` Credit Agreement Terms & Conditions | ABC Customs Brokers Ltd.

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Credit Agreement Terms & Conditions

"We; us; our" means the Company that has applied for credit with ABC Customs Brokers Ltd.

"Lender" means ABC Customs Brokers Ltd.

For the purposes of obtaining credit from the Lender we agree as follows:

  1. We represent that the information supplied in the Credit Application and Agreement is in all respects complete, accurate and truthful. We agree to notify the Lender promptly, in writing, of any substantive changes in the information provided.
  2. The Lender is authorized to obtain Trade and Bank references and we authorize those Trade and Bank references to release, on a continuing basis, all personal, partnership to corporate credit and financial responsibility information required by the Lender to make its' credit decisions. We hereby waive our rights to privacy with respect to all applicable Provincial, State or Federal Privacy Laws.
  3. Credit limit and payment terms requested are contingent upon credit department approval. We understand that the Lender may cancel credit at any time without notice.
  4. We agree to pay in full for all services rendered (without deduction or setoff) on the due date of each billing to the Lender at 110, 17637 - 1st Avenue, Surrey, British Columbia, Canada V3S 9S1. Payments made shall be applied by the Lender in the following order: on all interest charges, if any, and then, invoices beginning with the earliest in date up to the most recent.
  5. We understand that our obligation to pay freight or other charges is governed by tariffs and that statutory compliance extends to us. We shall be unconditionally responsible for all freight or other charges for which credit has been extended pursuant to our Credit Application and Agreement. If the services of a broker, forwarding agent or others (collectively the "Agents") are utilized in connection with the payment of freight or other charges to any Agents we agree that such Agents act as Shipper's or Consignee's Agents for such purpose and not as Agents to the Lender. We further specifically agree that in extending credit to us, the Lender is relying upon our credit history and upon the Lender's lien on goods and not upon the credit of such Agents. We shall be absolutely and unconditionally responsible for payment to the Lender of all freight and other charges whether or not funds for payment of such freight and other charges have been advanced by us to Agents. If we provide funds to an Agent to pay freight or other charges due to the Lender we do so at our own risk, and in the event such Agent converts such funds to its own use or for any other reason fails to pay them to the Lender, we shall remain absolutely and unconditionally liable to the Lender for the payment of such freight and other charges. In no event shall any demand by the Lender upon such Agent for payment constitute a waiver or estoppels of the Lender's right to enforce our undertaking herein.
  6. Advance payment may be required dependent upon credit limit or if other arrangements have been made. Amounts causing the credit limit granted by the Lender to be exceeded are payable in advance. We understand that the Lender may charge a disbursement fee for any outlays that are incurred on our behalf.
  7. We may be held responsible for carrying costs due to neglecting the agreed upon payment terms or due to the amount borrowed on the client's behalf.
  8. All accounts are payable upon receipt of invoice or as stated in the credit approval. Late payments shall be assessed interest at the rate of 24% per annum, 1.808% compounded monthly or the highest rate allowed by law. The failure of the Lender to charge interest on our account or pursue any other remedy available to it shall not constitute a waiver of the Lender. In the event that credit terms are granted, we will make payment by way of cash, cheque, bank draft or electronic transfer.
  9. We agree that the Lender may set off against monies due from us or any affiliate monies owed by the Lender to us or any affiliate. We agree that we will not set off against any amounts due to the Lender or claimed to be to due to us from the Lender.
  10. We agree to pay all costs of collection (lawyer fees, court costs, collection agency fees, etc.) in the event third party action is required to collect an outstanding amount. We agree to pay a fee of $30 for any cheque returned NSF to the Lender. Any cash deposits held for security reasons or to offset disbursement fees, will be held in a non-interest bearing account.
  11. All disputes must be submitted to the Lender no later than 30 days following the date of billing. Any billing not challenged by us within 60 days will be deemed accepted and it is agreed the billing shall not be subject to dispute by us.
  12. All business transacted is subject to the current Standard Trading Conditions of the Canadian Society of Customs Brokers (CSCB) for customs services and the Canadian International Freight Forwarders Association Inc. (CIFFA) for freight forwarding services; (copies available upon request or by accessing www.abccustoms.com).
  13. If any one or more of the above terms becomes invalid or illegal in any respect, such term or terms shall be waived and the validity, legality and enforceability of the remaining terms shall not be affected.
  14. By acting on this Agreement, we understand and agree to be bound by its terms and conditions. Further, we agree that it is the complete and exclusive statement of the Agreement between the Lender and us which supersedes all proposals or prior agreements, oral or written and all other communications between the parties relating to the subject matter of this Agreement. We also agree that no amendment can be made to this Agreement unless it is in writing signed by the Lender.


Last Updated: January 26, 2011