Terms of Trade (Non ROT)

All providers of goods and services should have clearly written terms of trade. These terms should cover fundamental matters such as:

• the price of the goods or the fee for the service, including payment terms;
• the right for the supplier to recover interest and costs if the customer doesn’t pay;
• the extent of the supplier’s liability if there is a problem;
• default and termination; and
• what law will apply.

Providing detailed terms of trade upfront can help to avoid costly disputes later on.

These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

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Supplier Details
• What are “terms of trade” or “trading terms”?
• Supplier Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if I don’t have an ACN?
Supplier Human/Company Details
• What are “terms of trade” or “trading terms”?
• Supplier Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if I don’t have an ACN?
Supplier Trust Details
• What are “terms of trade” or “trading terms”?
• Supplier Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if I don’t have an ACN?
Supplier Trustee Details
• What are “terms of trade” or “trading terms”?
• Supplier Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if I don’t have an ACN?
Supplier Partnership Details
• What are “terms of trade” or “trading terms”?
• Supplier Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if I don’t have an ACN?
Supplier's Business Name
• What is a business/trading name?
• What are “terms of trade” or “trading terms”?
Customer's Details
• What are “terms of trade” or “trading terms”?
• Customer Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if my Customer doesn't have an ACN?
Customer Human / Company Details
• What are “terms of trade” or “trading terms”?
• Customer Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if my Customer doesn't have an ACN?
Customer Trust Details
• What are “terms of trade” or “trading terms”?
• Customer Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if my Customer doesn't have an ACN?
Customer Trustee Details
• What are “terms of trade” or “trading terms”?
• Customer Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if my Customer doesn't have an ACN?
Customer Partnership Details
• What are “terms of trade” or “trading terms”?
• Customer Details
• Can I insert a business name as a party to the Agreement?
• What is an ACN?
• What if my Customer doesn't have an ACN?
Goods/Services
• What are “terms of trade” or “trading terms”?
Payment
• What are “terms of trade” or “trading terms”?
Credit Check
• What is credit?
• Do I need the Customer’s permission to do a credit check?
Guarantee
• What is a guarantee?
• What is an indemnity?
• Why is a guarantee and indemnity clause important?
Jurisdiction
• What are terms of trade or trading terms?
Retention of Title
• What is a retention of title (RoT) clause?

---

Supplier Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Supplier Details

  The Supplier is the person(s) or company that will supply goods and/or services to the Customer.
  
  If the Supplier is Human / Human Trustee: insert the Supplier’s first name into the First Name field, the Supplier’s middle name into the Middle Name field and the Supplier’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Supplier is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Supplier is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the terms of trade (“Agreement”).
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if I don’t have an ACN?

  If you do not have an ACN, then you can insert your Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system. If you are registered for GST, you will need to put your ABN on your invoices to make them “tax invoices”.

  This hint is provided by Law Central Legal.

  ---

  #

Supplier Human/Company Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Supplier Details

  The Supplier is the person(s) or company that will supply goods and/or services to the Customer.
  
  If the Supplier is Human / Human Trustee: insert the Supplier’s first name into the First Name field, the Supplier’s middle name into the Middle Name field and the Supplier’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Supplier is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Supplier is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the terms of trade (“Agreement”).
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if I don’t have an ACN?

  If you do not have an ACN, then you can insert your Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system. If you are registered for GST, you will need to put your ABN on your invoices to make them “tax invoices”.

  This hint is provided by Law Central Legal.

  ---

  #

Supplier Trust Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Supplier Details

  The Supplier is the person(s) or company that will supply goods and/or services to the Customer.
  
  If the Supplier is Human / Human Trustee: insert the Supplier’s first name into the First Name field, the Supplier’s middle name into the Middle Name field and the Supplier’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Supplier is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Supplier is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the terms of trade (“Agreement”).
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if I don’t have an ACN?

  If you do not have an ACN, then you can insert your Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system. If you are registered for GST, you will need to put your ABN on your invoices to make them “tax invoices”.

  This hint is provided by Law Central Legal.

  ---

  #

Supplier Trustee Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Supplier Details

  The Supplier is the person(s) or company that will supply goods and/or services to the Customer.
  
  If the Supplier is Human / Human Trustee: insert the Supplier’s first name into the First Name field, the Supplier’s middle name into the Middle Name field and the Supplier’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Supplier is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Supplier is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the terms of trade (“Agreement”).
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if I don’t have an ACN?

