Terms

RESERVATION OF TITLE

Property in the Goods shall not pass to the Customer until such time as the Goods have been paid for in full and all sums due to the Company under this contract and any other contract between the Company and the Customer shall also have been paid in full.

Upon the happening of any of the events specified in Schedule hereto the Company shall be entitled to immediate return of the Goods whether the Company chooses to terminate the contract or not.

The Customer hereby grants an irrevocable licence to the Company, it servants or agents to enter upon any land occupied by the Customer with appropriate transport to recover the Goods and agrees to provide the Company with reasonable access to any (whether in the occupation of the Customer or not) so that recovery of the Goods may be affected.

The Customer shall hold all Goods supplied by the Company as bailee for the Company and if the Company so required shall store the Goods in a proper manner without charge to the Company so that the Goods are identified as belonging to the Company.

The Customer shall be entitled to recover directly from the Customer's customers and such proceeds of resale of the Goods unpaid by such customers provided that the Company shall return to the Customer and any monies recovered in excess amount owed by the Customer to the Company under this or any other contract (the Company being entitled to deduct for such excess the costs and expenses incurred by the Company in the recovery of such monies).

If the Customer shall in any way use mix or incorporate the Goods with any other goods so as to produce New Articles the New Articles will become the property of the Company until payment in full of any monies due under or any other contract made between the Customer and the Company.

Above conditions shall apply mutatis mutandis in relation to such New Articles in the same way as apply to the goods save upon taking possession of the New Articles the Company shall within a reasonable sell the same at the best price then reasonably obtainable and within a reasonable time after receipt of the process of such sale, account for the same to the customer (or any trustee, liquidator, receiver or manage of the Customer or the like) less the amount then due to the Company by the Customer under this or any other contract between these and the cost and expenses of the same incurred by the Customer.

Without prejudice to the other provisions of this contract nothing in this Section hereof shall :-
1.9.1 entitle the Customer to return the Goods or to delay payment therefor;
1.9.2 constitute or be deemed to have constituted the Customer the agent of the Company otherwise
than for the purposes of Section 1 of the Contract;
1.9.3 render the Company liable to any Third Party for any representation or warranty made or
given by the Customer to any Third Party in relation to the Goods.

SCHEDULE

  • Any distress or execution is levied on the Customer's property or assets;
  • The Customer (being an individual) there is made an application for an Interim Order pursuant to
    section 253 Insolvency Act 1986("the Act")or the Customer make or seeks to make any
    arrangement or composition with his creditors or if any petition or Bankruptcy Order is
    presented or made against him or any Receiver of the Customer's undertaking, property or assets
    or any part thereof is appointed.
  • The Customer (being a Company) makes or seeks to make any arrangement or composition with its creditors or has a proposal for a voluntary arrangement for a composition of debts or scheme of arrangement approved in accordance with the Act or has an application made under the Act for appointment of an Administrative Receiver as defined in the Act is appointed or possession is taken, by or on behalf of the holders of any debentures secured by a floating charge of any property comprised in or subject to the floating charge;
  • The equivalent of any of the foregoing events according to the law of the Customer's place of business shall occur;
  • The Customer is involved in any action to recover from it any debt or in legal proceedings in which its solvency is questioned or is deemed to be unable to pay its debts:
  • The Customer ceases or threatens to cease trading:
  • The Company is unable to obtain Credit Protection Insurance in respect of any transaction with the Customer.
  • The Customer makes default in any payment or commits any breach of its obligations hereunder or in connection with any other contract with the Company