1) Terms of credit are strictly as detailed above and all accounts must be paid before the end of the credit days for each invoice raised. It is the responsibility of the Applicant to ensure the receipt of invoice, delivery note and/or statements or any document relating to any purchases made by him/her’s/the Company. Payments should be made to EASF as per the approval given from your requested payment option.
2) The risk in the product shall pass to the purchaser on the earliest of delivery or collection of the product but the goods shall remain the absolute property of EAS Fas legal and equitable owner until payment of the purchase price is full. The Purchaser acknowledges that that possession by it of the product will be solely as bailed for EASF until payment of the purchase price is in full. EASF shall have the right in case of any payment default to enter into the premises of the purchaser and remove any product which is still unpaid for.
3) The purchaser will indemnify and hold EASF harmless, against any loss suffered or incurred by EASF arising out of the provision of credit facilities to the purchaser.
4) The Purchaser shall solely determine, collect, remit and declare all taxes and income resulting from or in consequences of using the Credit Services to the relevant tax authority and to pay all taxes levies and fees due on such income. EASF shall not be liable to the Purchaser for any failure by the Purchaser to comply with his/her obligations.
5) If goods acquired on credit are not paid for, then EASF has the option to come in and impound the goods. However, the goods given to you/your company are your responsibility and if damaged or stolen while in your possession, you shall be responsible for the damage or loss. Hence all goods purchased from EASF should be fully insured by you for this purpose.
6) If the Purchaser fails to pay any amount payable by him/her under the Credit terms on its due date, interest at the rate of three (3%) per cent shall accrue on the overdue amount from the due date up to the date of actual payment
7) The Purchaser authorize EASF in default of payment for a period of more than One (1) month from the date due, may transfer and share information of the Purchaser with the Credit Reference Bureau (CRB).
8) The Purchaser agrees to any inverse or vary of price due to fluctuations in the exchange rates, economic, government policy, taxes or for any other reason which is beyond control of EASF on goods which are in our possession and which have not yet been paid for.
9) If credit limit has been reached and/or surpassed, then the balance beyond the credit limit shall be paid in cash.
10) Any dispute regarding accounts will not be accepted unless received by EASF in writing within 30 days.
11) In the event of any changes of business address, information, location, financial stability and information provided herein above, it must be communicated in writing within reasonable time to EASF with the relevant documents attached thereto.
12) The Purchaser shall indemnify EASF against any loss, costs or liability that may arise during this Agreement.
13) The Validity, Construction and Interpretation of this Agreement shall be governed by the laws of Kenya.
14) This Agreement may be amended by EASF by way of Notices. The Purchaser acknowledges that such notice shall be binding and shall have full legal force as if they were contained in this Agreement.
15) EASF may, with reasonable Notice where practicable, suspend the availability of Credit Services to the Purchaser wholly or partially for nay reasons, including without limitation, where (1) the Purchaser fails to comply with any laws, rules or regulations of Kenya regarding the services; (2) The Purchaser fails to observe any term or obligation set out herein.
16) The Purchaser warrants that he/she will treat in confidence all Confidential Information which it requires as a result of the operation of this Agreement and to afford it the same protection afforded to its own confidential information.
17) The Purchaser agrees that all approvals and rejections are at the sole discretion of EASF. By completing and submitting this form and/or Agreement, does not warrant the Purchaser to credit facility.
18) EASF may terminate this Agreement immediately, if the Purchaser breach the terms of this Agreement.
19) This Agreement, may not be assigned by the Purchaser, by operation of law or otherwise, without the prior written consent of EASF. EASF may assign any right or obligation under this Agreement without prior written consent of the Purchaser.
20) The Purchaser shall comply with all legal requirements applicable to their role in effecting transactions and as provided in the Credit Application form.
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