DEFINITIONS AND INTERPRETATION
- In these terms and conditions, unless the context otherwise requires:
- “Application” in relation to a Buyer means the Credit Account Application signed by the Buyer which refers to these terms and conditions.
- “Buyer” means the Person named in the relevant Sales Invoice or Quotation.
- “GST” means the goods and services tax as imposed by the GST law together with any related interest, penalties, fines or other charge.
- “GST Amount” means any Payment (or the relevant part of that Payment) multiplied by the appropriate rate of GST.
- “GST Law” has the meaning given to that term in Tax System (Goods and Services TAX) Act 1999, or, if that Act does not exist for any reason, means any Act imposing or relating to the imposition or administration of a goods and services tax in Pakistan and any regulation made under that Act.
- “Payment” means any amount payable under or in connection with a Sales Invoice including any amount payable by way of indemnity, reimbursement or otherwise (other than a GST Amount) and includes the provision of any non-monetary consideration.
- “Person” includes an individual, the estate of an individual, a body politic, a corporation, an association (incorporated or unincorporated) and a statutory or other authority.
- “Purchase Price” means the price for the goods set out in the relevant Quotation or Sales Invoice.
- “Quotation” means the form of quotation submitted by a Seller to the Buyer in which these terms and conditions are deemed to be incorporated.
- “Sales Invoice” means the sales invoice issued by a Seller to the Buyer in which these terms and conditions are or are deemed to be incorporated.
- “Seller” in relation to any Quotation or Sales Invoice means: Polycon Pakistan (PVT) Ltd.
- “Tax Invoice” has the meaning given to that term by the GST Law.
- “Taxable Supply” has the meaning given to that term by the GST Law.
- Any special conditions specified on a Quotation or Sales Invoice shall, to the extent they are inconsistent with these terms and conditions, take precedence over these terms and conditions.
- Words importing the singular shall include the plural (and vice versa).
GOVERNING TERMS AND CONDITIONS
These are the only terms and conditions which are binding upon a Seller with the exception of those otherwise agreed in writing by the Seller which is imposed by a statute and which cannot be excluded.
TERMS OF PAYMENT
Payment by the Buyer for goods delivered and accepted is due within 7 calendar days of the end of the month in which the goods are invoiced. If the Buyer fails to make payment in accordance with this clause, all amounts owing by the Buyer to the Seller named in the Sales Invoice or any other Seller on any account shall immediately become due and payable.
If the customer is a company or an incorporated association, the directors personally guarantee the payment of all debts owing by the customer.
INSPECTION AND ACCEPTANCE
The Buyer shall inspect all goods upon delivery and shall within 48 hours of delivery give notice to the Seller named in the relevant Sales Invoice or of any matter or thing by which the Buyer alleges that the goods are not in accordance with the Buyer’s order. Failing such notice, subject to any non-excludable condition implied by law, the goods shall be deemed to have been delivered to and accepted by the Buyer.
The parties agree that:
- The Purchase Price is inclusive of GST;
- All other Payments have been calculated without regard to GST;
- Each party will comply with its obligations under the Trade Practices Act when calculating the amount of any Payment and the amount of any relevant Payments will be adjusted accordingly;
- If the whole or any part of any Payment is the consideration for a Taxable Supply (other than for payment of the Purchase Price) for which the payee is liable to GST, the payer must pay to the payee an additional amount equal to the GST Amount, either concurrently with that Payment or as otherwise agreed in writing.
- Any reference to a cost or expense in this Agreement excludes any amount in respect of GST forming part of the relevant cost or expense when incurred by the relevant party for which that party can claim an Input Tax Credit; and the payee will provide to the payer a Tax Invoice.