| Credit applications |
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| Thursday, 13 May 2010 02:00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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“The following credit application is a sample only and may not include all the information which you would require for your business.” An account properly opened, is an account half collected!! As has been discussed throughout this book, the Credit Application Form is one of the most important documents that your company will use. It • acts as a direct source of information on which decisions affecting the business is made • provides a record of sale and purchase agreement once signed, and is a legal document • stipulates the conditions under which the sale agreement is conducted. A lot of people in business have the misconception that a credit application is simply a request for credit with a common acceptance thereof. This is not true. The credit application with your clients is the basis for your dealings with them and it is imperative that the information contained therein is correct, both legally and in terms of the National Credit Act. Should it ever become necessary for you to institute legal action against your client to recover monies owing to you, the claim would be based on your credit application. I have set out hereunder the format I would suggest that your credit application takes, including • Section A - all the relevant information of the client • Section B – advisable clauses it needs to contain. In view of the fact that the majority of credit applications are used by companies who sell goods, I have inserted clauses in respect of such companies. There might well be clauses which your company wishes to insert pertinent to its business as well. If necessary, consult with your lawyers to obtain guidelines in this respect. You cannot insert clauses which would render the credit application invalid. An example would be to insert a clause whereby the client consents to a Magistrate’s Court jurisdiction; you cannot specify a Court, e.g. Randburg Magistrate’s Court. In addition, you cannot insert a clause in terms whereof the client indemnifi es your company against any claims arising out of the services rendered by your company as this is in contradiction to the National Credit Act. I now deal with the sections of the credit Application, namely: SECTION A – Questionnaire. This section would include the following: 1.The full name of the client. 2.The type of legal entity e.g. sole proprietorship, Close Corporation, Private Company etc. 3.The registered name of the client. 4.The trading name of the client. 5.The registration number of the client if a Close Corporation or a Private Company and the identity number if the client is a sole proprietorship. 6.The postal address. 7.The physical address. 8.The registered address if the client is a Close Corporation or a Private Company. 9.The delivery address. 10.The V.A.T. number. 11.All telephone numbers, including cell phone numbers. 12.E-mail address. 13.Name, address and contact number of landlord. 14.The banking details. 15.Name, address and contact number of auditors if client is a Close Corporation or a Private Company. 16.Full names, identity numbers, residential addresses and home telephone numbers of all members (if client is a Close Corporation) or directors (if client is a Company). 17.Trade references. The client must append his signature, together with two witnesses at the end of Section A. SECTION B – Legal clauses For Section B of the Credit Application, it is advisable to insert the following clauses, in addition to any other clauses which may be pertinent to your business. The client must initial at the bottom of each page and sign on the last page of the document, the witnesses to do likewise. 1. Domicilium THE APPLICANT and the signatory hereto choose domicilium citandi et executandi (in other words, the address at which the Applicant and the signatory will accept all notices, legal documents and the like, whether or not the Applicant and/or the signatory is still at the address chosen) for all purposes arising out of this application at the physical address stipulated in Section A of this application. 2. Proof of Claims A certificate signed by a manager, any member or any director of THE CREDITOR reflecting the amount owing by THE APPLICANT to THE CREDITOR, in respect of the credit facilities granted to THE APPLICANT relating to THE APPLICANT’S dealings with THE CREDITOR, and of the fact that such amount is due, owing and unpaid shall be prima facie (face value) proof of the effects therein stated for the purpose of any action (whether by way of provisional sentence or otherwise), proof of debt on insolvency or for any purpose whatsoever where the amount of such claims is required to be established, and it shall rest with THE APPLICANT to prove that such amount is not owing and/or due and unpaid. 