Until the company has received payment for all Goods whatsoever that the company has supplied at any time to the Buyer or to any holding subsidiary or associate company of the buyer as defined respectively By section 736 of the company’s act, 1985 and section 435 of the insolvency Act, 1986.
- The Goods shall remain The Company’s property and the Buyer shall store the goods separately and /Or keep them in such a way that they can be readily identified as being the property of the company.
- The Buyer accepts that he holds the goods in a fiduciary relationship as the company’s bailee.
- The Buyer is permitted to sell the goods in the ordinary course of business on the basis that the net Proceeds of any sale shall become the Company’s property but has no authority to enter into any Contract of sale on the company’s behalf.
- Without prejudice to any other remedy that the company may have, the company may, at any time Revoke the buyer’s power of sale by notice to The Buyer is in default in payment of any sum Whatsoever due to the company, or if any cheques or due to the Company, or if any cheques or other Negotiable instruments drawn by the Buyer in favour of the company is dishonored on presentation For payment, or if the company has bona fide doubt as to the solvency of the Buyer.
- The Buyer’s power of sale shall automatically cease if any administrative receiver is appointed over any of the assets of the Buyer or if the Buyer goes into voluntary liquidation or call a meeting of its Creditors or commits any act of bankruptcy.
- Upon determination of the Buyer’s power of sale all sums payable in respect of the goods supplied shall become due immediately, notwithstanding that any period of credit permitted upon the contract may not Have expired, and the company shall be entitled to enter upon any premises of The Buyer, or to which The Buyer has access, for the purpose of removing any remaining goods which the buyer agrees to place At the Company’s disposal.
- The Company may maintain an action for the price of the goods notwithstanding that ownership of them has not passed.
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These conditions shall be construed and governed in all by English law and the Buyer and the company shall submit to the jurisdiction of the English courts.
Customer Name: ……………………………………………..
Authorized customer Signatory: ………………………………………........
Date ……………………............................
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