Supply Agreement Credit Limit
Before substantially granting or increasing the creditworthiness available to the borrower, the lender must meet the requirements of CONC 5.2A.12 and conduct an assessment of the borrower`s creditworthiness. See the Practice Note: Responsible Credit Requirements – CONC 5 for the ACF`s full position on solvency requirements. 5.3. In addition to the reasons mentioned in paragraph 4.5.4, the seller has the right to unilaterally reduce the credit limit or to terminate the granting of credit, even if the buyer does not fulfil a principal obligation of the contract, if the seller considers that the buyer`s turnover potential has decreased or if the seller considers that the buyer`s financial risk has increased. Seller will notify Buyer of the credit limit reduction no later than one (1) business day prior to the credit limit reduction becoming effective. 5.1. The seller has the right to sell goods on credit to the buyer by indicating the credit limit in the sales contract. When setting the credit limit, the seller moves towards the buyer`s revenue potential, the buyer`s delivery frequency and payment period, the seller`s assessment of the buyer`s financial risks and other similar circumstances. 13. Defects, Warranties and Ret urns, Competition and Consumer Act 2010 (CCA) 13.1 The customer must examine the goods upon delivery and inform the seller in writing, within seven (7) days of delivery, of any obvious defects/damage, lack of quantity or non-compliance with the description or offer.
The customer must report any other suspected defect in the goods as soon as possible after such a defect becomes evident. After such notification, the customer must authorize the seller to inspect the goods. 13.2 Under applicable national, territorial and Commonwealth law (including, but not limited to, the CCA), certain implied legal warranties and guarantees (including, but not limited to, statutory warranties under the CCA) may be included in these terms and conditions (warranties not excluded). 13.3 The Seller acknowledges that nothing in these Terms and Conditions provides for any modification or exclusion of non-excluded warranties. 13.4 Except as expressly provided in these General Terms and Conditions of Sale or with respect to non-excluded warranties, seller makes no warranties or other warranties under these Terms and Conditions of Sale, including, but not limited to, the quality or suitability of the goods. Seller`s liability for these warranties is limited to the maximum permitted by law. 13.5 If the customer is a consumer within the meaning of the CCA, the seller`s liability is limited to the quantity allowed by Annex 2, paragraph 64A. 13.6 If the seller is obliged to replace the goods in accordance with this clause or the CCA, but cannot do so, the seller may refund the money that the customer paid for the goods.
13.7 If the customer is not a consumer within the meaning of the CCA, the seller`s liability for defects or damage to the goods is limited to the value of an explicit warranty or guarantee card provided to the customer by the seller at the sole discretion of the seller; (b) limited to any warranty to which Seller is entitled where Seller has not manufactured the goods; (c) otherwise absolutely denied….