3. Consent to jurisdiction Notwithstanding the amount which may at any time be owing by THE APPLICANT to THE CREDITOR, the parties do hereby consent, in terms of Section 45 of the Magistrates Court Act (No 32 of 1944 as amended), to the Jurisdiction of the Magistrate’s Court for the determination of any action or proceeding which may be brought by THE CREDITOR against THE APPLICANT arising out of any transaction between the parties, it being recorded that THE CREDITOR shall be entitled, but not obliged, to bring any action or proceeding in the said court. 4. Default in payment In the event of THE APPLICANT defaulting in making payment of any amount that has become due and owing, then the full balance outstanding (whether due or not) will immediately become due and payable without notice to THE APPLICANT. 5. Change of address THE APPLICANT undertakes to notify THE CREDITOR forthwith in writing of any change of address. 6. Objections to statement Should THE APPLICANT fail to object to any item appearing on THE CREDITOR’S statement of account within fourteen days of date of the dispatch of the statements the accounts shall be deemed to be in order. 7. Change of ownership THE APPLICANT undertakes to notify THE CREDITOR, in writing, within seven days of any change in Ownership of THE APPLICANT’S business, or should THE APPLICANT be a company, of its share transactions whereby the majority shareholding is affected, failing which notice the entire balance owing, whether due or not, will immediately be deemed to be due and payable by THE APPLICANT. In addition to the aforegoing, THE APPLICANT acknowledges that immediately upon any change of Ownership in THE APPLICANT any outstanding amount whether due or not shall be deemed to be forthwith payable by THE APPLICANT to THE CREDITOR. 8. Reservation of ownership Until such time as THE APPLICANT has paid the purchase price in full in respect of any purchase of goods, the ownership in and to all such goods shall remain vested in THE CREDITOR. THE CREDITOR shall, in its sole discretion, without notice to THE APPLICANT, be entitled to take possession of any such goods which have not been paid for and in respect of which payment is overdue, in which event THE APPLICANT shall be entitled to a credit in respect of the goods so returned being the price at which the goods are sold or the value thereof as determined by THE CREDITOR. THE APPLICANT hereby waives any right it may have for a spoliation order against THE CREDITOR in the event that THE CREDITOR takes possession of any goods. 9. Valid orders In the event of any order being given to THE CREDITOR on an order form reflecting THE APPLICANT’S name as the entity from which the order emanates, such order shall be deemed to have emanated from THE APPLICANT, notwithstanding the fact that such order may have been given or signed by a person not authorised by THE APPLICANT and such order will be deemed to constitute valid delivery. It is further the sole responsibility of THE APPLICANT to determine that goods ordered are suitable for the purposes of the intended use. 10. Non-waiver of rights Any condonation of any breach of any of the provisions hereof or other act or relaxation, indulgence or grace on the part of THE CREDITOR shall not in any way operate as or be deemed to be a waiver by THE CREDITOR of any rights under this contract, or be construed as a novation thereof. 11. Payment to Creditor The Creditor does not appoint the Post Office as its agent for payments by post. All payments shall be made to The Creditor’s place of business from where the goods were ordered. In the event of any payments being mislaid or lost in the post, the Applicant shall still be liable to the Creditor for payment. 12. Credit terms The credit terms are, unless amended in writing by a director/manager of THE CREDITOR, 30 (thirty) days nett, where such days are calculated from the date of statement. Settlement is effected only on receipt of cash or due honour of cheque or similar payment instrument. Any credit facilities granted to THE APPLICANT by THE CREDITOR is entirely at the discretion of THE CREDITOR, and may be withdrawn at any time. 13. Interest on overdue accounts THE CREDITOR shall be entitled to charge THE APPLICANT interest at the rate of 21% per annum a tempora morae (in other words, from the moment the debt is overdue) provided however, that nothing contained herein shall be interpreted as obliging THE CREDITOR to afford THE APPLICANT any such indulgence to effect payment after due date. 14. Consent to sharing information THE APPLICANT specifically warrants that THE CREDITOR has consent to:- 14.1. Carry out a credit enquiry from time to time with one or more credit bureaus, credit information agents, credit insurance companies or other creditors of THE APPLICANT’S in terms of this agreement. 