Terms and Conditions for Trade Under Business Credit Account
1. Introduction
These Terms and Conditions ("Terms") govern the use of the Business Credit Account ("Account") provided by GTEC DISTRIBUTION LTD ("Company") to its clients ("Customer", "you", "your"). By opening and using the Account, the Customer agrees to abide by these Terms.
2. Account Opening
2.1 Eligibility: Only businesses legally registered and in good standing under applicable laws may open an Account.
2.2 Application: Customers must complete an application form and provide all required documentation.
2.3 Approval: The GTEC Credit provider partner reserves the right to approve or reject any application at its sole discretion.
3. Credit Limit
3.1 Initial Credit Limit: The initial credit limit will be determined based on the Customer’s creditworthiness and business profile.
3.2 Credit Review: The Company may review and adjust the credit limit periodically based on the Customer’s payment history, financial condition and advise from Gtec Credit provider partner.
3.3 Temporary Increase: Temporary credit limit increases may be requested and are subject to the Company's approval.
4. Use of Credit
4.1 Permitted Use: Credit can be used to purchase goods and services from Gtec.
4.2 Prohibited Use: Credit cannot be used for any illegal activities or for purchasing goods or services not provided by Gtec.
5. Payment Terms
5.1 Invoice: An invoice will be issued for each purchase made under the Account.
5.2 Payment Due Date: Payments are due within 30 days end of month (EOM) from the invoice date unless a different agreement is in place. Goods remain the property of GTEC Distribution until invoices are fully paid.
5.3 Late Payments: Late payments will can affect customer credit profile because of actions from Gtec Credit insurance partner.
5.4 Allocation of Payments: Payments received will be applied first to oldest open invoices.
6. Account Statements
6.1 Monthly Statements: The Company will provide monthly statements detailing all open invoices and credit notes.
6.2. Transactions statement and balance forward statement: Please send request to accounts@gtecsecurity.co.uk.
7. Default
7.1 Definition: The Customer will be in default if any payment is not made by the due date, if the Customer breaches any terms of this agreement, or if the Customer becomes insolvent.
7.2 Remedies: In the event of default, GTEC Credit provider partner may:
• Suspend or terminate the Account.
• Demand immediate payment of the outstanding balance.
• Take legal action to recover the debt, including the costs of collection and attorney fees.
8. Termination
8.1 By Customer: The Customer may terminate the Account by providing 3 days written notice and settling all outstanding balances.
8.2 By Company: The Company may terminate the Account at any time, with or without cause, by providing written notice to the Customer.
8.3 Effect of Termination: Upon termination, all outstanding amounts become immediately due and payable.
9. Amendments
9.1 The Company reserves the right to amend these Terms at any time. Any amendments will be effective upon providing notice to the Customer.
10. Miscellaneous
10.1 Entire Agreement: These Terms constitute the entire agreement between the parties and supersede all prior agreements and understandings.
10.2 Waiver: The failure of either party to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.
10.3 Severability: If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
10.4 Ownership of Products: Ownership of any products purchased remains with Gtec until full payment has been received and cleared. Until such time ,Gtec retains the right to repossess or reclaim the product in the event of non-payment.