Credit Terms And Conditions

  • Credit Terms And Conditions
YAKEEN Safety General Credit Terms & Conditions
  1. Payment: The Customer must pay for all Products supplied by YAKEEN Safety Pty Ltd (“YAKEEN”) within 30 days from end of month in which the Products were invoiced by YAKEEN (“Due Date”).
  2. Interest: If payment is not received by YAKEEN on or before the Due Date, the Customer agrees to pay interest on all amounts owing and not paid by the Due Date at the interest rate equal to the interest rate prescribed by the Penalty Interest Rates Act 1983 from time to time plus 200 basis points. The interest will accrue from day to day on and from the Due Date to the date payment is made in full and will compound every 30 days. All payments received from the Customer shall be applied by YAKEEN first towards reduction of any interest owing and then in reduction of any principal amount on a first in first out basis.
  3. GST: Each amount payable by the Customer under these Terms in respect of a Taxable Supply by YAKEEN is a GST exclusive amount and the Customer must, in addition to that amount and at the same time, pay to YAKEEN the GST applicable in respect of that supply at the then prevailing GST rate. In this clause, “Taxable Supply” and “GST” have the meanings set out in the A New Tax System (Goods and Services) Act 1999.
  4. Property:
    1. Property in the Products does not pass until the Customer has paid all monies owing to YAKEEN in full. Risk in the Products passes to the Customer at the time of delivery.
    2. Until payment of all monies owed by the Customer or on the Customer’s account to YAKEEN, the Customer holds the Products as fiduciary bailee and agent for YAKEEN and must keep the Products physically separate from all other Products of the Customer, and not comingle the products with any other products and clearly identify the products as owned by YAKEEN.
    3. If an Event of Default occurs, then without prejudice to YAKEEN’s other rights, YAKEEN may without notice to the Customer enter any premises occupied by the Customer or any other place where the Products may be and recover possession of them. If the Customer sells any of the Products while any money is owed to YAKEEN, the Customer must keep the proceeds of the sale in a separate account and not mix them with any other funds and will hold such funds, whether mixed or otherwise, on trust for YAKEEN.
    4. If the Customer uses the Products in some manufacturing or construction process of its own or of some third party, then the Customer shall hold such part of the proceeds of such manufacturing or construction process as relates to the Products in trust for YAKEEN. Such part shall be deemed to equal in dollar terms the amount owing by the Customer to YAKEEN and at the time of payment of such proceeds, the Customer’s obligation to pay the amount owed for such Products will be discharged.
    5. If the Products are resold, or Products using or reselling the Products are manufactured and resold by the Customer, the Customer holds all of the book debts owed in respect of such sales and proceeds of such sales in trust for YAKEEN. Such part of the book debts and proceeds shall be deemed to equal in dollar terms the amount owed by the Customer to YAKEEN at the time of the receipt of such book debts.
    Until all monies due and payable by the Customer to the Hirer have been paid:
    1. YAKEEN is and will be entitled at any time to demand the return of the Products and the Customer must do all things necessary to immediately permit YAKEEN, without notice and without liability to YAKEEN, to enter and access any premises occupied by the Customer in order to search for, locate, identify, retrieve and remove Products. If there is any inconsistency between the rights conferred under this clause 4 and Chapter 4 of the Personal Properties Securities Act 2009 (PPSA), this clause 4 prevails;
    2. to the extent that these Terms create a Security Interest for YAKEEN in the Products, the Customer acknowledges and agrees that YAKEEN has a Security Interest in the Equipment under the PPSA and that:
      1. the Customer will not grant or seek to grant any Security Interest in the Equipment adverse to the interest of YAKEEN;
      2. YAKEEN’s Security Interest secures all monies owing by the Customer under these Terms;
      3. YAKEEN’s Security Interest in the Products (and the proceeds) is a “purchase money security interest” (PMSI) under the PPSA to the extent that it secures payment; and
      4. YAKEEN’s Security Interest Attaches (as that term is defined in the PPSA) to Products when the Customer attains possession of the Products.
    3. the Customer agrees to provide all information and execute all documents necessary for YAKEEN to register and perfect its Security Interest in the Products under the PPSA and agrees that all fees in relation to registration including amendments to any registration are to be borne by the Customer.
    4. the Customer waives its right to receive any notice under the PPSA (including notice of a verification statement after registration or variation of a registration) unless a requirement for notice cannot be excluded under the PPSA.
  1. Acceptance of Products: The Customer is deemed to have accepted the Products as in accordance with an order unless it notifies YAKEEN in writing to the contrary within 10 days of receipt of the Products. Any returns will be processed in accordance with YAKEEN’s then current return policy as reproduced on the YAKEEN website (currently located here)
  2. Out of Stock Products: If a Customer places an order for Products that are out of stock, YAKEEN will use its reasonable endeavours to deliver the Products to the Customer as soon as possible once the Products are received from YAKEEN’s supplier, if at all, unless the Customer notifies YAKEEN in the meantime that it no longer requires the Products. YAKEEN make no warranty that out of stock products will become available.
