Credit Terms & Conditions
- The Customer must pay for all Products supplied by King Cubed Pty Ltd (“King Cubed”) within 30 days from end of month in which the Products were invoiced by King Cubed (“Due Date”).
- Payments can be made via direct deposit or credit card (Visa, Mastercard or American Express).
- Credit card payments will automatically incur a 1.5% transaction fee
- If payment is not received by King Cubed 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 of 14% of the outstanding amount each day the account remains outstanding.
- 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 King Cubed first towards reduction of any interest owing and then in reduction of any principal amount on a first in first out basis.
- Property in the Products does not pass until the Customer has paid all monies owing to King Cubed in full. Risk in the Products passes to the Customer at the time of delivery.
- Until payment of all monies owed by the Customer or on the Customer’s account to King Cubed, the Customer holds the Products as fiduciary bailee and agent for King Cubed 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 King Cubed.
- If an Event of Default occurs, then without prejudice to King Cubed’s other rights, King Cubed 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 King Cubed, 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 King Cubed.
- 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 King Cubed. Such part shall be deemed to equal in dollar terms the amount owing by the Customer to King Cubed and at the time of payment of such proceeds, the Customer’s obligation to pay the amount owed for such Products will be discharged.
- 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 King Cubed. Such part of the book debts and proceeds shall be deemed to equal in dollar terms the amount owed by the Customer to King Cubed at the time of the receipt of such book debts.
Acceptance of Products
The Customer is deemed to have accepted the Products as in accordance with an order unless it notifies King Cubedin writing to the contrary within 10 days of receipt of the Products. Any returns will be processed in accordance with King Cubed’s then current return policy as reproduced on the King Cubedwebsite (currently located here: delivery-and-returns)
Out of Stock Products
If a Customer places an order for Products that are out of stock, King Cubed will use its reasonable endeavours to deliver the Products to the Customer as soon as possible once the Products are received from King Cubed’s supplier, if at all, unless the Customer notifies King Cubed in the meantime that it no longer requires the Products. King Cubed make no warranty that out of stock products will become available.
Suspension or Ceasing Supply
- King Cubed 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.
- Without limiting clause 7 (a), if an Event of Default then King Cubed 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.
Liability of King Cubed
King Cubed 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 King Cubed, 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.
King Cubed’s Conduct
King Cubed’s acceptance of payment, or delay or failure to act, shall not prejudice its right to exercise any remedy against the Customer.
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.
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 King Cubed, the Customer shall not continue to operate its credit account without King Cubed’s prior written consent and the Customer shall remain liable for all amounts owed to King Cubed until the whole amount (including interest and charges) has been paid in full to King Cubed.
Variation of Terms
King Cubed 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 King Cubed on credit.
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 King Cubed.
The Customer must pay to King Cubed all costs, charges and expenses (including all stamp duty, bank charges and legal fees on a full indemnity basis) incurred by King Cubed 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.
King Cubed is entitled in its absolute discretion to set off any credits that may appear in the Customer’s account with King Cubed against any other amounts owed by or debts of the Customer to King Cubed (and to give effect to this, the Customer irrevocably appoints King Cubed as the Customer’s attorney).
These Terms bind the Customer both personally and as trustee of any trusts of which the Customer is trustee.
Each clause and sub-clause of these Terms are separate and independent. If any clause or sub-clause is found to be invalid or ineffective, the other clauses or sub-clauses will not be adversely affected.
Transfer of Rights
King Cubed can transfer its rights under these Terms to someone else. If King Cubed does, these Terms will apply to the transferee as if it were King Cubed. If King Cubed 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.
Application of Laws
The parties submit to the jurisdiction of the Courts of the State of South Australia.
In these Terms unless the context requires otherwise:
- “Customer” means each and every person or corporation to whom King Cubed supplies Products under these Terms;
- “Event of Default” means any of the following events:
- the Customer fails to pay for the Products;
- the Customer is in breach of these Terms;
- 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;
- “Officer” means each director, secretary, manager and authorised representative of King Cubed;
- “Products” means all goods supplied by King Cubed to the Customer; and
- “Terms” means these General Credit Terms and Conditions.