General Terms and Conditions of Trade
PACIFIC NANOTECHNOLOGY GROUP LTD
Title and Security (Personal Property Securities Act 1999)
Title in any goods and services supplied by PACIFIC NANOTECHNOLOGY GROUP LIMITED passes to the customer only when the customer has made payment in full for all goods and services provided by PACIFIC NANOTECHNOLOGY GROUP LIMITED and of all other sums due to PACIFIC NANOTECHNOLOGY GROUP LIMITED by the customer on any account whatsoever. Until all sums due to PACIFIC NANOTECHNOLOGY GROUP LIMITED by the customer have been paid in full, PACIFIC NANOTECHNOLOGY GROUP LIMITED has a security interest in all goods and services.
If the goods and services are attached, fixed or incorporated into any property of the customer by way of any manufacturing or assembly process by the customer or any third party title in the goods and services shall remain with PACIFIC NANOTECHNOLOGY GROUP LIMITED until the customer has made payment for all goods and services and where those goods and services are mixed with other property so as to be part of or a constituent of any new goods and services, title to these new goods and services shall deemed to be assigned to PACIFIC NANOTECHNOLOGY GROUP LIMITED as security for the full satisfaction by the customer of the full amount owing between PACIFIC NANOTECHNOLOGY GROOUP LIMITED and the customer.
The customer gives irrevocable authority to PACIFIC NANOTECHNOLOGY GROUP LIMITED to enter any premises occupied by the customer or on which goods and services are situated at any reasonable time after default by the customer or before default if PACIFIC NANOTECHNOLOGY GROUP LIMITED believes a default is likely and to remove and repossess any goods and services and any other property to which goods and services are attached or in which goods and services are incorporated. PACIFIC NANOTECHNOLOGY GROUP LIMITED shall not be liable for any costs, damages, expenses or losses incurred by the customer or any third party as a result of this action, nor liable in contract or in tort or otherwise in any way whatsoever unless by statute such liability cannot be excluded. PACIFIC NANOTECYHNOLOGY GROUP LIMITED may either resell any repossessed goods and services and credit the customer’s account with the net proceeds of sale (after deduction of all repossession, storage, selling and other costs) or may retain any repossessed goods and services and credit the customer’s account with the invoice value thereof less such sum as PACIFIC NANOTECHNOLOGY GROUP LIMITED reasonably determines on account of wear and tear, depreciation, obsolescence or loss of profit and costs.
Where goods and services are retained by PACIFIC NANOTECHNOLOGY GROUP LIMITED pursuant to clause 7.3 the customer waives the right to receive notice under S.120 of the Personal Property Securities Act 1999 (“PPSA”) and to object under S.121 of the PPSA.
The following shall constitute defaults by the customer:
Non-payment of any sum by the due date.
The customer intimates that it will not pay any sum by the due date.
Any goods and services are seized by any other creditor of the customer or any other creditor intimates that it intends to seize goods and services.
Any goods and services in the possession of the customer are materially damaged while any sum due from the customer to PACIFIC NANOTECHNOLOGY GROUP LIMITED remains unpaid.
The customer is bankrupted or put into liquidation or a receiver is appointed to any of the customer’s assets or a landlord distrains against any of the customer’s assets.
A court judgement is entered against the customer and remains unsatisfied for seven (7) days.
Any material adverse change in the financial position of the customer.
Security interest for service providers
The customer give PACIFIC NANOTECHNOLOGY GROUP LIMITED a security interest in all of the customer’s present and after acquired property that PACIFIC NANOTECHNOLOGY GROUP LIMITED has performed services on or to or in which goods or materials supplied or financed by PACIFIC NANOTECHNOLOGY GROUP LIMITED have been attached or incorporated.
The Consumer Guarantees Act 1993, the Fair Trading Act 1986 and other statutes may imply warranties or conditions or impose conditions upon PACIFIC NANOTECHNOLOGY GROUP LIMITED which cannot by law (or which can only to a limited extent by law) be excluded or modified. In respect of any such implied warranties, conditions or terms imposed on PACIFIC NANOTECHNOLOGY GROUP LIMITED, Fastway Post’s or NZ Courier’s liability shall, where it is allowed, be excluded or if not able to be excluded only apply to the minimum extent required by the relevant statute.