Terms of Credit
In consideration of any credit facilities that you may grant us pursuant to this application, we hereby undertake to comply strictly with the following terms:
(i) All queries on the invoice or statement of account, as the case may be, shall be brought to the notice of Asia Pacific Aircraft Component Services Sdn Bhd (APACS) in writing immediately and in any event before the due date of such invoice or statement of account.
(ii) All monies due shall be settled within a credit period of 30 days from the date of invoice or within the invoice settlement period set out in the relevant written agreement (“Agreement”). Any monies not settled within the payment period, shall accrue interest (from the due date till the date of full settlement) at a rate of 1% per month on a daily basis or pursuant to the default interest rate set out in the Agreement. To the extent of inconsistency between the terms of this agreement and the Agreement, the Agreement shall prevail in every regard.
(iii) The amount outstanding at any one time must not exceed the approved credit limit. Should we exceed the approved credit limit, we agree that this shall constitute a material breach of the Agreement and that you shall in any event be entitled to terminate the Agreement and/or your services otherwise provided, immediately upon issuance of notice in writing to this effect. This is strictly without prejudice to your other rights to terminate the Agreement pursuant to the terms thereunder.
(iv) The credit facilities are personal to us and shall not be assigned or transferred to a third party.
(v) The credit facilities may be suspended or terminated by APACS from time to time at its sole discretion.
(vi) For the avoidance of doubt, we agree that any credit facilities granted to us hereunder shall not in any way detract from our obligations and liabilities under the Agreement including but not limited to our obligation to pay invoices as and when they fall due. To the extent of inconsistency between the terms of this agreement and the Agreement, the Agreement shall prevail in every regard.
(vii) This agreement shall be governed by the laws governing the Agreement and any disputes associated with this agreement shall be settled in accordance with the dispute resolution mechanism set out in the Agreement. Where no Agreement has been entered into, the parties agree that this agreement shall be governed by the laws of the England and Wales and the parties hereto submit to the non-exclusive jurisdiction of the courts in London, United Kingdom.
Acknowledgement
