Terms and Conditions for Trading with NB Diamonds
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These terms and conditions ("Agreement") apply to all business transactions between NB Diamonds ("NB Diamonds," "we," or "us") and retail jewellers ("Customer," "you," or "your") seeking to engage in trade with NB Diamonds.
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1. Acceptance of Terms
By accepting any invoice from NB Diamonds, the Customer agrees to abide by these Terms and Conditions. In case of a conflict, these Terms and Conditions shall take precedence over any other agreement or understanding.
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2. Personal Guarantee
(a) The Customer agrees that all invoices issued by NB Diamonds are to be personally guaranteed by the directors of the Customer’s company, in the case of a limited company.
(b) In the event of liquidation, the directors will be held personally liable for the payment of all outstanding invoices. By accepting any invoice from NB Diamonds, the directors provide a personal guarantee to pay these invoices in full if the company is unable to do so.
(c) The Customer acknowledges that this personal guarantee is irrevocable and binding upon acceptance of any invoice.
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3. Payment Terms
(a) All invoices issued by NB Diamonds must be paid in full by the due date stated on the invoice.
(b) If payment is not received by the due date, NB Diamonds reserves the right to charge interest at a rate of 8% per annum, starting from the due date.
(c) In addition to the initial 8% interest charge, NB Diamonds will impose an additional interest charge of 8% per month for each month the payment remains overdue.
(d) The Customer agrees to pay all outstanding amounts, including any interest charges, promptly to avoid further penalties.
4. Late Payment and Collection Charges
(a) If any invoice remains unpaid after the due date, and the matter is escalated to county court collections, the Customer will be liable for any additional costs incurred by NB Diamonds in the collection of the overdue amount.
(b) These additional costs may include, but are not limited to, court collection fees, bailiff fees, and any other charges related to the recovery of the debt.
(c) The Customer agrees to reimburse NB Diamonds for all such costs in full upon demand.
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5. Liability
The Customer acknowledges and agrees that NB Diamonds will not be held liable for any direct or indirect consequences arising from a delay or failure to pay invoices, including but not limited to, loss of trade or business disruptions.
6. Dispute Resolution
In the event of any dispute regarding the payment of invoices or any other terms of this Agreement, the Customer agrees to resolve the matter through negotiation or mediation before seeking further legal recourse. If a resolution cannot be reached, the Customer agrees to submit to the jurisdiction of the courts in England and Wales.
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7. Termination
(a) NB Diamonds reserves the right to terminate this Agreement and suspend further transactions with the Customer at any time if the Customer fails to comply with the terms of this Agreement, including but not limited to late or non-payment of invoices.
(b) Termination of this Agreement will not affect NB Diamonds' rights to recover any outstanding amounts or pursue legal action for breach of contract.
8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of England and Wales. Any disputes arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of England and Wales.
9. Amendments
NB Diamonds reserves the right to modify or amend these Terms and Conditions at any time. Any changes will be communicated to the Customer in writing, and continued trading with NB Diamonds after such notification will be deemed as acceptance of the amended terms.
10. Acknowledgment
By accepting an invoice from NB Diamonds, the Customer acknowledges that they have read, understood, and agreed to these Terms and Conditions. Furthermore, the directors of the Customer’s company personally guarantee to be liable for the full payment of any outstanding invoices in the event of liquidation or default.
These Terms and Conditions are designed to ensure a smooth and professional business relationship between NB Diamonds and retail jewellers. If you have any questions regarding these terms, please contact NB Diamonds before entering into any business transaction.