Standard Credit Account Terms and Conditions

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These Basic Credit Account Terms and Conditions have been designed to govern the provision of a simple credit facility by a trader to its customers.

The terms of these credit facility terms and conditions set out provisions governing the use of the credit facility by customers (including invoicing and payment), the supplier’s assessment of eligibility for a credit account, the setting of credit limits, reviews, and the suspension or cancellation of the facility.

These terms and conditions are designed to be used in conjunction with the standard terms and conditions for goods and / or services. Each of these documents contains appropriate cross-references to this set of terms and conditions.

It is important to note that this document is not designed with complex credit systems or accounts in mind and is suitable only for simple credit facilities offering an average of a month or less to the customer to pay sums due.

Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.

These Standard Credit Account Terms and Conditions contain the following clauses:
1. Definitions and Interpretation
2. Use of Credit Account
3. Eligibility for Credit Accounts
4. Payment Terms
5. Credit Limits
6. Account Information
7. Reduction, Suspension, Withdrawal and Refusal
8. Liability
9. Assignment
10. Force Majeure
11. Communications
12. Waiver
13. Severance
14. Consumer Rights
15. Governing Law and Jurisdiction

These Basic Credit Account Terms and Conditions are in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.

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