When a customer applies for a credit account it is critical that they are made aware of your Terms of Trade. The Terms will set out how credit is given, how goods are supplied to the customer, how payment is made and when title and ownership in those goods transfers to the customer. The terms should make it clear that title in goods will only transfer to the customer once the item has been fully paid for, this is called retention of title.
For more business, contract and commercial advice, contact our commercial lawyers at Matthews Folbigg. Our offices are located in Parramatta.
Phillip Brophy – firstname.lastname@example.org or 9635 7966