Terms and Conditions

1.  All invoices are to be paid thirty (30) days from the end of the month in which the invoice date falls in regards to delivery of goods or provision of services or within such other terms as may be defined from time to time within reasonable notice.

2.  All overdue invoices may bear interest at 2% per month (24% per annum) (or maximum allowed by law) on unpaid balance.

3.  It is agreed that should collection and/or legal action be taken by the Company for the recovery of any monies due and payable by the Applicant to the Company, the applicant to the Company, the applicant hereby agrees to be responsible for and to reimburse the Company for all costs and expenses, including commissions, which may be incurred or become payable in any such collection and/or legal action. In this regard costs, including legal costs, will be on a solicitor/client basis.

4.  The applicant's directors hereby agree to indemnify and reimburse the Company for all monies lawfully due to it by the applicant. This acknowledgement and agreement represents personal guarantees by the directors, who have been directed to seek independent legal advice as to the contents and meaning of this Credit Application and guarantee an indemnity prior to signing this document.

5.  The Company may from time to time alter its conditions of sale for the terms of payment and such altered conditions or terms shall apply in respect of all transactions taking place after notification to the applicant of such altered conditions of sale or terms of payment.

6.  Any credit extended to the applicant may be reduced or eliminated in the event Maintenance Technique in its reasonable discretion determines that the applicant's financial situation or ability to pay is impaired.

7.  Claims arising from invoices must be made within 24 hours of receiving delivery of goods or provision of services, by email to accounts@mtunderground.com.  At the end of every month a Statement is issued to all customers listing the invoice number, date and total cost of invoice. Any discrepancies must be reported to Maintenance Technique immediately.  No short payment of invoices will be accepted.

8.  The legal and equitable title to the Goods will only be transferred from the Company to the applicant when the amount payable by the applicant under these terms and conditions (Amount payable) has been reduced to zero. Until the Amount Payable has been reduced to zero, the applicant holds the Goods as bailee for the Company and a fiduciary relationship exists between the applicant and the Company.

9.  The applicant:

(a) Acknowledges that it has granted a security interest in the Goods to secure payment of the Amount Payable pursuant to clauses 1, 2. That Security interest extends to and continues in all proceeds, accessions and processed goods and is a purchase money security interest to the extent to which it secures payment of that part of the Amount Payable which comprises the aggregate unpaid purchase price.

(b) In addition to the above, hereby grants a security interest in all of its present and after acquired property to secure payment of Amount Payable.

(c) Further to the above, the applicant charges in favour of the Company all of its interest in all present and future real property of the applicant to secure the performance of the applicant's obligations under the Contract, including of the Amount Payable. The applicant acknowledges that the Company has a caveatable interest in any real property of the applicant under this clause and may lodge a caveat over that property. Upon demand by the Company, the applicant agrees to immediately execute a mortgage on terms satisfactory to the Company to more particularly describe the security interest conferred by this clause. Should the applicant fail within a reasonable time of such demand to execute that mortgage, then the applicant irrevocably appoints the Company as it attorney with authority to do on its behalf anything that it may lawfully authorise an attorney to do including, without limitation, to make, sign, execute, seal and deliver any document to take possession of, use, sell or otherwise dispose of any real property to the applicant.

9.1 The applicant:

(a) Waives the right under section 157 of the PPSA to receive a copy of the verification statement verifying registration of a financing statement or a financing change statement relating to a security interest created under these terms and conditions; and

(b) contracts out of its right to receive any other notice or statement under any other provision of the PPSA.

9.2 To the fullest extent permitted by the PPSA, the parties agree to contract out of sections 95,117,118,120,121(4), 125 the second sentence of section 126(2), sections 129(2), 130, 132(3)(d), 132(4), 142 and 142, which sections (or parts of sections) shall not apply.

10. By submitting this application, you authorise Maintenance Technique to make inquiries into the banking and business/trade references that you have supplied.