Common use of Credit Granting Clause in Contracts

Credit Granting. All engagements are accepted by the firm subject to your satisfactory credit approval and are governed by the firm’s Standard Terms of Engagement in force at the time of engagement. Credit approval once granted may be withdrawn at any time. Where credit approval has not been granted, or is withdrawn, payment for all services supplied or expenses incurred is required on acceptance of the engagement. If a fixed fee has been provided, the amount due is the fixed fee. If a fixed fee has not been provided, the estimated fee outlined in the Letter of Engagement, or an estimate proved by the firm is the amount due. Where credit has been granted, payment for the services supplied or expenses incurred and disbursements, is to be made on or before fourteen (14) days from the date of each invoice raised. It is a condition of the firm’s services that when performing work for companies, whether in their own capacity or as a corporate trustee, the firm is instructed by the directors of such entities personally. On this basis such directors are jointly and severally liable for payment of the firm’s fees in the event that the company fails to pay the invoice within the prescribed credit terms.

Credit Granting. All engagements are accepted by the firm subject to your satisfactory credit approval approval, and are governed by the firm’s Standard Terms of Engagement in force at the time of engagement. Credit approval once granted may be withdrawn at any time. Where credit approval has not been granted, or is withdrawn, payment for all services supplied or expenses incurred is required on acceptance of the engagement. If a fixed fee has been provided, the amount due is the fixed fee. If a fixed fee has not been provided, the estimated fee outlined in the Letter of Engagement, or an estimate proved by the firm is the amount due. Where credit has been granted, payment for the services supplied or expenses incurred and disbursements, is to be made on or before fourteen (14) days from the date of each invoice raised. It is a condition of the firm’s services that when performing work for companies, whether in their own capacity or as a corporate trustee, the firm is instructed by the directors of such entities personally. On this basis such directors are jointly and severally liable for payment of the firm’s fees in the event that the company fails to pay the invoice within the prescribed credit terms.