14.2. The CREDITOR may transmit details to credit bureaus, credit information agents, credit insurance companies or other creditors of THE APPLICANT’S of how THE APPLICANT has performed in meeting his/her/its obligations in terms of this agreement. Such information shared is for purposes of making risk management decisions and preventing fraud. 14.3. If THE APPLICANT fails to meet his/her/its commitments to the CREDITOR, the CREDITOR may record THE APPLICANT’S non-performance with credit bureaus, credit information agents, credit insurance companies or other creditors of THE APPLICANT’S. 15. Delivery 15.1 THE APPLICANT agrees that the signature of any agent, contractor, sub-contractor or employee of THE APPLICANT on THE CREDITOR’S official delivery note/invoice/waybill, or the delivery note of any authorised independent carrier will constitute delivery of the goods purchased. 15.2 Any delivery date stated on the order confirmation is approximate only. THE CREDITOR shall not be bound by that date, but will make reasonable efforts to deliver by that date. 15.3 Whilst THE CREDITOR will endeavour to ensure that goods are delivered timeously, it shall not be responsible for any delays in the delivery of such goods, and THE APPLICANT shall not be entitled to refuse acceptance of such late deliveries. THE CREDITOR shall in any event not be liable to THE APPLICANT, or to any third party, for any loss of whatsoever nature as a result of goods not being delivered timeously. 15.4 The risk in and to the goods shall pass from THE CREDITOR to THE APPLICANT on the date of delivery notwithstanding that ownership will not pass to THE APPLICANT until full payment of the purchase price. Delivery shall be deemed to have taken place against signature of THE CREDITOR’S delivery note, proof of posting if the goods are posted to THE APPLICANT or delivery to the South African Transport Services or Road Carrier if the goods are railed or transported by THE CREDITOR. The Post Office/South African Transport Services or Road Carrier shall act as the agent of THE APPLICANT. 15.5 In the event of THE CREDITOR acceding to any request by THE APPLICANT to postpone delivery of the goods, or in the event of THE APPLICANT failing to give THE CREDITOR sufficient information to enable it to process any order, THE APPLICANT will pay any costs and expenses thereby incurred by THE CREDITOR. 15.6 THE APPLICANT agrees that goods will be offloaded at the nearest accessible point on site. THE CREDITOR shall not be held responsible for any damage to any goods delivered during the delivery process, arising from any cause whatsoever. 15.7 Due to the complex nature of goods manufactured THE COMPANY may have to deliver and THE CUSTOMER will be obliged to accept and purchase a quantity of plus or minus 10 percent of an order. 16. Recovery of legal /collection costs Should THE CREDITOR instruct its attorneys or collection agent to collect any overdue amounts, or to take any action against THE APPLICANT in the implementation or protection of THE CREDITOR’S rights, THE CREDITOR shall be entitled to the recovery of all legal or collection costs arising there from, on the scale as between attorney, agent or collection agency and own client. 17. Responsibility for losses / damages or delays THE CREDITOR will not be in any way responsible for losses, damages or delays caused by or arising from vis major (a natural disaster) causus fortuitus (an unavoidable accident) or acts of the State’s enemies, riots, lockouts, cessation of labour, transport delays, shortened hours of labour, accidents of any kind, insurrection, war, whether declared or not, the imposition of any trade boycotts or sanctions of trade restrictions by any government, authority, company or organization or person or persons, whether within the Republic of South Africa or anywhere else, or any other cause or contingency whatsoever beyond the control of THE CREDITOR, whether eiusdem generis (of what was clearly the real intention between the parties) with the causes aforementioned or not. 18. Jurisdiction of magistrate’s court – irrespective of value THE APPLICANT consents that at the option of THE CREDITOR (who shall be entitled but not obliged hereunder); any proceedings against THE APPLICANT may be brought by the Magistrate’s Court, notwithstanding that the value of the claimable amount exceeds the jurisdiction of the Court. 19. Warranties and Limitation of Liability Goods supplied by THE CREDITOR are supplied in accordance with THE CREDITOR’s usual standard of quality; however THE CREDITOR does not provide any warranty, whether express or implied, that the goods supplied are suitable for the purpose for which they were purchased, or that the goods will perform in accordance with the function for which they were designed. THE CREDITOR shall not be liable to THE APPLICANT or any other party for any direct or consequential losses whatsoever including any losses to THE APPLICANT arising from third party claims. 