Deed of guarantee of trade debts

This deed shall bind and benefit each of the parties and their respective personal representatives successors and permitted assigns. No amendment hereto shall be effective unless in writing and signed by all the parties hereto.
All remedies afforded under this deed shall be taken and construed as cumulative and in addition to every other remedy provided herein or by law or at equity.


Definitions and Interpretation

In this deed unless inconsistent with the content or subject matter:

“Credit Application” means the Customer’s application to the Supplier for trading credit mentioned in item 1 of the Particulars;

“Customer” means the customer of the Supplier named in Item 1 of the Particulars;

“Guarantee” means the obligations undertaken by the Guarantor in favour of the Supplier as set out in this deed;

“Guarantor” means the person or persons named in Item 2 of the Particulars;

“Moneys Outstanding” means the outstanding balance of the Customer’s credit account with the Supplier from time to time;

“Particulars” means the particulars of the Guarantee set out at the forefront of this deed;

“Trading Terms” means the Credit Application, any document created by the Supplier or the Customer incidentally to the Credit Application including any terms of trade for the supply of goods published by the Supplier from time to time, and this deed.


Guarantee of Trade Debts

  • Central Purchasing Services Ltd, ABN 89 411 500 151, of 2/7 Kintail Road, Applecross, WA (the “Supplier”) has been requested to trade on credit with the Customer named in Item 1 of the Particulars below.
  • The Supplier is not obliged to offer credit with the Customer but is willing to grant credit to the Customer on the condition that the persons associated with the Customer named in Item 2 below guarantee the Customer’s indebtedness to the Supplier in the terms set out in this deed.
  • The Guarantor is willing to provide the guarantee under this deed because it is in the guarantor’s financial interest for the Customer to trade with the Supplier on credit and in particular the Guarantor is willing to be surety for the Customer’s debts to the Supplier.

Particulars

  • This Guarantee shall be a continuing guarantee and accordingly shall be irrevocable and shall remain in force until the whole of the Moneys Outstanding has been fully paid or satisfied.
  • This Guarantee is and is intended to be absolute and unconditional in all circumstances and shall not be treated as ancillary to or collateral with any other obligation howsoever created and in particular shall be independent of any other security to the intent that this Guarantee shall be enforceable without first having recourse to any such security and without any steps or proceedings being taken against the Customer and notwithstanding the loss by the Supplier of any other security and notwithstanding any acts or omissions on the part of the Supplier.
  • In the event of the liquidation or bankruptcy of the Customer the Guarantor will not prove in such liquidation or bankruptcy in competition with the Supplier.
  • If any payment made to the Supplier by or on behalf of the Customer or the Guarantor shall subsequently be avoided by
    any statutory provisions or otherwise howsoever such payment shall be deemed not to have discharged the Customer’s or Guarantor’s liability here under and in such event the Supplier and the Customer and the Guarantor shall be restored to the position in which each would have been and the Supplier shall be entitled to exercise all the rights which the Supplier would have had if such payment had not been made.
  • The Guarantor acknowledges by its execution of this deed that the provision of the credit to the Customer in consideration of the giving of this Guarantee will confer a commercial benefit and advantage upon it.