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Conditions of Sale
Ownership of goods: The seller retains ownership of goods sold until final payment of sale price has been received. Any loss is the responsibility of the buyer from the time the goods or services leave the seller. Any claim, loss or error must be made within 10 days from the date of the invoice.
Failure to pay: In the event of failure to pay the price in accordance with the payment terms stipulated in the paragraph above, the seller shall have the right, in its sole discretion, to either demand payment of any balance due on the sale price or to repossess the goods sold, without notice or legal procedure for the purpose, the customer having granted consent in advance, without any compensation or reimbursement of amounts received on the sale price, if any.
Returned goods: No return of goods will be accepted without authorization by the seller. In addition, administrative fees of 20% of the sale price of the goods will be charged to the customer, if applicable.
Standard terms: Net 30 days, or as agreed between the parties.
Interest: Past due accounts will bear interest of 24% per annum (2% per month), calculated and compounded monthly.
Application: The above conditions apply to all transactions relating to the purchase of goods undertaken between the parties for the duration of their business relations and are binding on heirs, successors, legal representatives or assigns.
Personal Responsibility: In the case of a corporation, the person signing for it undertakes personal responsibility, by the sole fact of such signature, jointly and severally with such corporation, in favour of the seller, for all
obligations arising from purchases made subsequent to this application for a credit account.
Authorization for credit information: By this application for opening a customer account the customer authorizes the seller and its authorized employees or representatives to obtain any information about itself, its officers , shareholders or company directors.
Liquidated damagas: In the event that the customer fails to honour any of the obligations it has assumed hereby, the seller shall have recourse to the services of legal counsel for protection of its rights or their enforcement, the customer agreeing to pay the seller an additional amount of 10% of any balance due as damages, unless prohibited by law, this condition equally applying should the account be sent for collection by a collection agency.
Credit approval: This contract takes effect upon approval by the credit department.
Election of domicile : The customer agrees that for any prosecution regarding this contract or goods sold and performance of any obligation hereunder, the parties elect domicile at the place of seller’s business mentioned in this credit agreement and the customer waives any rights it may have relating to the jurisdiction of courts of other districts of this province or of any other districts of the provinces concerned.