20. Severability of clauses Each clause of these conditions of sale is severable, the one from the other and if any one or more clauses are found to be invalid or unenforceable, that clause/clauses shall not affect the balance of these conditions of sale, which shall remain of full force and effect. 21. Entire agreement This contract contains the entire agreement between the parties and any other terms thereof whether express or implied or excluded herefrom and any variations, cancellations or additions to this contract shall not be of any force or effect unless reduced to writing and signed by the parties or their duly authorised signatories. The agreement shall be governed by the laws of the Republic of South Africa. The Application, together with two witnesses should then append his/her signature hereunder, which should read as follows: THE APPLICANT warrants that the information submitted in this application is true and correct in all respects and that THE APPLICANT is entirely familiar with the terms and conditions contained herein. Thus signed by THE APPLICANT or its duly authorised agent/signatory who hereby warrants that he/she is authorised to sign on behalf of THE APPLICANT. Signed at ______________________ this _______ day of ____________ before the undersigned witnesses. For and on behalf of THE APPLICANT: Name: __________________________________________________________________ Designation: _____________________________________________________________ Signature: _______________________________________________________________ Date: ___________________________________________________________________ As Witnesses: ____________________________________________________________ ________________________________________________________________________ 1. ___________________________ 2. ________________________________________ FULL NAME OF WITNESS FULL NAME OF WITNESS If your client is Close Corporation or Company, then it is advisable for a member or a director to sign a suretyship. Such suretyship, however, must be reflected separately in the credit application and the client must sign separately therefore. An example of a suretyship to be incorporated in a credit application is set out hereunder: SURETYSHIP I, the under signed, ________________________________________________________ (full names), Identity number, _______________________________________________ do hereby bind myself in my private and individual capacity as surety and co-principal debtor in solidum (in other words in entirety - where there are several co-obligants bound “in solidum”, each is liable for full payment or performance, and THE CREDITOR may choose which of the obligants he will sue) with THE APPLICANT in favour of THE CREDITOR for the due performance of any obligation of THE APPLICANT and for the payment to THE CREDITOR by THE APPLICANT of any amounts which may now or at any time be or become owing to THE CREDITOR by THE APPLICANT from whatsoever cause arising and including, but without limiting the generality of the aforegoing, any claims and actions against THE APPLICANT acquired by way of cession. This suretyship shall be a continuing covering surety which may only be cancelled in writing by THE CREDITOR and then only in the event that the sums then owing by THE APPLICANT (whether due or not) to THE CREDITOR have been paid in full. I hereby renounce the benefi ts of the legal exceptions “non Causa Debiti” (no cause or ground of debt), “Ordinis Seu Excussionis et Divisionis” (the benefit of being sued for only that portion of the debt) and “Cession of Action” with the force, meaning and effect of which I declare myself to be fully acquainted. I furthermore bind myself irrevocably to all of the terms and conditions set out in this agreement. Signed at _____________________ this __________ day of __________ before the undersigned witnesses. As Witnesses: ____________________________________________________________ ________________________________________________________________________ 1. ___________________________ 2. ________________________________________ FULL NAME OF WITNESS FULL NAME OF WITNESS GLYNIS P. EMERIC Eksteen Attorneys
Debtor Name Date of Application
