These Credit Account Terms and Conditions apply to any customer who applies for, is granted, or uses a credit account with Hydrofast Ltd.
By applying for or using a Hydrofast credit account, the customer agrees to be bound by these terms.
1. Definitions
In these terms:
“Hydrofast” means Hydrofast Ltd.
“Customer” means the business, company, partnership, sole trader or individual applying for or operating a credit account with Hydrofast.
“Goods” means any products, materials, consumables, tools, fixings, fasteners, equipment, components or other items supplied by Hydrofast.
“Account” means the credit account provided by Hydrofast to the Customer.
“Invoice” means any invoice issued by Hydrofast to the Customer for Goods supplied.
2. Credit Account Approval
2.1 All credit accounts are subject to approval by Hydrofast.
2.2 Hydrofast reserves the right to refuse any credit account application without giving a reason.
2.3 Hydrofast may carry out credit checks against the Customer and may request trade references, company information, financial information, director details or any other information reasonably required to assess creditworthiness.
2.4 The Customer confirms that all information provided as part of the credit account application is accurate, complete and not misleading.
2.5 Hydrofast may amend, reduce, suspend or withdraw a credit account at any time.
3. Credit Limit
3.1 Hydrofast may set a credit limit for the Customer.
3.2 The Customer must not exceed the agreed credit limit unless Hydrofast has approved this in writing.
3.3 Hydrofast may refuse to supply further Goods where the Customer has exceeded its credit limit or where invoices are overdue.
3.4 Hydrofast may review and amend the Customer’s credit limit at any time.
4. Payment Terms
4.1 Unless otherwise agreed in writing, payment is due strictly 30 days from the date of invoice.
4.2 Payment must be made in full and in cleared funds by the due date.
4.3 The Customer must not withhold, delay, set off or reduce payment because of any dispute, counterclaim or alleged claim unless agreed in writing by Hydrofast.
4.4 Where any invoice becomes overdue, all other unpaid invoices may, at Hydrofast’s discretion, become immediately due and payable.
4.5 Hydrofast may suspend further supplies, cancel outstanding orders, or place the Account on hold where any payment is overdue.
5. Late Payment
5.1 Hydrofast reserves the right to charge interest on overdue invoices in accordance with the Late Payment of Commercial Debts legislation.
5.2 For business-to-business transactions, statutory interest may be charged at 8% above the Bank of England base rate. Hydrofast may also claim fixed debt recovery costs and reasonable costs incurred in recovering overdue sums. GOV.UK confirms that statutory interest for late commercial payments is 8% plus the Bank of England base rate, and that fixed recovery costs can also be claimed.
5.3 Interest will accrue daily from the date the payment became overdue until payment is received in full.
5.4 Hydrofast may recover from the Customer all reasonable costs, fees and expenses incurred in collecting overdue sums, including debt recovery agency fees, legal fees and court costs.
6. Orders and Supply
6.1 Orders may be placed verbally, by email, through the Hydrofast website, by purchase order, or by any other method accepted by Hydrofast.
6.2 Hydrofast may accept or reject any order at its discretion.
6.3 The Customer is responsible for ensuring that order details, product specifications, delivery addresses, quantities and purchase order information are correct.
6.4 Hydrofast is not responsible for any loss, delay, cost or error arising from incorrect or incomplete information provided by the Customer.
6.5 Any delivery dates or lead times provided by Hydrofast are estimates only and are not guaranteed unless expressly agreed in writing.
7. Prices
7.1 Prices are exclusive of VAT unless otherwise stated.
7.2 Hydrofast reserves the right to amend prices at any time before an order is accepted.
7.3 Where prices increase due to supplier cost increases, carriage charges, import charges, exchange rate movements, availability issues or other factors outside Hydrofast’s control, Hydrofast may amend the price before dispatch.
7.4 Any quotation provided by Hydrofast is valid for the period stated on the quotation. If no period is stated, the quotation is valid for 30 days from the date of issue.
8. Delivery and Risk
8.1 Delivery will be made to the address provided by the Customer.
8.2 Risk in the Goods passes to the Customer on delivery, collection, or when Goods are handed to a courier or carrier on the Customer’s behalf.
8.3 Hydrofast is not liable for delays caused by couriers, suppliers, manufacturers, third-party carriers, stock shortages or events outside Hydrofast’s reasonable control.
8.4 The Customer must inspect Goods as soon as reasonably possible following delivery.
8.5 Any shortages, damage or delivery discrepancies must be reported to Hydrofast in writing within 48 hours of delivery.
8.6 If the Customer fails to notify Hydrofast within this period, the Goods will be deemed to have been delivered in good condition and in the correct quantity.
9. Returns and Cancellations
9.1 Goods may only be returned with Hydrofast’s prior written agreement.
9.2 Goods must be returned unused, undamaged, in original packaging and in a resaleable condition.
9.3 Special order, bespoke, cut, fabricated, non-stock, made-to-measure, branded, calibrated or customer-specific Goods cannot be cancelled or returned unless defective or agreed by Hydrofast.
9.4 Hydrofast may charge a restocking fee for returned Goods.
9.5 The Customer is responsible for return carriage costs unless the Goods are defective or were supplied incorrectly by Hydrofast.
