This Trade Credit Agreement applies where Power-Hub, operated by Sitex Industrial Ltd, approves a business customer for a credit facility. It is made between Sitex Industrial Ltd as supplier and the customer applying for or using trade credit terms.
Sitex Industrial Ltd is registered in England and Wales under Company Registration Number 10610868 and is VAT registered under VAT Number GB 261 6742 01. The registered address is Unit 4, Maplebank Poultry Farm, Knatts Valley Road, West Kingsdown, Kent, DA4 0JY.
Credit facilities are not automatic and are granted only after review and approval. A customer may hold a trade account without being granted credit. Power-Hub may request business details, company information, VAT information, trading history, references, bank details, director or proprietor information, credit checks, payment history or any other information reasonably required to assess credit suitability.
Approved trade credit accounts operate on standard payment terms of 30 days from the date of invoice unless Power-Hub confirms different terms in writing. Payment terms are calculated from the invoice date rather than the delivery date, and payment must be received in cleared funds by the due date stated on the invoice.
New credit accounts may be granted a provisional credit limit during an initial review period. Where appropriate, Power-Hub may apply a shorter temporary payment period, including 14 days from invoice date, while account history, payment conduct, order pattern and commercial relationship are reviewed.
Although standard approved trade credit terms are 30 days from invoice date, Power-Hub may amend, reduce, suspend or withdraw payment terms at any time where commercially necessary or appropriate. This may include reducing payment terms, requiring payment in advance, lowering the credit limit, placing the account on hold or withdrawing the credit facility.
Power-Hub may review, amend, reduce, suspend or withdraw a credit limit at any time. This may occur where payment is late, order volume changes, credit checks raise concerns, the customer’s financial position changes, insolvency risk arises, account information is inaccurate, disputes increase or payment risk changes.
Orders placed under a credit facility are governed by the Power-Hub Terms and Conditions and any applicable product, quotation, supplier or delivery terms. By placing an order on credit, the customer confirms that the order is authorised and that payment will be made in accordance with the agreed credit terms.
Invoices issued under an approved trade credit facility must be paid in full within standard 30-day payment terms from the date of invoice unless Power-Hub confirms different terms in writing. Payment terms are calculated from the invoice date rather than the delivery date.
The customer must ensure that payments are made with the correct reference and are received in cleared funds. Payment is not treated as received until Power-Hub can identify, allocate and clear the payment against the relevant account.
If payment is not received by the due date, Power-Hub may suspend the credit facility, place the account on hold, require payment in advance, cancel unfulfilled orders, withdraw credit terms, reduce the credit limit, pause dispatch, withhold further supply, charge interest where legally permitted and recover reasonable costs of collection.
If the customer disputes an invoice, the customer must notify Power-Hub promptly and provide clear reasons, supporting documents and the amount disputed. The customer must pay any undisputed amount by the due date.
Until Power-Hub or the relevant supplier has received full payment in cleared funds for goods supplied on credit, ownership of those goods remains with Sitex Industrial Ltd or the relevant supplier. The customer must keep goods identifiable where reasonably possible and must not create any charge, lien or security interest over unpaid goods.
The customer is responsible for all orders placed through its approved account by authorised users, employees, agents, branches, departments or representatives. Power-Hub may treat orders placed through the account as authorised unless written notice has been received before processing that a user is no longer authorised.
The customer must notify Power-Hub promptly of material changes that may affect credit risk or account operation. This includes changes in ownership, legal entity, trading status, address, bank details, VAT status, insolvency position, financial difficulty, business closure, administration, liquidation, county court judgments or material disputes.
Power-Hub may set off refunds, credits, account balances, rebates or sums otherwise payable to the customer against overdue invoices, outstanding charges, recovery costs or other sums owed where permitted by law and account terms.
Power-Hub may withdraw credit terms at any time where commercially necessary or appropriate. Withdrawal of credit does not close the trade account unless confirmed separately, but it may mean future orders require payment before processing.
This Trade Credit Agreement forms the agreement between Power-Hub and the customer in relation to trade credit facilities, subject to any written credit approval, invoice terms or signed account agreement. It does not replace the main Power-Hub Terms and Conditions or other policies governing product sale, delivery, returns or data protection.
Power-Hub / Sitex Industrial Ltd
Unit 4, Maplebank Poultry Farm
Knatts Valley Road
West Kingsdown
Kent
DA4 0JY
Email: support@sitexdirect.com
Website: www.power-hub.co.uk