Credit Application Terms
The Applicant hereby acknowledges that all goods supplied by Memories of Australia Pty Ltd (the Company) on credit in accordance with these terms and conditions.
Credit Accounts are supplied subject to the following terms and conditions:
- Credit terms on first orders (New Accounts) are strictly seven (7) days from date of invoice. Invoices for further goods supplied are due and payable thirty (30) days from the end of month from the date of invoice;
- Any amount outstanding on goods supplied by the company after expiration of the relevant trade terms for that supply accrues interest at a rate of 10% per annum calculated daily and compounded monthly;
- Orders for Custom Design items cannot be cancelled once the Company has received confirmation of artwork;
- Risk in the goods purchased, unless otherwise agreed in writing between the parties, shall pass to the Applicant as Buyer upon delivery of the goods to the Buyer, its agent or to a carrier commissioned by the Buyer;
- Title in the goods purchased from the Company passes to the Buyer in accordance with the following provisions:
a) Title in the goods will only pass to the Buyer when the Company receives full payment for those goods supplied including any interest payable for late payment;
b) Until full payment is received for those goods, the buyer holds those goods as the fiduciary agent and bailee of the Seller and must ensure that the goods are identifiable, kept separate, and are properly stored, protected and insured;
c) The Buyer may on-sell the goods provided always that:
- The Buyer acts as fiduciary agent of the Company, but having no right or authority to bind or otherwise create any liability on the part of the Company to third parties; and
- All proceeds received by the Buyer for the sale of goods supplied by the Company, for which title has not passed to the Buyer, shall be held in trust for the Company and will keep such proceeds in a separate account until full payment for all amounts to the Company from the Buyer are received by the Company.
- In the event of the Applicant defaulting in any of the terms of this agreement including the payment of any invoices for goods supplied on credit extended as a result of this agreement then the Company shall have the power and authority to retake possession for the goods supplied and which remain unpaid for and authorises allows the Company or its representative, servant, agent or employee to enter the premises at which the goods are housed or stored for the purpose of retaking possession of those goods. The Company will not be liable for any costs, losses, damages, expenses or any other monies or losses suffered by the Applicant as a result of the Company retaking possession of the goods;
- Notwithstanding clauses 6 and 7, the buyer hereby grants the Company the authority to charge all the Buyers real and personal property with its obligations under this agreement and to lodge a caveat over the property of the Buyer to protect its interests with respect to the supply of goods to the Buyer;
- Where the Applicant issues a purchase order for goods from the Company on credit, a concluded agreement for the purchase of goods from the Company exists on the receipt of the purchase order and the Company setting aside the goods ordered and issuing an invoice for their sale;
- This agreement is subject to the laws of Queensland and the parties agree to the exclusive jurisdiction of the Minor Debt Court, the Magistrates Court and the District Court at Beenleigh, in the State of Queensland, Australia;
- All costs relating to the recovery of any amounts due and owing to the Company for goods or services supplied on credit or the recovery of possession of such goods will be payable by the Applicant.