10. Retention of Title
10.1 Ownership of the Goods remains with Hydrofast until the Customer has paid in full for all Goods supplied by Hydrofast and all other sums due to Hydrofast.
10.2 Until ownership passes to the Customer, the Customer must:
a. hold the Goods on behalf of Hydrofast;
b. store the Goods separately from other goods where reasonably possible;
c. keep the Goods properly stored, protected, insured and identifiable as Hydrofast property;
d. not remove, deface or obscure any identifying marks or packaging; and
e. not pledge, charge or otherwise use the Goods as security.
10.3 The Customer may resell or use the Goods in the ordinary course of business, provided that any such resale is made on the Customer’s own behalf and at the Customer’s own risk.
10.4 If the Customer fails to pay any sum due to Hydrofast, becomes insolvent, enters administration, liquidation, receivership, bankruptcy or any similar process, or Hydrofast reasonably believes that any such event may occur, Hydrofast may require the Customer to return any Goods for which ownership has not passed.
10.5 The Customer grants Hydrofast, its employees, agents and representatives permission to enter any premises where Goods may be stored in order to inspect or recover Goods belonging to Hydrofast, where lawful to do so.
10.6 Retention of title clauses are commonly used to allow a seller to retain ownership of goods until payment is made; GOV.UK guidance also recognises their use in insolvency contexts, although enforceability depends on the wording and circumstances.
11. Disputed Invoices
11.1 Any invoice dispute must be raised in writing within 7 days of the invoice date.
11.2 The Customer must provide full details of the dispute, including the invoice number, order number, amount disputed and reason for the dispute.
11.3 The Customer must pay any undisputed part of the invoice by the original due date.
11.4 Failure to raise a dispute within 7 days will mean the invoice is deemed accepted by the Customer.
12. Account Suspension or Withdrawal
Hydrofast may suspend, restrict or withdraw the Customer’s credit account immediately where:
a. invoices are overdue;
b. the credit limit is exceeded;
c. the Customer provides false or misleading information;
d. Hydrofast receives poor credit information about the Customer;
e. the Customer becomes insolvent or is at risk of insolvency;
f. Hydrofast reasonably believes the Customer may not be able to pay its debts;
g. the Customer breaches these terms; or
h. Hydrofast considers it commercially necessary to protect its position.
13. Personal Guarantees
13.1 Hydrofast may require a personal guarantee from one or more directors, partners, owners or authorised individuals before granting or continuing a credit account.
13.2 Where a personal guarantee is required, the account will not be active until the guarantee has been completed and accepted by Hydrofast.
13.3 Any personal guarantee will be governed by the separate guarantee document signed by the guarantor.
14. Customer Responsibilities
The Customer agrees to:
a. pay all invoices on time;
b. notify Hydrofast immediately of any change in ownership, trading name, company structure, address, contact details or financial position;
c. ensure purchase orders and order references are provided at the time of order;
d. ensure all employees, agents or representatives placing orders are authorised to do so;
e. be responsible for all orders placed on the Account; and
f. use the Account only for lawful business purposes.
15. Product Suitability
15.1 The Customer is responsible for ensuring that Goods ordered are suitable for the Customer’s intended use, application, specification, site conditions and technical requirements.
15.2 Any technical guidance, product information or advice provided by Hydrofast is given in good faith but does not remove the Customer’s responsibility to check suitability.
15.3 Where Goods are required to comply with a particular standard, specification, approval, drawing or project requirement, the Customer must confirm this in writing before ordering.
16. Limitation of Liability
16.1 Hydrofast will not be liable for any indirect, consequential or economic loss, including loss of profit, loss of business, loss of contract, delay costs, site standing time, liquidated damages, or loss arising from late delivery.
16.2 Hydrofast’s total liability for any claim will not exceed the price paid for the Goods giving rise to the claim.
16.3 Nothing in these terms limits or excludes liability where it would be unlawful to do so.
17. Data Protection
17.1 Hydrofast may process personal and business information provided by the Customer for the purposes of account administration, credit checks, order processing, payment collection, marketing, fraud prevention and legal compliance.
17.2 Hydrofast may share information with credit reference agencies, insurers, debt recovery agents, legal advisers and other third parties where reasonably necessary.
18. Force Majeure
Hydrofast will not be liable for any failure or delay caused by circumstances outside its reasonable control, including supplier delays, courier disruption, shortages, strikes, transport issues, import delays, cyber incidents, extreme weather, fire, flood, war, pandemic, government action or utility failure.
19. Variation of Terms
19.1 Hydrofast may update or amend these terms from time to time.
19.2 The latest version of these terms will apply to all future orders and ongoing use of the Account.
19.3 No variation requested by the Customer will apply unless agreed in writing by a director or authorised representative of Hydrofast.
20. Governing Law and Jurisdiction
20.1 These terms are governed by the laws of England and Wales.
20.2 The courts of England and Wales will have exclusive jurisdiction over any dispute arising from or connected with these terms, the Account, or the supply of Goods.
21. Acceptance
By signing the credit account application, placing an order, accepting Goods, or using the Account, the Customer confirms that they have read, understood and agreed to these Credit Account Terms and Conditions.