Common use of Credit Assessment Clause in Contracts

Credit Assessment. 10.1 You acknowledge and agree that details of your name, address and payment record may be submitted to a credit reference agency, and data in relation to you will be processed by and on behalf of us in connection with the supply to help us to make decisions about your ability to pay for the supply to your site(s). 10.2 We may monitor and record information relating to your trade performance and such records will be made available to credit reference agencies who will share the information with other businesses for business assessment, assessing credit applications and for fraud prevention. 10.3 The payment terms set out in this agreement are based on our assessment of your credit worthiness at the commencement date. Subject to clause 10.5, if, at any time: (a) we (in our sole discretion) reasonably determine that your credit worthiness or credit risk is materially different than at the time when this agreement was entered into; and/or (b) any credit insurance or credit support in place for your agreement is withdrawn (either fully or partially; then we may serve notice upon you: (i) setting out amendments to the terms of this agreement; and/or (ii) requiring you to put in place a form of credit support determined by us. 10.4 If you fail to comply with any request we make pursuant to clause 10.3 within five (5) business days of us providing the notice to you, we may terminate this agreement immediately. We shall also be entitled to recover from you all of the costs we incur which result from ending this agreement early. 10.5 Clauses 10.3 and 10.4 shall not apply where you or your business enters into administration or a voluntary arrangement with people you or your business owe money to (your creditors).

Credit Assessment. ‌ 10.1 You acknowledge and agree that details of your name, address and payment record may be submitted to a credit reference agency, and data in relation to you will be processed by and on behalf of us in connection with the supply to help us to make decisions about your ability to pay for the supply to your site(s). 10.2 We may monitor and record information relating to your trade performance and such records will be made available to credit reference agencies who will share the information with other businesses for business assessment, assessing credit applications and for fraud prevention. 10.3 The payment terms set out in this agreement are based on our assessment of your credit worthiness at the commencement date. Subject to clause 10.5, if, at any time: (a) we (in our sole discretion) reasonably determine that your credit worthiness or credit risk is materially different than at the time when this agreement was entered into; and/or (b) any credit insurance or credit support in place for your agreement is withdrawn (either fully or partially; then we may serve notice upon you: (i) setting out amendments to the terms of this agreement; and/or (ii) requiring you to put in place a form of credit support determined by us. 10.4 If you fail to comply with any request we make pursuant to clause 10.3 within five (5) business days of us providing the notice to you, we may terminate this agreement immediately. We shall also be entitled to recover from you all of the costs we incur which result from ending this agreement early. 10.5 Clauses 10.3 and 10.4 shall not apply where you or your business enters into administration or a voluntary arrangement with people you or your business owe money to (your creditors).