Commercial Terms and Conditions

The Client's Duty to the Broker

1              The Broker relies on the Client for the accuracy of statements, information and representations notified in writing to the Broker by the Client, or by his professional advisers, for the purposes of negotiating terms on behalf of the Client. The Client agrees fully and completely to indemnify the Broker from the consequences of, or in respect of any loss caused by, inaccuracies or misrepresentations for which he is responsible and on which the Broker has relied.

Arrangement Fee

2.1           The arrangement fee shall be paid without regard to the ability of the Client to satisfy all or any of the conditions stipulated by the Lender whether in the Offer or subsequent to its issue.

2.2           The Broker may receive a fee from the Lender. (Details may be obtained on completion of the loan.)

Method of Payment of Arrangement Fee

3              The arrangement fee will be paid:

3.1           by crossed cheque in favour of the Broker and sent to the address of the Broker; or

3.2           by the Client's Solicitors (who are hereby irrevocably instructed by the Client to do so by way of copy of this Agreement) from funds held by them on the Client's behalf.

Failure to Complete Offer

4              In the event that the Offer is cancelled, or the Client fails or declines to sign the acceptance of the Offer, the arrangement fee will be paid by no later than seven days from the date of issue of the Offer.

Continuing Liability

5              It is expressly agreed by the Client that the liability to pay the arrangement fee under Clause 2.1 shall continue notwithstanding that the Broker ceases to act for the Client, for whatever reason, subsequent to the signing of this Agreement.

NACFB Code of Practice/Complaints/Arbitration

6              The Broker agrees to act on behalf of the Client in accordance with the terms of the prevailing edition of the Code of Practice of the National Association of Commercial Finance Brokers  (a current copy of which is available on request from the Association). The Code stipulates the remedies available to the Client in the event of a complaint or other dispute (after exhausting the Broker's own complaints procedures).

Definitions

7              A reference to a party shall include reference to a partnership, body corporate, unincorporated association, assignees or successors in title. Words in the singular shall include the plural and words indicating a particular gender shall include the other gender.

8              This Agreement shall be construed in accordance with English Law and the parties irrevocably agree to submit to the exclusive jurisdiction of the English courts.                                                                       

DATA PROTECTION ACT 1998

• In order to process the application for funding we will need to be supplied with information, including accounts and personal financial details, by you, the Client, and by other sources such as your Bank and credit reference agencies.
• We may also, when authorised by you in writing, apply for supplementary information from your professional or other advisers.
• We will record this information (whether in manually operated or automated systems) and retain it only as long as we are required by law to do so. We will keep it as securely as possible.
• We will use the information to assess the application, to approach a number of selected funders and, subsequently, in negotiations for the issue of an offer of funding with them.
• In order to do so, we will disclose such of this information as is necessary to negotiate terms with a funding source, with employees of this business, any guarantor required by the funder, any person or organisation necessary to comply with any legal or regulatory requirements to which we may be subject, and anyone else whom you may specifically authorise in writing.
• We may also use the information to monitor and analyse our business and, unless you instruct us in writing not to do so, contact you with details of products or services which may be of interest to you.
• In the event that we search with credit reference agencies, we will need to disclose information about you. The credit reference agencies will record details of our searches. If you would like details of the credit reference agencies please write to us at the address stated.
• You have the right to apply to us for details of the information we hold about you. An administrative charge may be made by us for doing so.