| 4.1 | Unless the Company shall allow the Buyer credit payments terms as an approved account in accordance with clause 4.2 below, payment of the price for the product shall be made in full by the buyer to the company in pounds sterling and the Company's obligations under the contract are wholly upon such payment being made. All such payments may at the Company's option be appropriated to the Contract or any other contract between the Company and then Buyer due for payment. |
| 4.2 | The company may in its sole discretion (and subject to receipt of such satisfactory references as the Company may require) designate to the Buyer as an approved account and in any such case unless the Company shall other-wise direct, payment of the price for the products shall be made in full by the Buyer to the Company in pounds sterling by no later than 30 days from date of Invoice or delivery of the Products to the buyer, whichever is earlier or, in the event that the buyer's shipping instructions are not received as required by the Company or shipment is held on the buyer’s request, of notification by the Company that the Products are ready for delivery. The Company expressly reserves the right in is sole discretion to refuse to designate the Buyer as an approved account, to withdraw such designation at any time without notice and to require payment in accordance with clause 4.1 above notwithstanding such designation including, with respect to future deliveries of the Products, where delivery is by installment. |
| 4.3 | Without prejudice to the Company's other rights in the event that any payment from the Buyer is overdue, the Company reserves the right to disallow any discount otherwise available to the Buyer therein and to charge interest on any overdue payment to be added to the amount outstanding at an annual rate of three per cent (3%) above the base lending rate of Barclays Bank Plc from time to time accruing on a day to day basis, compounded monthly, until the Company has received payment in full. |
| 4.4 | The buyer shall neither withhold payment of any amount due under the contract in respect of any disputed claim for damage to the products or any other alleged breach of contract by the Company, nor shall it be entitled to exercise a right to set off. |
| 4.5 | The company may cancel the contract if the Buyer shall suffer any distress or execution to be levied on its goods or if it makes any arrangement with its creditors or enters into voluntary or compulsory liquidation, or has a receiver, manager or administrator appointed over any of its property or assets, or if the buyer being an individual shall commit and act of bankruptcy or have a receiving order made against him. |
| 4.6 | If any payment from the Buyer to the Company under the contract is overdue, the Company may suspend further deliveries under the Contract with the Buyer and if such payment shall remain in arrears for more than 14days the Company may cancel this contract with the buyer in whole or in part without prejudice to its other rights and without incurring any liability to the Buyer. |
| 4.7 | Any advance payment made by the Buyer is a deposit and not a part payment. |