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- Types of Credit: Consumer Credit; Bank Credit; Commercial Credit; B2B; Business to Business
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Terms and Conditions
The terms and conditions of sale cover various aspects of the sale and the broader relationship between a buyer and a seller. The terms and conditions of sale include:
- The point at which title transfers from the seller to the buyer,
- Product warranties,
- Any limits or limitation of liability,
- Policies relating to merchandise returns,
- Prices,
- Taxes,
- Inspection of goods and acceptance,
- Limitations on a customer's right to change or cancel orders,
- Which party is responsible for the risk of loss or damage in transit,
- Which party pays shipping costs,
- A provision calling for interest on late payments,
- A provision requiring the debtor to pay reasonable attorneys fees and collection costs if it becomes necessary to place the account with a third party for collection,
- A provision allowing for cash discounts for early payment,
- A statement as to where disputes between the seller and the buyer will be litigated (called venue for litigation),
- A requirement that disputes between the seller and buyer be submitted to (a) mediation, (b) arbitration or (c) binding arbitration.
Edited by Michael C. Dennis, author of "Credit and Collection Handbook." Mr. Dennis is a credit consultant and can be reached at mcdennis13@yahoo.com