1.1 Property in the Products shall not pass to the customer until the Customer has paid the price in full in respect of those Products and there is no debt of the Customer outstanding to Crest Technologies Pty Ltd.
1.2 The act of supplying and or delivering the Products to a sub-buyer shall be deemed to be an assignment of the proceeds received by the customer in respect of the Products from the Customer to Crest Technologies Pty Ltd absolutely and not by way of security.
1.3 The Customer shall:
a) to the extent required by Crest Technologies Pty Ltd keep the Products separate from other goods in the possession of the Customer and
b) account to Crest Technologies Pty Ltd in specie in respect of any proceeds received
c) concur in directing any sub-buyer to pay proceeds to Crest Technologies Pty Ltd
1.4 If any payment is not made by the due date or upon the happening of any event entitling Crest Technologies Pty Ltd to terminate the order, Crest Technologies Pty Ltd may enter the Customer’s premises to retrieve the Products supplied.
1.5 Between the Delivery of the Products to the site and the passing of title, the Customer will insure the Products with a reputable insurance company in favour of Crest Technologies Pty Ltd in an amount equivalent to its replacement value against all risks of loss or damage due to any cause.
1.6 Notwithstanding Crest Technologies Pty Ltd will not be liable for any loss or damage to the Products from the time of delivery of the Products by Crest Technologies Pty Ltd or its carriers to the Customer.
2. All transactions will be carried out on a COD basis or credit terms deemed applicable by Crest Technologies Pty Ltd.
3. Amounts in dispute may be deducted from the balance due but on no account is the whole account due be withheld.
Disputed transactions must be resolved within 30 days from the date of the query evolved. If no satisfactory resolution is found, the disputed transactions must be referred in writing to the Financial Controller.
4. Upon reaching the credit limit at any time or if the account is overdue, all supply and credit will automatically cease until such time as a cheque is received, banked and cleared allowing further supply to the value of the credit limit.
5. The credit limit may be reviewed at any time with no prior notification by Crest Technologies Pty Ltd, or upon application in writing by the customer enclosing the necessary information deemed to be sufficient to substantiate an increase in their credit facility.
6. Any default by the customer in paying will result in interest at the current bank charges rate per calendar week being charged and payable on the overdue amount.