Application for Credit Account

1. Industrial Shed may in assessing my/our application for credit or if the application is accepted and subsequently any payment becomes overdue obtain personal information and seek from a credit reporting agency or other credit provider information about my/our credit arrangement and I/we understand that this intormation may include my/our credit worthiness, credit history or credit capacity that the credit providers are allowed to give or receive persuant to the Privacy Act and Privacy Amendment Act.


2. The applicant(s) must inform Industrial Shed in writing within seven (7) days of any change of their business or corporate structure.


3. Industrial Shed reserves the absolute right to refuse or withdraw the applicant(s) credit facilities at any time in the event that the applicant is in breach of these terms and conditions.


4. All contracts between Industrial shed and the Applicant shall be deemed to have been entered into in the State of Victoria and shall be construed according to the Laws of the State of Victoria.


5. Industrial Shed reserves the following rights in relation to any goods provided to the Applicant by Industrial Shed, until all accounts owed by the Applicant to Industrial Shed are fully paid:

(1) legal ownership of the goods;
(2) to enter the Applicant's premises (or the premises of any associated company or agent where the goods are located) without liability for trespass or any resulting damage and retake posession of the goods;
(3) to keep or resell any goods repossessed pursuant to (2) above;

If the goods are resold, or products manufactured using the goods are sold, by the Applicant, the Applicant shall hold such part of the proceeds of any such sale as represents the invoice price of the goods sold or used in the manufacture of the goods sold in a separate identifiable account as the beneficial property of the Credit Provider and shall pay such amount to Industrial Shed upon request. Notwithstanding the provisions above Industrial Shed shall be entitled to maintain an action against the Applicant for the purchase price and the risk of the goods shall pass to the Applicant upon delivery.


6. I/We acknowledge that if the account is overdue, Industrial Shed at its discretion, reserves the right to refer the account to a Mercantile Agency for Collection and I/we agree to be responsible to meet all reasonable costs and commissions incurred in employing the said mercantile agent to collect the overdue account.


7. Any signatory for a proprietary company applicant shall be personally liable for the due performance of the applicant's obligations as if the signatory was the applicant.


8. I/We acknowledge and agree that the terms of payment are 30 days from the date of the invoice, and in the event the account becomes overdue, Industrial Shed reserves the right to charge interest in accordance with the Penalty Interest Rates Act 1983.

In consideration of the provision of credit and the sale of goods and services to the customer I/we, being Director/s or other authorised officer/s of the customer named in the application for credit herein, hereby agree, by the execution of this application on behalf of the customer, to Guarantee to Industrial Shed the due and punctual payment and performance by the customer of all moneys terms and conditions contained in these terms of trade to be paid observed and performed and I/we acknowledge that I/we shall not be released from liability under this Guarantee otherwise than by the payment in full of the moneys pavable by and the performance and observance of all of the obligations of the customer under these terms of trade. This Guarantee shall be continuing and shall not be discharged by the winding up of the customer and shall bind the successors and legal personal representatives of the Guarantor.