TERMS AND CONDITIONS OF SUPPLY
Note: The Credit Account Applicant is hereinafter referred to as the ‘customer’. Bike Torque is hereinafter referred to as the ‘supplier’.
1.Terms of Payment
(i) Full Payment for any and all goods must be made either on or before the 20th of the month following delivery (unless otherwise arranged with the supplier).
(ii) Failure to make payment within seven (7) days of due date shall constitute a breach of these terms and conditions of supply for which the customer shall be liable to compensate the supplier by paying as liquidated damages (in addition to the amount due) interest on the amount due from the due date until the date of payment at a rate approximately 2% above the base lending rate charged by the supplier’s bank.
(iii) Failure to make payment within seven (7) days of due date shall, without prejudice to any of the supplier’s other rights under the terms and conditions of supply, entitle the supplier to alter the customer’s dealer discount status without prior notification to the customer.
2. Risks and PPSA
Risk in any goods supplied by the supplier to the customer shall pass when such goods are delivered to the customer or in the custody on the customer’s behalf. The customer shall provide all reasonable assistance and relevant information to enable the Supplier to register a financing statement in respect of the goods supplied in accordance with the Personal Property Securities Act 1999 (“PSSA”) PRIOR to the delivery of goods to the customer. The customer hereby waives its right to receive a verification statement in respect of any financing statement or financing change statement registered by or on behalf of the supplier in respect of goods supplied. The customer agrees that to the extent permitted by law and in respect of the supply of goods under these terms and conditions the provisions of Part 9 of the PPSA which are for the benefit of the customer, or place obligations on the Supplier as the secured party, shall apply only to the extent they are mandatory or the Supplier agrees in writing to the application.
The customer acknowledges that the Supplier shall be a secured party in respect of the goods supplied under these terms and conditions and shall be entitled to register a financing statement in accordance with the PPSA, which shall be a Purchase Money Security Interest (“PMSI”) as defined in s16 of the PPSA.