Blastrite (Pty) Ltd

Blastrite (Pty) Ltd.
CREDIT APPLICATION STANDARD TERMS AND CONDITIONS
Please complete in full, using black ink
Sales rep: / New account / Upgrade
Type of organisation: (please tick) / Sole Trader / Partnership / Public Company
CC / Trust / Private Company
Registered name:
Trading as:
Postal address:
Physical address:
Phone no: / Fax no:
Email:
Bank: / Branch:
Branch Code: / Account no:
Trade References:
Company / Contact / Telephone no / Address
Vat No: / (Please enclose certificate)
Co /CC/Trust Registration No: / Years established:
Managing Director: / First Name / Last name
Buyer: / First Name / Last name
Accounts: / First Name / Last name
Approx. monthly purchases: / Credit amount applied for:
Signature: / Date:
Name in print: / Designation:

1INTERPRETATION:

1.1Unless this agreement defines or the context indicates otherwise, the following terms shall have the meanings given to them as defined below when used in this agreement:

1.1.1“The Creditor”- Blastrite (Pty) Ltd, a company with limited liability, incorporated in terms of the company laws of the Republic of South Africa, and which has its principle place of business at 8TH Floor, The Terraces, 34 Bree Street, 8001, Cape Town, South Africa.

1.1.2“The Customer”- …………………………………………………….;

1.1.3“Products and/or Services”- Any equipment, goods, materials, products and/or services that the Creditor may sell and/or rent to the Customer in accordance with the Creditor’s separate Standard Terms and Conditions of Sale and Rental of Equipment;

1.2Words importing the singular shall include the plural, and vice versa, and words importing the masculine gender shall include the feminine and neuter genders, and vice versa, and words importing persons shall include partnerships, trusts and bodies corporate, and vice versa;

1.3The head notes to the clauses of this Credit Application are inserted for reference purposes only and shall not affect the interpretation of any of the provisions to which they relate;

1.4This Credit Application shall be binding on and enforceable by the estates, heirs, executors, administrators, trustees or assigns of the parties as fully and effectually as if they had signed this Credit Application in the first instance and reference to any party shall be deemed to include all such persons;

1.5If any conflict exists between the provisions of this Credit Application and the provisions of the Articles of Association of the Creditor, then the provisions of this Credit Application shall take precedence and shall be appropriately implemented;

1.6If any provision in the interpretation clause or introduction clause to this Credit Application and/or if any provisions of this clause 1 is a substantive provision conferring rights or imposing obligations on any third party then notwithstanding that such provision is contained in the introduction clause and/or this clause 1, as the case may be, effect shall be given thereto as if such provision were a substantive provision in the body of the Credit Application;

2INTRODUCTION

2.1The Creditor is the owner and/or legal title holder of the products and/or services;

2.2The Customer is desirous of renting and/or purchasingproducts and/or servicesfrom the Creditor, upon certain terms and conditions;

2.3The Customer wishes to apply for a credit facility with the Creditor so as to enable the Customer to enter into a longer term relationship with the Creditorto so purchase and/or rent products and/or services;

3SURETYSHIP AND LIABILITY OF SIGNATORIES

3.1If the Customer is a partnership, then the partners of the customer shall be bound as surety and co-principal debtor in their individual capacities, jointly and severally for all the customers obligations, notwithstanding that only one partner may have signed this application on behalf of the Customer;

3.2If the Customer is a close corporation, then the members of the customer shall be bound as surety and co-principal debtor in their individual capacities, jointly and severally for all the customers obligations, notwithstanding that only one member may have signed this application on behalf of the Customer;

3.3In the event of the customer being a juristic person and incomplete or incorrect particulars of the juristic person are provided by its employees, agents, trustees or representatives on this credit application, then the signatory hereto shall be personally liable for the obligations of the Customer in terms hereof;

3.4In binding themselves as sureties, the individuals on behalf of the customer, as the case may be, renounce the benefits of excussion and division and hereby bind themselves jointly and severally as surety and co-principal debtor in solidum with the customer unto and in favour of the Creditor, its order or assigns, for the due performance by the customer of all of its obligations to the creditor;

4EXTENSION OF OBLIGATIONS AND LIABILITIES UPON SUCCESSFUL CREDIT APPLICATION

4.1If and in the event that the Customer is successful in its application for credit, and to the extent that the Terms and Conditions of this credit application may be silent in ay way whatsoever, and the Customer subsequently:

4.1.1Rents products and/or services from the Creditor, then the Customer hereby agrees, in addition to the terms and conditions herein contained, to remain fully bound to all and any standard terms and conditions of rental of equipment of the Creditor, as if specifically incorporated herein. The Creditors standard terms and conditions of equipment rental are available for perusal upon request by the customer at any time prior to, at the time of or subsequent to the completion and signature of this credit application;

4.1.2Purchases products and/or services from the Creditor, then the Customer hereby agrees, in addition to the terms and conditions herein contained, to remain fully bound to all and any standard terms and conditions of equipment purchase of the Creditor, as if specifically incorporated herein. The Creditors standard terms and conditions of equipment purchase are available for perusal upon request by the customer at any time prior to, at the time of or subsequent to the completion and signature of this credit application;