  3. Suspension or Ceasing Supply:
    1. YAKEEN may in its complete discretion and without incurring any liability to the Customer do any one of the following: cease or suspend supply of Products to the Customer; amend these Terms; prospectively vary the price of any Products or the terms on which those Products are supplied; and vary or withdraw any credit granted to the Customer.
    2. Without limiting clause 7 (a), if an Event of Default then YAKEEN may, without prejudice to its other rights, call up monies owed to it by the Customer, retain all monies paid on account, or cease further deliveries and recover from the Customer all direct, indirect or consequential losses arising there from, including loss of profits, and/or take immediate possession of any Products not paid for.
  4. Liability of YAKEEN: YAKEEN will not be liable for any loss or damage whatsoever suffered by the Customer as a result of any act, omission or statement made by YAKEEN, its employees, contractors or agents whether negligent or not, except that nothing in these Terms limits any liability imposed by any statute unless or to the maximum extent that it is lawful to do so.
  5. YAKEEN’s Conduct: YAKEEN’s acceptance of payment, or delay or failure to act, shall not prejudice its right to exercise any remedy against the Customer.
  6. Certification: A statement signed by an Officer certifying the amount of any moneys payable by the Customer or identifying any Products as “unpaid for” is, in the absence of fraud or manifest error, conclusive and binding on the Customer.
  7. Notification of Change of Details: Where any change takes places in the Customer’s trading structure or management, including any change of director, shareholder or any change in partnership or trusteeship notwithstanding any advice by the Customer to YAKEEN, the Customer shall not continue to operate its credit account without YAKEEN’s prior written consent and the Customer shall remain liable for all amounts owed to YAKEEN until the whole amount (including interest and charges) has been paid in full to YAKEEN.
  8. Variation of Terms: YAKEEN has the right to vary these Terms at any time by notice to the Customer and thereafter the varied Terms are binding on the Customer. If the Customer does not wish to be bound by the new Terms then it must immediately cease acquire products from YAKEENon credit.
  9. Effect of Other Terms: These Terms are in no way affected by any other express or implied terms contained in any terms of sale or hire or purchase order issued by the Customer in relation to the sale or hire of the Products. No terms of the Customer apply to any agreement between the Customer and YAKEEN.
  10. Expenses: The Customer must pay to YAKEEN all costs, charges and expenses (including all stamp duty, bank charges and legal fees on a full indemnity basis) incurred by YAKEEN in connection with entry into these Terms, the exercise or attempted exercise of any power, right or remedy under these Terms, and the failure of the Customer to comply with these Terms.
  11. Set off: YAKEEN is entitled in its absolute discretion to set off any credits that may appear in the Customer’s account with YAKEEN against any other amounts owed by or debts of the Customer to YAKEEN (and to give effect to this, the Customer irrevocably appoints YAKEEN as the Customer’s attorney).
  12. Trusts: These Terms bind the Customer both personally and as trustee of any trusts of which the Customer is trustee.
  13. Severance: Each clause and subclause of these Terms are separate and independent. If any clause or subclause is found to be invalid or ineffective, the other clauses or subclauses will not be adversely affected.
  14. Transfer of Rights: YAKEEN can transfer its rights under these Terms to someone else. If YAKEEN does, these Terms will apply to the transferee as if it were YAKEEN. If YAKEEN wants to transfer its rights it can give the proposed transferee all information about the Customer and the Customer’s personnel, including the Customers directors that privacy legislation allows it to give.
  15. Application of Laws: The parties submit to the jurisdiction of the Courts of the State of Victoria.
  16. Definitions: In these Terms unless the context requires otherwise:
    1. “Customer” means each and every person or corporation to whom YAKEEN supplies Products under these Terms;
    2. “Event of Default” means any of the following events:
      1. the Customer fails to pay for the Products;
      2. the Customer is in breach of these Terms;
      3. if the Customer is a company: an order is made or a resolution is effectively passed for winding up of the Customer; the Customer resolves to appoint a receiver or provisional liquidator or an administrator, or a receiver or provisional liquidator or an administrator is appointed; the Customer goes into liquidation or makes an assignment or an arrangement or composition with its creditors; the Customer stops payment or is deemed unable to pay its debts within the meaning of the Corporations Act 2001; if the Customer is a natural person, an order is made for the Customer’s bankruptcy, or the Customer dies or becomes mentally or physically incapable of managing his or her affairs or an order is applied for or made to place the assets and affairs of the Customer under administration; the Customer ceases or threatens to cease carrying on business;
    3. “Officer” means each director, secretary, manager and authorised representative of YAKEEN;
    4. “Products” means all goods supplied by YAKEEN to the Customer; and
    5. “Terms” means these General Credit Terms and Conditions.
Yakeen Safety Pty Ltd
87 Corporate Drive
Heatherton VIC 3202

ABN:  71 635 947 376