  If you do not have an ACN, then you can insert your Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system. If you are registered for GST, you will need to put your ABN on your invoices to make them “tax invoices”.

  This hint is provided by Law Central Legal.

  ---

  #

Supplier Partnership Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Supplier Details

  The Supplier is the person(s) or company that will supply goods and/or services to the Customer.
  
  If the Supplier is Human / Human Trustee: insert the Supplier’s first name into the First Name field, the Supplier’s middle name into the Middle Name field and the Supplier’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Supplier is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Supplier is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the terms of trade (“Agreement”).
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if I don’t have an ACN?

  If you do not have an ACN, then you can insert your Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system. If you are registered for GST, you will need to put your ABN on your invoices to make them “tax invoices”.

  This hint is provided by Law Central Legal.

  ---

  #

Supplier's Business Name

• What is a business/trading name?

  A business name is simply a name or title under which a person or entity conducts a business.
  
  Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts.
  

  This hint is provided by Law Central Legal.

  ---

  #

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

Customer's Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Customer Details

  The Customer is the person(s) or company that receives goods and/or services from the Supplier.
  
  If the Customer is Human / Human Trustee: insert the Customer’s first name into the First Name field, the Customer’s middle name into the Middle Name field and the Customer’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Customer is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Customer is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the Agreement.
  
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if my Customer doesn't have an ACN?

  If your Customer does not have an ACN, then you can insert their Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system.

  This hint is provided by Law Central Legal.

  ---

  #

Customer Human / Company Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Customer Details

  The Customer is the person(s) or company that receives goods and/or services from the Supplier.
  
  If the Customer is Human / Human Trustee: insert the Customer’s first name into the First Name field, the Customer’s middle name into the Middle Name field and the Customer’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Customer is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Customer is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the Agreement.
  
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if my Customer doesn't have an ACN?

  If your Customer does not have an ACN, then you can insert their Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system.

  This hint is provided by Law Central Legal.

  ---

  #

Customer Trust Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Customer Details

  The Customer is the person(s) or company that receives goods and/or services from the Supplier.
  
  If the Customer is Human / Human Trustee: insert the Customer’s first name into the First Name field, the Customer’s middle name into the Middle Name field and the Customer’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Customer is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Customer is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the Agreement.
  
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if my Customer doesn't have an ACN?

  If your Customer does not have an ACN, then you can insert their Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system.

  This hint is provided by Law Central Legal.

  ---

  #

Customer Trustee Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Customer Details

  The Customer is the person(s) or company that receives goods and/or services from the Supplier.
  
  If the Customer is Human / Human Trustee: insert the Customer’s first name into the First Name field, the Customer’s middle name into the Middle Name field and the Customer’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Customer is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Customer is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the Agreement.
  
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if my Customer doesn't have an ACN?

  If your Customer does not have an ACN, then you can insert their Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system.

  This hint is provided by Law Central Legal.

  ---

  #

Customer Partnership Details

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:

  • the price of the goods or the fee for the service, including payment terms;
  • the right for the supplier to recover interest and costs if the customer doesn’t pay;
  • the extent of the supplier’s liability if there is a problem;
  • default and termination; and
  • what law will apply.
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

  ---

  #

• Customer Details

  The Customer is the person(s) or company that receives goods and/or services from the Supplier.
  
  If the Customer is Human / Human Trustee: insert the Customer’s first name into the First Name field, the Customer’s middle name into the Middle Name field and the Customer’s surname into the Last Name field.
  
  (Eg: Fred John Smith)
  
  If the Customer is a Company / Company Trustee: insert the name of the Company into the Company Name field.
  
  Insert the ACN (Australian Company Number) or ABN (Australian Business Number) into the ACN/ABN field.
  
  (Eg: “Olympus Pty Ltd ACN 123 456 789”)
  
  
  If the Customer is a partnership: insert the full name of the first human partner (or the name of the first company if each partner is a company) into the relevant field, then click “Add” to add another partner. The words “(a firm)” will automatically be inserted into the Agreement.
  
  
  (Eg: “Dr James Smith and Dr Eli Gabby (a firm)”)

  This hint is provided by Law Central Legal.

  ---

  #

• Can I insert a business name as a party to the Agreement?

  No. Only legal entities like a human, company or incorporated association can be a party to the Agreement.
  
  (Eg: Olympus Pty Ltd trading as Olympus Seafood. “Olympus Seafood” is a business name, whilst “Olympus Pty Ltd” is the legal entity capable of entering into contracts).

  This hint is provided by Law Central Legal.

