PEEL’S ACCOUNT TERMS AND CONDITIONS

Please take a moment to read the terms and conditions (Account Terms) which apply to you as a Trade Buyer with an account with Peel’s. If you have any questions regarding the Account Terms, please click here to contact us. By availing yourself of credit from us, you acknowledge that you have read and understood the Account Terms and agree to be bound by them.

1. ACCOUNT
   1. Peel’s reserves its right to assess each application by a Trade Buyer to open an account and apply for credit terms (Account) with Peel’s. 
   2. Peel’s is entitled in its sole discretion to refuse to grant an Account to a Trade Buyer or terminate an Account at any time for any other reason whatsoever.
2. PAYMENT
   1. Unless otherwise agreed by Peel’s, you are required to effect payment for any Products in terms of which an Order (as defined in the Trade Buyer T&Cs) has been placed, without set-off or deduction, via electronic funds transfer, within 30 days of the last day of the month during which the relevant Order was invoiced.
   2. The Trade Buyer shall be obliged to pay interest on all outstanding amounts at a rate of 2% per annum above the prime overdraft rate from time to time.
   3. The Trade Buyer acknowledges and agrees that Peels will retain ownership of any and all Products delivered to the Trade Buyer until such time as the Trade Buyer has paid the full purchase price, as well as any interest if applicable, for such Products. 
   4. The Trade Buyer hereby indemnifies and holds Peel’s harmless from any loss, damage or related costs or expenses which Peel’s may suffer or incur in recovering any Products delivered to the Trade Buyer but which are subsequently recovered by Peel’s as a result of the Trade Buyer’s failure to pay amounts owing.
3. SURETY
   1. The Surety (being the person who has accepted to act as surety for the Trade Buyer as part of the onboarding process), hereby irrevocably and unconditionally binds itself as surety for and co-principal debtor in solidum with, the Trade Buyer, to Peel’s, for the due performance of any obligation of the Trade Buyer and for the payment to Peel’s by the Trade Buyer of any amounts which may at any time be or become owing to Peel’s by the Trade Buyer, from whatsoever cause arising in terms of these Account Terms and Trade Buyer T&Cs. 
   2. The suretyship granted in terms of this paragraph 3 shall be a continuing covering surety, which may only be cancelled by Peel’s and then only provided that all sums then owing by the Trade Buyer (whether due or not) have been paid in full.
   3. To the extent permissible in law, the Surety hereby renounces the legal benefits and exceptions of non causa debiti, non numeratae pecuniae, errore calculi and revision of accounts, the Surety declaring itself to be fully acquainted with the full meaning and effect of this renunciation.
4. GOVERNING LAW AND DISPUTES
   1. These Account Terms are governed by, and all disputes shall be resolved in accordance with the laws of South Africa.
   2. The parties irrevocably submit and agree to submit to the non-exclusive jurisdiction of the High Court of South Africa, Gauteng Local Division, Johannesburg in respect of any disputes arising in relation to these Account Terms.
5. UPDATING OF THESE ACCOUNT TERMS 
   • We may periodically update or change these Account Terms from time to time on providing 10 business days’ notice via email to the email address provided to us as part of the onboarding process (or such updated email notified by you to us from time to time in terms of paragraph 6.1.1. of the Trade Buyer T&Cs).  

Last updated: 28 October 2020