Payment Terms and Conditions.
1. RESERVATION OF TITLE – RISK AND PROPERTY
1.1 Risk of damage to or loss of the goods shall pass on to the buyer at the time of delivery.
1.2 Notwithstanding delivery and the passing of the risk in the goods or any other provision of these conditions, the property in the goods shall not pass to the buyer until Control Electrics Ltd has received in cash or cleared funds payment in full of the price of the goods.
1.3 Unit such time as the property in the goods passes to the buyer (and provided the goods are still in separate identifiable existence and have not been resold) Control Electric Ltd shall be entitled at anytime to require the buyer to deliver up the goods to Control Electric Ltd. if the buyer fails to do so forthwith, to enter upon any premises of the buyer or any third party where the goods are stored and repossess the goods.
1.4 The buyer shall not be entitled to pledge or in anyway charge by the way of security for any indebtedness any of the goods which remain the property of Control Electric Ltd, but if the buyer does so all monies owing by the Control Electric Ltd shall (without prejudice to any other right or remedy of Control Electric Ltd) forthwith become due and payable.
2.1 Control Electric Ltd shall be entitled to submit an invoice to the buyer at anytime on or after the time of delivery.
2.2 The buyer shall pay Control Electrical Ltd’s invoice in full by the 7th day following the date of the invoice. Notification of queries relating to any invoice must be received in writing by Control Electric Ltd, within 7 days of the invoice date.
2.3 Notwithstanding the provisions of the clauses 2.1 and 2.2 Control Electric Ltd reserve the right (in Control Electric Ltd absolute discretion) to require payment in full for the goods on or before the Time of Delivery or otherwise to change any credit facility from time to time given to Control Electric Ltd.
2.4 Control Electric Ltd shall be entitled to charge the Buyer interest on any sums paid late under contract from the due date until the date of payment. Such interest shall be calculated on a monthly basis at the rate of eight per cent (8%) above the base lending rate of the Bank of England from time to time prevailing, as well after as before any judgement.