  ---

  #

• What is an ACN?

  Under the Corporations Act 2001 (Cth), every company in Australia has been issued with a unique nine-digit number known as an Australian Company Number (ACN), which must be shown on a range of documents. The purpose of the ACN is to ensure adequate identification of companies when transacting business. New companies are issued with numbers by the Australian Securities & Investments Commission (ASIC) upon registration.
  
  A company’s ACN should appear on all of its “public documents” and “eligible negotiable instruments,” including but not limited to the following:

  • all documents required to be lodged with ASIC;
  • statements of account, including invoices;
  • receipts (which are not machine-produced);
  • orders for goods and services;
  • business letterheads;
  • official company notices;
  • cheques, promissory notes and bills of exchange;and
  • written advertisements making a specific offer which is capable of being accepted (such as by the completion of an order form).
  
  

  This hint is provided by Law Central Legal.

  ---

  #

• What if my Customer doesn't have an ACN?

  If your Customer does not have an ACN, then you can insert their Australian business number (ABN) into the ACN/ABN field.
  
  The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
  
  It is not compulsory to have an ABN, but it is an essential component for businesses to operate within the goods and services (GST) system.

  This hint is provided by Law Central Legal.

  ---

  #

Goods/Services

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:
  
  

  • the price of the goods or the fee for the service, including payment terms;
  
  
  • the right for the supplier to recover interest and costs if the customer doesn't pay;
  
  
  • the extent of the supplier's liability if there is a problem;
  
  
  • default and termination; and
  
  
  • what law will apply.
  
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.
  

  This hint is provided by Law Central Legal.

  ---

  #

Payment

• What are “terms of trade” or “trading terms”?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:
  
  

  • the price of the goods or the fee for the service, including payment terms;
  
  
  • the right for the supplier to recover interest and costs if the customer doesn't pay;
  
  
  • the extent of the supplier's liability if there is a problem;
  
  
  • default and termination; and
  
  
  • what law will apply.
  
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.
  

  This hint is provided by Law Central Legal.

  ---

  #

Credit Check

• What is credit?

  Credit is the provision of goods and/or services in return for the promise of payment at a future time.

  This hint is provided by Law Central Legal.

  ---

  #

• Do I need the Customer’s permission to do a credit check?

  Yes, credit information is personal information and can’t be accessed unless the Customer has agreed.

  This hint is provided by Law Central Legal.

  ---

  #

Guarantee

• What is a guarantee?

  A guarantee is a promise by a person (i.e. a director of a corporate customer) to assume liability for an obligation owed by another person (i.e. the corporate customer) in the event that the corporate customer defaults in meeting its obligation.

  This hint is provided by Law Central Legal.

  ---

  #

• What is an indemnity?

  An indemnity is a primary obligation on a party (i.e. a director of a corporate customer) to cover loss and damage suffered by another (i.e. the supplier).

  This hint is provided by Law Central Legal.

  ---

  #

• Why is a guarantee and indemnity clause important?

  A guarantee and indemnity clause is a method of reducing risk. It is commonly used by lenders, landlords and suppliers as means of protecting themselves from the risk of default or non-payment.
  
  It is particularly important where the:

  • Customer is a company; and/or
  • Supplier has any doubts about the Customer’s ability to fulfil its obligations under the terms of trade.

  This hint is provided by Law Central Legal.

  ---

  #

Jurisdiction

• What are terms of trade or trading terms?

  These are the standard terms and conditions which apply to the supply of any goods and/or services by the Supplier. They usually cover fundamental matters such as:
  
  

  • the price of the goods or the fee for the service, including payment terms;
  
  
  • the right for the supplier to recover interest and costs if the customer doesn't pay;
  
  
  • the extent of the supplier's liability if there is a problem;
  
  
  • default and termination; and
  
  
  • what law will apply.
  
  
  These terms of trade do not contain a retention of title (RoT) clause. A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer. The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.
  

  This hint is provided by Law Central Legal.

  ---

  #

Retention of Title

• What is a retention of title (RoT) clause?

  A RoT clause provides that the title to the goods remains vested in the supplier until certain obligations (usually payment of the purchase price) are fulfilled by the customer.
  
  The main purpose of a RoT clause is to provide the supplier with the means to repossess unpaid goods where the customer goes into liquidation or bankruptcy.

  This hint is provided by Law Central Legal.

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  #

This document has been prepared by the law practice Law Central Legal

Liability limited by a scheme approved under Professional Standards Legislation