- All goods supplied by Concept Latch to the customer during any calendar month must be paid for in full by the Customer on or before Concept Latch's last trading day of the following month.
- A monthly billing cycle will apply. During each month Concept Latch will render to the customer a statement of account in respect of the preceding month.
- Concept Latch reserves the right at all times to suspend or discontinue the supply of goods to the customer without being obliged to give any reason for its action.
- Credit limits established at the time of opening your account will be strictly adhered to and enforced by Concept Latch. At the time of receiving your orders, should your credit limit be exceeded, we shall contact you to discuss ways in which we may be able to process your order to comply with our trading terms & credit limits.
- Concept Latch will not accept cancellation of an order for goods that have been specially procured for the customer, for any reason.
- In the case if a monthly credit account opened in the names of 2 or more persons, these persons are jointly & severally liable to pay the account.
2. Delivery & Returns
- Any delivery times notified by Concept Latch to the customer are estimates only. Concept Latch is not liable to the customer or its customers for late delivery or non-delivery of goods.
- Any shortages or discrepancies on orders received must be notified by the customer within 7 days of receipt of the order.
- Goods specially procured by Concept Latch for the customer are not returnable.
- Goods will be accepted for credit to the account of the customer only if authorized by Concept Latch in writing. In all cases, credits will be issued only if goods are returned undamaged, in the original carton & are suitable for resale by Concept Latch.
3. Reservation of title to goods supplied
- Goods which Concept Latch agrees to sell shall remain its sole & absolute property as legal & equitable owner until such time as the customer has paid in full for those goods but such goods shall nevertheless be at the risk of the customer as soon as they are delivered to the customer or collected by the customer. Such goods shall be held by the customer as bailee for Concept Latch until they have been fully paid for.
- If the customer re-sells the goods, or manufactures products using the goods & re-sells the products using those products, the customer shall hold on trust for Concept Latch the proportion of the proceeds of any such re-sale that represents the invoice price of the goods sold or used in the manufacture of the products. The customer shall hold these proceeds of sale in a separate identifiable account as the beneficial property of Concept Latch. The customer shall pay the balance of this account to Concept Latch upon request.
- Pending payment in full for the goods, the customer:
- Must not allow any person to have to acquire any security interest in the goods
- Will store the goods separately from other goods of the customer & in such a manner that they can be clearly identified
- Must insure the goods for their full insurable or replacement value with a licensed insurer