Representative name (Please print) ______________________ Sign _______________________________ Branch/Commercial Manager (Please print) _______________________ Sign _______________________________ This Application for Credit Facilities Incorporates Standard Terms and Conditions of Sale, Suretyship Acceptance and Cession of Book Debts. SECTION A — Questionnaire We, ____________________________________________________________________ (hereinafter referred to as “THE APPLICANT”) hereby make application for credit facilities for the opening of an account with Company Name (Pty) Ltd, registration number 1946/ 022805/ 07 (hereinafter referred to as “THE CREDITOR”). In support of this application, the following information is furnished: 1. Registered name of “The Applicant” ________________________________________ Trading Name ___________________________________________________________ (Hereinafter referred to as the Debtor and/or Customer) Core Business ____________________________________________________________ 2. Legal Entity: Sole Trader ? Partnership ? Registered Company ? Close Corporation ? 3 If applicant is a registered company: 3.1 Registration No / Certificate of incorporation No: ________________________________________________________________________ 3.2 Date of incorporation ___________________________________________________ 3.3 Date Business Commenced Trading: _______________________________________ 3.4 Address of registered office ______________________________________________ 3.5 Vat registration No: (Please attach copy) ___________________________________ 3.6 Date of last audited financial statements ___________________________________ (please attach hereto) 4. Physical Address of “The Applicant” in terms of Section B, clause 14 of the Terms and Conditions of Sale 5. Postal address: ____________________ Code: ______________________________ 6. Telephone No: ( ) _______________________________________________________ Fax No: ( ) ______________________________________________________________ Email address: ___________________________________________________________ 7. Registered Offi ce Address: _______________________________________________ 8. Name, Address, and Contact number of landlord: ________________________________________________________________________ 9. Person responsible for account payment: ________________________________________________________________________ 11. Details of principals (Sole Owner / Partners /Members / Directors) and Share Holding %
12. How long have the present Directors/Partners/Proprietors been in control of the 13. Details of Holding Company 13.1 Holding Company Name: ______________________________________________ ________________________________________________________________________ 13.2 Percentage share holding: ______________________________________________ ________________________________________________________________________ 13.3 Street address: _______________________________________________________ ________________________________________________________________________ 13.4 Postal address: _______________________________________________________ ________________________________________________________________________ 13.5 Postal address: _______________________________________________________ Telephone No: ( ) _________________________________________________________ Fax No: ( ) ______________________________________________________________ Email address: ___________________________________________________________ 14. NAME OF BANKERS (BUSINESS) Bankers_________________________________________________________________ Account number ________________________ Branch Code ______________________ Type of Account _________________________________________________________ Date Account Opened _____________________________________________________ 15. If account has been open for less than 3 years, please state details of previous account ________________________________________________________________________ 16. Name of Auditors/Accounting Officer _____________________________________ Trade References (Excluding Subsidiary, Fellow Subsidiary or Related companies)
17. Maximum Credit Limit Required _________________________________________ Estimated Monthly Requirements ____________________________________________ 18. Security offered to substantiate limit _______________________________________ SECTION B — Terms and Conditions of Sale 1. Definitions Clause In this agreement unless the context otherwise requires, the words, expressions and phrases set out below have the meanings hereunto ascribed to them 1.1. “the Seller” — Company name. 1.2. “the Buyer” — The party expressed as the applicant on the face hereof. 1.3. “the goods” — The goods sold by the Seller to the Buyer from time to time. 1.4. “the price” — The Seller’s usual selling price of its goods. 2. Binding Contract other than those contained herein have induced them to conclude this contract. 2.2, No amendment, variation or consensual termination of this contract or any of the terms or conditions hereof shall be binding on the Seller unless reduced to writing and signed by a director of the Seller. 