SETTLEMENT FOR PURCHASES Clause Samples
The "Settlement for Purchases" clause defines the process and terms by which payment is made for goods or services acquired under the agreement. Typically, it outlines the timing, method, and conditions of payment, such as requiring payment within a specified number of days after delivery or upon receipt of an invoice. This clause ensures both parties understand when and how financial obligations are fulfilled, thereby reducing the risk of disputes over payment and providing a clear framework for completing transactions.
SETTLEMENT FOR PURCHASES. Statesman will periodically settle with the Cooperative and each Local Cooperative and Dealership for purchases made from the Cooperative or such Local Cooperative or Dealership, as the case may be, under the Southern States Credit Card Program by periodically crediting to the Cooperative or such Local Cooperative or Dealership, as the case may be, the aggregate amount of such purchases since the last settlement date, net of the applicable merchant's discount as may be agreed to from time to time by the Cooperative or such Local Cooperative or Dealership, as the case may be, and Statesman. All sales under the Southern States Credit Card Program made in accordance with the instructions provided from time to time by Statesman to the Cooperative, the Local Cooperatives and the Dealerships will be without recourse. Statesman may, however, require the Cooperative, a Local Cooperative or a Dealership to reimburse it for certain purchases as may be agreed to from time to time by Statesman and the Cooperative, such Local Cooperative or such Dealership. The parties acknowledge and agree that in the event of any conflict between the terms hereof and any other agreement between the parties or between Statesman and a Local Cooperative or a Dealership with respect to such rights and obligations, the terms of the other agreement shall govern. ARTICLE IIIB ------------ ASSET BASED FINANCING ---------------------
SETTLEMENT FOR PURCHASES. 7.1 You must ensure that cleared funds are available on or before the day they are required.
7.2 You should be aware that we require cleared payment by the settlement date shown on your contract note at the latest. Failure to comply with this may result in an additional charge being made, and may be interpreted as you not meeting the terms of your contract with us. In some cases, funds are required in advance of dealing. Interest may also be charged for the overdue period. These charges are detailed within our Schedule of Charges, available at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇.▇▇/▇▇▇▇▇. On the expected settlement date, for any purchases you place, your money will be transferred from your account to us, to enable us to settle your obligation with the market on your behalf. In the event of any delay in the settlement process, your money will continue to be treated as client money by us in accordance with FCA rules. You agree that upon settlement of your transaction your investments will be temporarily registered in the first instance in our Nominee name and remain in it until such time as full payment has been received from you. You will receive the benefits of holding the stock from the date on which you place the deal, regardless whether the transaction has settled or not - fulfilling ‘contractual settlement’.
7.3 Please note that cash will not normally be accepted.
7.4 Where we have not received your payment by the settlement date we shall attempt to contact you initially by telephone and then letter or email. If the payment is not on its way, or we are unable to contact you, we may at such time as we consider appropriate: • Sell the stocks/shares at the prevailing market price and charge you full commission. • Close out any other open transactions (whether or not the planned settlement dates have been reached in accordance with our Order Execution Policy) to cover or reduce any loss (or the risk of further loss) on your account. This will have the effect of reducing your risk regarding future adverse market movements in respect of the unsettled transaction(s) but could mean you miss out on favourable market movements from which you would have benefited if transactions had been settled properly. You will be responsible for paying any outstanding deficit on your account including normal commissions and charges, and any interest and legal costs associated with collecting this.
7.5 In order for us to meet settlement deadlines, it is vital that cheques received from you can be...
SETTLEMENT FOR PURCHASES. 6.1 On the expected settlement date, for any purchases, your money will be transferred from your deposit account to us, to enable us to settle on your behalf. In the event of any delay in the settlement process, your money will continue to be treated as client money by us in accordance with FCA rules. You agree that upon settlement of your transaction your investments will be temporarily registered in the first instance in our Nominee name and remain in it until such time as full payment has been received from you. You will receive the benefits of holding the stock from the date of dealing, regardless of whether the transaction has settled or not - fulfilling ‘contractual settlement’.
6.2 You will only be entitled to receive the benefits of ‘netting’ in respect of purchase and sale transactions due for settlement on the same day. Netting will not be permitted under any other circumstances.
6.3 Without prejudice and in addition to any general lien, right of ‘offset’ or other similar rights which we may be entitled to within these Terms of Business, we reserve the right to exercise any contractual lien and power of sale in our favour, insofar as there remains any outstanding amounts due from you to us. This includes interest applied to overdue amounts and all costs associated with legal advice or representation in respect of the recovery of these.
SETTLEMENT FOR PURCHASES. 6.1 On the expected settlement date, for any purchases, your money will be transferred from your deposit account to us, to enable us to settle on your behalf. Only cleared funds will be credited to portfolios and you should consider this when making time-sensitive payments. In the event of any delay in the settlement process, your money will continue to be treated as client money by us in accordance with FCA rules. You agree that upon settlement of your transaction your investments will be temporarily registered in the first instance in our Nominee name and remain in it until such time as full payment has been received from you. You will normally receive the benefits of holding the stock from the date of dealing, regardless of whether the transaction has settled or not.
6.2 You will only be entitled to receive the benefits of ‘netting’ in respect of purchase and sale transactions due for settlement on the same day. Netting will not be permitted under any other circumstances.
6.3 Without prejudice and in addition to any general lien, right of ‘offset’ or other similar rights which we may be entitled to within these Terms of Business, we reserve the right to exercise any contractual lien and power of sale in our favour, insofar as there remains any outstanding amounts due from you to us. This includes interest applied to overdue amounts and all costs associated with legal advice or representation in respect of the recovery of these.