Application

I / We, the undersigned, understand and accept the following conditions, which apply to factoring the accounts of my/our business namely:

1. That my/our invoices will be discounted by a Debtor Finance Fee to be established after my/our application has been assessed.

2. That if you agree to factor an invoice, the monies will be paid into my/our bank account the following working day, when we submit to you before 2 pm, the Assignment Listing Document together with a Tax Invoice and any other requisite documents.

3. You are not required to agree to factor an invoice, and you may choose to factor some, all or none of the invoices that I submit to you for factoring.

4. That I/we am/are responsible for payment to you of each invoice if there are short payments or non-payments.

5. If an invoice is not paid to HirePay or Australian Factoring Company within 60 days, Extension Fees will apply.

6. That whenever I/we receive a payment for factored accounts I/we will immediately forward the payment to HirePay or Australian Factoring Company and advise you accordingly. I/we shall not deposit any cheque received in error into my/our bank account under any circumstances.

7. That any factored accounts that are overpaid or underpaid will be adjusted at the next factoring.

8. HirePay or Australian Factoring Company has the right to collect all factored debts, but I am responsible for all collection costs.

9. The above conditions have been explained to me/us, and I/we do understand them.

10. If my application is approved by HirePay or Australian Factoring Company, a Debtor Finance Deed will be presented to me for execution and will constitute the agreement between me and HirePay or Australian Factoring Company. I must read that Deed and obtain any independent advice that I require to fully understand that Deed and my obligations under the Deed. The terms of the Debtor Finance Deed will override anything in this application. I cannot submit any invoices for factoring until I have read, understood, signed and returned the Debtor Finance Deed to HIrePay or Australian Factoring Company.

11. This application is for business finance only, and no monies will be used by me/us for anything relating to residential property, shares or other similar investments.

12. By signing below, I/we warrant that I/we have the requisite authority to make this application and warrant that any and all information supplied to HirePay or Australian Factoring Company (AFC) in this Application is true and correct in every particular and that any future changes will be notified to HirePay or AFC as and when they occur.

13. We also agree that, subject to the Privacy Act 1988, HirePay or Australian Factoring Company may obtain and use information about our creditworthiness (including a consumer or commercial credit report) from a credit reporting agency, credit provider or other business that reports on creditworthiness for the purpose of assessing an application (including this application) or collecting overdue payments.

Signed for and on behalf of the above named Business, as the applicant/s for Factoring and by signing below I/we offer my/our personal guarantees for all transactions and all future uncollectible debts.
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