2.3. No relaxation or indulgence granted to the Buyer by the Seller shall constitute a waiver of any of the Seller’s rights or a novation of this contract or any part thereof and shall not prevent the Seller from exercising any rights in terms hereof or at law. 3. Price 3.2. The price as stated is exclusive of Value Added Tax 3.3, Notwithstanding the provisions of paragraph 2.2 and 3.1 if prior to delivery and/or despatch of the goods, there is any increase, for whatsoever reason in the Seller’s cost of materials or components or in the statutory labour charges, the price of the goods may be increased proportionately and the Buyer undertakes to pay such increased price. The amount of the increase shall be certified by the sellers financial controller and such certificate shall be sufficient proof to be binding on the buyer. 4. Payment 4.2. The price shall be paid at the Seller’s premises, or wherever directed by the Seller, free of exchange and without deduction for any reason whatsoever. Payment by post is at the risk of the Buyer. 4.3. The Buyer shall be liable to pay interest to the Seller on all overdue amounts at the maximum permissible legal interest rate prescribed by law. 4.4. In the event of the Buyer failing to make payment of any amount due by it to the Seller in terms hereof or in terms of any agreement or agreements made between it and the Seller on due date, then the full amount owed by the Buyer to the Seller from whatsoever cause arising shall forthwith and without notice become due and payable notwithstanding that the due date for payment thereof shall not otherwise have arrived. 4.5. Non-payment by the Buyer as hereinbefore mentioned shall give the Seller the right to cancel all deliveries still to be made under this agreement without notice having to be given to the Buyer and without prejudice to the Seller’s rights to compensation from the Buyer. 5. Delivery 5.1. Whilst the Seller shall make every effort to effect delivery of the goods timeously, 5.1.1. The purchaser shall not be entitled to terminate this contract by reason of the failure of the Seller to deliver the goods upon due date unless it being expressly agreed that time is not of the essence in this agreement; 5.1.2. The Seller shall be entitled to make part deliveries; 5.1.3. The Seller shall not be responsible for non-delivery of goods and/or for delays in delivery occasioned by acts of God, force majeure, strikes, transport delays, riots, civil commotion, transport breakdowns, restrictions or prohibition imposed by government, war, trade disputes, fires, floods, breakdown of plant and machinery, breakdown of means of delivery, difficulties with the supply of raw materials and without in any way limiting the aforegoing, by any course beyond the Seller’s control. 5.1.4. The Seller shall not be liable for any damages sustained by the Buyer or any other party, consequential or otherwise, arising from the non-delivery of the goods for any reason whatsoeverincluding the negligence and/or fault of the Seller. Please initial here _____ 6. Breach 6.1.1. Terminate this contract whereupon the Seller shall not be obliged to deliver any further goods to the Buyer and the buyer shall be obliged forthwith, without notice, to make payment to the Seller for all Goods already delivered to the Buyer, pursuant hereto or, in the discretion of the Seller, to return such goods to the seller; or 6.1.2. Obtain payment from the Buyer of the full amount owing by the Buyer to the Seller in terms hereof and from whatsoever other cause arising notwithstanding that the due date for payment thereof would not otherwise have arrived in which event the Seller shall be entitled to withhold delivery of the goods subject to payment of all such amounts having been made: and 6.1.3. In the event of termination of this contract and the Seller repossessing any of the goods, the Seller shall be entitled to set off the valuation of the repossessed goods against the amount owing by the Buyer and the value of the repossessed goods will be deemed to be the value placed thereon by any sworn valuator appointed by the Seller and shall be conclusive proof of the value thereof; 6.1.4. In any of the events mentioned above the Seller shall incur no liability to the Buyer for damages and the Buyer shall be liable to the Seller for such damages as the Seller may have suffered by reason of the Buyers breach and/or the exercise of the Sellers rights aforesaid. 7. Ownership 8. Exclusion of Warranty and Liability 8.2. The Seller shall under no circumstances be responsible for any consequential or other loss or damage suffered by the Buyer or any third party by reason of the Seller’s failure to carry out its obligations in terms hereof or by reason of the goods being defective in any manner whatsoever. 