Terms and Conditions of Credit (Part B)

1. STATEMENTS OF ACCOUNT

1.1 The applicant acknowledges that credit facilities granted are payable within thirty (30 days from date of statement, which date shall be deemed to b the last day of very month

1.2 A certificate under the hand of any director of the creditor as to the existence and amount of the applicant’s or the surety’s indebtedness to the creditor at any time, as to the fact that such amount is due and payable, the amount of interest accrued thereon and as to any other fact, matter or thing relating to the applicant’s or the surety’s indebtedness to the creditor shall be prima facie proof of the contents and correctness thereof and to the amount of the applicant’s or the surety’s indebtedness for the purpose of provisional sentence or summary judgement or any other proceedings against the applicant/surety in any competent court and shall be valid as a liquid document for such purposes. It shall not be necessary to prove the appointment of the person signing such certificate which shall be binding on both the applicant and the surety and shall be binding on both the applicant and the surety and shall be deemed to be sufficient particularity for the purposes of pleading or trial in any action other proceeding instituted by the creditor against the applicant or surety.

2. CONDITIONS OF PAYMENT

2.1 Credit facilities may be withdrawn by the creditor at any time without prior notice and the creditor reserves the right to review the extent, nature and duration of such facilities at all times.

2.2 The applicant and the surety consent to the jurisdiction of the Magistrates Court terms of Section 45 of the Magistrates Court Act No 32 of 1944 (as amended) having jurisdiction under Section 28 if the said Act, notwithstanding that the claim by the creditor exceeds the normal jurisdiction of the Magistrates Court as to amount. The creditor shall, in its discretion be entitled to proceed against the application and/or the surety in any other court of competent jurisdiction, notwithstanding the aforegoing.

2.3 In the event of the creditor instructing attorneys to collect from the applicant an amount owing to the creditor, the applicant with be liable for and agrees to pay all the costs on the scale as between attorney and own client, including collection charges.

2.4 If an amount is not paid within the agreed term, the applicant shall be liable for interest at the maximum rate permitted in terms of the Usury Act No 73 of 1968, as amended from time to time. Such interest shall be calculated and paid monthly in advance, provided that if the interest is not paid as aforesaid, the interest shall be added to the principal sum and the whole amount shall form the principal debt which shall bear interest as aforesaid.

3. DOMICILIUM

3.1 The applicant nominates as its domicilium citandi et executandi the physical address stated in the credit application and the surety nominates as his domicilium citandi et executandi the home address stated under his name in the credit application, for service upon them of all notices and processes in connection with any claim for any sum due to the creditor arising out of credit granted by the creditor to the applicant.

3.2 The creditor nominates as its domicilium citandi et executandi for service upon it of any notice arising here from its principal place of business and Head Office, namely Old Mutual Business Park, Unit B of Mini section, Gewel Street, Isando.

3.3 The address referred to in paragraph

3.1 and 3.2 above may be changed by any of the parties on not less than 10 day's written notice to the other parties concerned, provided that such notice shall be delivered either by hand or by registered mail to the addressee's domicilium.

4. GENERAL

4.1 The signatory warrants that he is duly authorised by the applicant to make this application on its behalf and the above information is true and correct.

4.2 The signatory, acting on behalf of the applicant, accepts and agrees to the terms and conditions he acknowledges having read and understood.

4.3 The signatory, acting on behalf of the applicant, accepts and agrees that all business is undertaken in terms of the trading terms and conditions of the South African Association of Freight Forwarders which are incorporated in this document and which terms and conditions he acknowledges having read and understood.

4.4 No relaxation or indulgence granted to the applicant by the creditor, at any time, shall be deemed to be a waiver of any of the creditors rights in terms hereof, and such relaxation or indulgence shall not be deemed a novation of any of the terms and conditions set out herein, or create any estoppel against the creditor.

4.5 Any agreement purposing to vary the terms of this agreement, or any consensual cancellation shall be valid unless reduced to writing and signed by both the applicant and a duly authorised director of the creditor or, in the case of the surety, unless reduced to writing and signed by both the surety and a duly authorised director of the creditor.

4.6 In these conditions, words importing one gender shall include the other gender, and words importing the singular shall include the plural (and vice versa)

4.7 The signatory acknowledges and agrees that by this signature hereto, he binds himself, in accordance with the terms and conditions of credit set out herein, as surety and co-principal debtor in solidum with the applicant in favour of the creditor for due payment by the applicant of all amounts which may now or at any time hereafter become payable by the applicant to the creditor.