Open An Account.

The Applicant acknowledges that they have read and understood and hereby accepts and agrees to the following Conditions. 1. It is warranted that the information furnished above is true and correct in every respect. 2. The Applicant undertakes to notify BRIMA LOGISTICS (herein after referred to as “Brima”) in writing and within 24 hours, of any change of address, failing which any credit facility granted to it shall be cancelled forthwith. 3. Upon the signature of this credit application the Applicant agrees to be bound by the terms incorporated herein. 4. The credit amount shall be payable thirty (30) days from date of statement. 5. If payment of any particular credit amount made is overdue, the Applicant will be charged interest on the overdue amount at the rate of prime plus 2% charged by Brima’s bank and which interest shall be calculated and compounded monthly in advance from the due date to the date of final payment. 6. Should: 6.1 The Applicant breach the terms of this agreement, and should the Applicant fail to remedy its breach within 7 days of receiving written notice to rectify such breach then Brima shall be entitled, without prejudice to any right it has in law and in its sole discretion, to institute action against the Applicant; 6.2 The parties to this agreement consents to the jurisdiction of the Magistrate’s Court in terms of Section 45 of Act 32 of 1944 as amended; 6.3 Notwithstanding the aforegoing, Brima shall not be obliged to institute action against the Applicant in the Magistrate’s Court and the Applicant hereby submits to the jurisdiction of the High Court of South Africa, in respect of any action instituted against the Applicant by Brima. 7. Brima shall not be obliged to take insurance on any goods handled or stored by it except, upon express prior instruction given in writing by the applicant. Should the applicant require the said insurance, it is specifically agreed that all insurances taken by Brima shall be subject to the usual expectations and conditions of the policies of the insurance company or the underwriters taking the risk. 8. This Credit Agreement can be terminated by the Applicant on 30 days written notice to Brima. Should the Applicant elect to terminate this agreement in term of this clause, all amount then due shall fall due owing and payable. 9. A certificate issued under the hand of a Director shall be prima facie evidence of the amount due by the Applicant and such certificate shall be sufficient for purposes of Summary Judgment or Provisional Sentence. 10. In the event of Brima handing over the applicant’s account to an attorney for collection (whether action is instituted or not), the Applicant agrees to pay costs on the attorney and own client scale, including collection commission payable in terms of law. 11. In this agreement, unless the context otherwise requires, the words importing the singular shall include the plural and vice versa. 12. The Applicant agrees to notify Brima in writing within seven (7) days of any change in ownership of its business, or should it be a company, any share transaction where the majority shareholding is affected, failing which any credit facility granted shall be deemed forthwith to be cancelled. 13. In the event of an order being given to Brima on the Applicant’s official order form, the Applicant shall be stopped from denying the validity of such order notwithstanding the fact that such order may have been given or signed by a person not authorised by the Applicant. 14. The Applicant agrees that any latitude or indulgence whatsoever which Brima may grant the Applicant in respect of any of its obligations under this agreement, will not be construed as a waiver of any right that Brima may otherwise have against the Applicant. 15. Any condonation of any breach of any of the provisions hereof or other act or relaxation, indulgence or grace on the part of Brima shall not in any way operate as or be deemed to be a waiver by Brima of any rights under this contract or be construed as a novation thereof. 16. This contract contains the entire agreement between Brima and the Applicant and any other terms, provisions, conditions or cancellations thereof whether express or implied are excluded herefrom and any variations, alterations or additions to this contract shall be of no force or effect or legally valid unless reduced to writing and signed by Brima and the Applicant. 17. The Applicant and Brima chooses as their domicilium citandi et executandi the address as set out herein.