall be construed according to the Laws of the Sri Lanka.
5) PASSING OF PROPERTY AND RISK
(A) Goods supplied by a Seller to the Buyer shall be at the Buyer’s risk immediately upon deliver to the Buyer, into the Buyer’s custody or at the Buyer’s direction (whichever happens first). The Buyer shall insure the goods from the time of that delivery at its cost against such risks as it thinks appropriate, shall note the interest of the Seller named in the relevant Sales Invoice on the insurance policy and shall produce a certificate to this effect to that Seller upon request.
(B) Property in the goods supplied by a Seller to the Buyer under these terms and conditions shall not pass to the Buyer until those goods and other goods have been paid for in full.
(C) Until the goods have been paid for in full:
(C-1) the Buyer shall store the goods in a manner which shows clearly that they are the property of the Seller which supplied them; and
(C-2)the Buyer may sell the goods, in the ordinary course of its business, as agent for the Seller and shall account to the Seller for the proceeds of sale (including any proceeds from insurance claims). These proceeds must be kept in a separate bank account.
(D) The Buyer irrevocably authorises each Seller at any time to enter onto any premises upon which
(D-1) the Seller’s goods are stored to enable the Seller to:- inspect the goods; and/or – if the Buyer has breached these terms and conditions, reclaim the goods;
(D-2) the Buyer’s records pertaining to the goods are held to inspect and copy such records.
(E) The Buyer and each Seller agree that the provisions of this clause apply notwithstanding any arrangement under which that Seller grants credit to the Buyer.
6) I/We acknowledge that if the account is overdue, LAKsafety Products at its discretion, reserves the right to refer the account to a Mercantile Agency for Collection and I/we agree to be responsible to meet all reasonable costs and Commissions incurred in employing the said mercantile agent to collect the overdue account.
7) Any signatory for a proprietary Company applicant shall be personally liable for the due performance of the applicant’s obligations as if the signatory was the applicant.
8) I/We acknowledge and agree that the terms of payment are STRICTLY NETT CASH 30 days from the date of the statement, and in the event the account becomes overdue, LAKsafety Products reserves the right to charge interest in accordance with the Penalty Interest Rates.