8.3. Without prejudice to any of the Seller’s rights in term hereof, or at law, the Buyer shall be deemed to have abandoned any rights which it may have arising from the supply of defective goods, unless the Buyer has given to the Seller written notice within fourteen (14) days of the goods having arrived at the final destination, which notice must be in writing and given by the Buyer to the Seller at the Seller’s address stated on the face hereof, in which notice the Buyer sets forth full reasons as to why the goods are not in accordance with the contract. 9. Proof of Indebtedness 10. Legal Costs 11. Returned Goods 12. Withdrawal of Credit Facilities The Seller hereby reserves the right, in its sole discretion, to withdraw the credit facilities afforded to the Buyer, for any reason it may deem necessary.Please initial here ____ 13.1. For the purpose of all or any proceedings herein, the Buyer hereby consents to the jurisdiction of the Magistrate’s Court having jurisdiction under Section 28 of the Magistrate’s Court Act of 1994, as amended, notwithstanding that the amount in dispute exceeds the jurisdiction of such court. 13.2. Notwithstanding the aforegoing, the Seller shall have the right, at its sole option and discretion to 13.2.1. Institute proceedings in any other competent Court which might otherwise have jurisdiction; alternatively 13.2.2. At its sole and absolute discretion submit the matter to arbitration by giving the Buyer ten (10) days written notice of its election to do so, in which event the matter shall be determined before an Arbitrator appointed by the Chairman of the Johannesburg Bar Council whose decision shall be final and binding upon the parties 13.3. This contract shall be subject to the jurisdiction of the South African Courts and shall be subject to South African Law. 14. Domicilium 15. Cession of Book Debts 15.2. I/We and/or the Buyer irrevocably and in rem suam authorise the Seller in its absolute discretion to claim from all or any of its debtors the whole or any portion of the indebtedness of any one or more of them, give a valid receipt or discharge for such indebtedness, to take any action in its name in any Court or competent jurisdiction and to proceed in execution thereunder against all or any of the said debtors, to cede transfer, negotiate, pledge or otherwise deal with all or any of the said debtors, to exchange promissory notes, cheques, agreements, documents of title or any other security held by the Buyer. 15.3. The security created by the cession shall be a continuing one, notwithstanding any fluctuation in the amount of the indebtedness of the Buyer to the Seller. 15.3.1. The Buyer hereby undertakes on demand, to furnish the Seller with such information concerning its debtors as may reasonably be required, to enable the Seller to give effect to the provisions above. Please initial here ____ 16.2. The Buyer hereby consents to the Seller accessing and investigating the personal information given herein for purposes of assessing the Buyers creditworthiness. The Buyer confirms that the information furnished herein is accurate and complete and furthermore undertakes to update this information on request by the Seller. 16.3. The Buyer consents to the Seller at all times hereinafter communicating with and requesting information from any persons, including but not limited herein, for the purpose of obtaining information pertaining to the Buyers creditworthiness. The Buyer agrees that any such information obtained by the Seller is for the Sellers records only and need not be disclosed to the Buyer. SIGNED AT ___________________________ this ______________________________ day of __________________________________ 20 _____________________________ SIGNED ________________________________________________________________ BY MY SIGNATURE I CONFIRM THAT I HAVE READ AND AGREED TO THE ABOVE CONDITIONS AND I WARRANT THAT I AM AUTHORISED TO REPRESENT THE APPLICANT (NAME IN BLOCK LETTERS) _____________________________________________ CAPACITY _____________________________________________________________ SIGNED AS WITNESS ___________________________________________________ (NAME IN BLOCK LETTERS) _____________________________________________ Official Rubber Stamp 17. Suretyship SIGNED AT ____________________________ this _____________________________ day of __________________________________ 20 _____________________________ SIGNED ________________________________________________________________ BY ME IN MY PERSONAL CAPACITY AND I CONFIRM THAT I HAVE READ,UNDERSTOOD AND AGREED TO THIS SURETYSHIP CONDITION (NAME IN BLOCK LETTERS) _____________________________________________ SIGNED AS WITNESS ___________________________________________________ (NAME IN BLOCK LETTERS) _____________________________________________ The article on credit applications was kindly contributed by Glynis Emeric – A partner at Eksteen Attorneys specialising in Debt Collections. |
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| Last Updated on Monday, 17 May 2010 11:06 |