4.2Any individual who binds himself as surety and co-principal debtor for the due performance and obligations of the Customer shall equally bind

himself as such in terms of the obligations of the Customer who subsequently upon the successful application for credit, either rents and/or purchases equipment from the Creditor in accordance with the Creditors applicable standard terms and conditions referred to in 4.1.1 and 4.1.2 above;

5PAYMENT PROVISIONS

5.1The full purchase price for the products and/or services stated on the Creditor’s invoice issued from time to time shall be paid by the Customer without any deduction, exchange, or set-off, within the due date for payment specified in any quote, or if no date is so specified, within 30 (thirty) days of date of issue of the Creditor’s invoice and at such place and manner as may be specified by the creditor from time to time. Should no place be so specified, then payment shall be made at the Creditor’s domicilium address as set out in 1.1.1;

5.2Under no circumstances shall any payment be deemed to have been received by the Creditor from the Customer, until the Creditor is in actual possession thereof;

5.3In regard to any order of products and/or services, if more than one delivery is to be made, then each delivery may be invoiced separately, but payment shall still be effected by the Customer in the manner prescribed in 5.1;

5.4Any amount(s) not paid on due date shall bear interest at the prescribed rate of 15.5% per annum, or such other rate as set out in the Prescribed Rate of Interest Act, as prescribed from time to time;

5.5Should the Customer be in default in any respect whatsoever towards the Creditor, then the Creditor shall be entitled to place the Customer on “stop supply” without any further notice, notwithstanding that the Customer may have placed an order for the supply of products and/or services prior to the stop supply date.

6BREACH

A breach of this agreement shall occur if and in the event that:

6.1The Customer fails to pay any invoice or other payment required hereunder when due and such failure continues for a period exceeding seven (7) days;

6.2The Customer breaches any representation or warranty made or given by the Customer, or that any representation or warranty is found to be untrue or, by reason of failure to state a material fact or otherwise, shall be materially misleading;

6.3The Customer fails to perform or observe any of its other obligations hereunder, and such failure or breach shall continue to remain unremedied for a period of thirty (30) days after the earlier of:

6.3.1The date upon which the Customer obtains, or should reasonably have obtained knowledge of such failure or breach; or

6.3.2The date upon which notice thereof shall be given by the Creditor to the Customer;

6.4The Customer shall be declared insolvent, or commit an act of insolvency, or be placed under judicial management or enter into a scheme of arrangement, or be placed under administration, or make an undue disposition in favour of one or more of its creditors;

6.5The Customer ceases doing business as a going concern;

6.6The Customer shall have terminated its legal existence, consolidated with, merged into, or transferred or leased substantially all of its assets to any other person or entity;

7REMEDIES UPON BREACH

In the event of any breach by the Customer, the Creditor may, at its own discretion elect to:

7.1Terminate thecredit facility and the Customer’s rights hereunder, and claim such damages as it may have suffered by reason of the breach; and/or

7.2Institute appropriate court action to enforce compliance with the terms of this agreement and/or recover such damages arising from the Customer’s breach;

8INDEMNIFICATION

8.1The Customer agrees to indemnify, defend and hold the Creditor harmless from and against any and all liability, claims, costs, expenses (including legal fees), judgments, settlements and/or liability of any kind, including, but not limited to, liability for injury, death or property damage, which arises out of, results from, or is in any way connected with the Customer’s use and/or operation of the products and/or services, whether or not said liability arises as a result of any individual or concurrent acts or omissions of the Customer, his subcontractors or employees, or any other person;

9JURISDICTION

The parties hereby consent and agree to the jurisdiction of the Magistrate's court for the district of Cape Town, irrespective of the amount or cause of action involved, for any action instituted by the Creditor arising out of or incidental to this Credit Application. The provisions of this clause hereby constitute any necessary consent in writing for the purposes of such proceedings as may be required by the Magistrate's Court Act No. 32 of 1944;

10GENERAL

10.1Any indulgence or extension that may be granted by the Creditor shall not constitute a waiver of any of the Creditor’s rights in terms hereof, nor constitute a novation of the terms of this Credit Application;

10.2No variation to the terms of this Credit Application shall be valid or binding unless such variation has been reduced to writing and signed by both parties;

10.3The Customer appoints the address in clause 1.1.2 as being its domicilium citandi et executandi for all purposes that arise from or may be incidental to this Credit Application;

10.4The person signing this Credit Application on behalf of the Customer warrants that such person is duly authorised to bind the Customer to the terms of this Credit Application.

BY SIGNING BELOW, THE CUSTOMER ACKNOWLEDGES THAT HE HAS READ THE TERMS AND CONDITIONS AND ACKNOWLEDGES THAT THE CUSTOMER IS BOUND THERETO

SIGNED AND DATED AT ______ON THIS THE ____ DAY OF ______200__

AS WITNESSES:for THE CUSTOMER

1.______

who warrants that he/she is duly

authorised hereto

2.______CAPACITY: