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Standard Terms of Service
Express Commission Australia Pty Ltd ACN 127 295 176
These Terms of Service form part of and should be read in conjunction with the Master Commission Assignment Agreement (Agreement) that will be sent to you (Agent) after we receive your Application. Definitions in the Agreement have the same meaning as in these Terms of Service.
Important Warnings
You should not offer to assign your rights to a Commission if you suspect that it may cause you financial hardship in the future.
We recommend before making a decision to enter into the Agreement to assign any Commission you obtain independent legal, accounting or financial advice, to ensure you properly understand these Terms of Service, the terms of our Agreement and guarantee, and to independently verify that our service suits your financial position, needs, and objectives.
You must not assign a Commission if you know or suspect that someone else may have an existing or potential claim against it, or if the sale is conditional or still subject to finance or completion of construction, or if you or your company are or may be in financial trouble or if an existing funder has a priority or charge over the Commission.
Once a Commission has been assigned to us you must not access or use or transfer the assigned Commission. The Commission must be delivered directly to Express Commission from your trust account within 2 Business Days of Settlement.
Express Commission does not provide financial or investment advice or consumer or business loans.
Applications will only be accepted from people who are permanently domiciled in Australia.
By completing the Application and signing the Agreement you are also agreeing to these Terms of Service as well as our legal disclaimer and privacy policy.
Dicsount Fee
Upon our acceptance of your offer of assignment of the Commission, we will pay you the Cash Advance. In consideration of this payment to you, Express Commission is entitled to (amongst other things) payment of the Discount Fee.
The Discount Fee is charged on a daily basis (at a rate per $1000 of the Cash Advance per day, or part thereof) commencing on the date the Cash Advance is made and continuing until and including the date the Amount Outstanding is paid in full (in cleared funds) to Express Commission.
Please contact Express Commission on Ph 1300 738 211 for a quotation.
The minimum Discount Fee on each Cash Advance is $260.00. This minimum Discount Fee is applicable even if you choose to repurchase the assigned Commission before Settlement.
If delays or extensions occur in Settlement, the Discount Fee continues to accrue on the Cash Advance until the Amount Outstanding is paid to Express Commission.
Express Commission reserves the right to vary the Discount Fee from time to time. Any such variation will be notified to you. The variation will apply on any Cash Advance made after you have received notice of variation, except when there is a Def
Administration Fee
Express Commission may charge an Administration Fee on each Cash Advance. Any such fee will be disclosed to you.
Authorisation to Comple Documents
In consideration of Express Commission agreeing to enter into the Agreement, you irrevocably authorise Express Commission to complete the Agreement, any Specific Commission Assignment Agreement (SCAA) and any other documents relating to the Agreement (or any of them that may be incomplete) by inserting all relevant dates and details, to correct any errors and to make any amendments or additions to the documents necessary in the opinion of Express Commission to:
8 give effect to the documents and the agreed terms and conditions of the Agreement and the SCAA; and/or
8 enable the stamping and (where applicable) registration of the documents by the Registrar of Titles or the Australian Securities & Investments Commission; and/or
8 make available to the Agent any Cash Advances under the Agreement.
Payment to You
Express Commission has the right to determine the amount of any Cash Advance and will tell you the amount of the Cash Advance each Commission assignment qualifies for. Express Commission can decline to accept an Application without offering a reason. The minimum amount of a Cash Advance is $3,000.00. Any indication of a Cash Advance by Express Commission is only indicative and is not binding until the funding actually occurs.
Change in Circumstances
You must notify us of any changes in your circumstances. It is important that the information you give us (oral or written) is and remains honest and accurate, true and correct. This means that you agree to immediately advise us of any:
8 change in employment, address, phone or email or employment or workplace agreement or any circumstance that may affect our right to receive the assigned Commission; or
8 delay or cancellation in Settlement; or
8 change in your financial position that may affect our priority to the assigned Commission or your ability to pay the Amount Outstanding in the event of a delay or cancellation; or
8 other material event.
Default Events & Your Obligation to Repay the Commission
You should carefully read the Agreement for a full explanation of all situations that constitute a Default Event. If there is a Default Event, Express Commission is not obliged to provide you with a written notice of default.
Express Commission only agrees to purchase your Commission on the condition that, upon a Def
Upon a Def
8 its value exceeds the sum of the amount of the Amount Outstanding plus the estimated additional Discount Fee until the new Settlement Date; and
8 it is for an unconditional contract of sale of residential property, where Settlement is due within 120 days or less from the date of assignment; and
8 you are holding sufficient deposit monies, or there is a deposit bond to cover the value of the Commission being assigned.
If there is a Default Event you are responsible for legal costs incurred by Express Commission in enforcing our rights under the Agreement.
If there is a Def
Delay or Non Payment of the Assigned Commission
Express Commission is not responsible for any additional Discount Fee charged due to any delay in the payment of the assigned Commission.
Exclusions
If Express Commission publishes material concerning its business, anything so published which is incompatible with these Terms of Service and the provisions of the Agreement is excluded. You will rely on your own knowledge and expertise in using the services of Express Commission. Any advice or assistance given from or on behalf of Express Commission shall be accepted at your risk and shall not be deemed given as expert or advisor, nor to have been relied upon by you or anyone claiming through you.
Extension of Time
Express Commission is not obliged to grant time extensions beyond the Agreed Date.
Financial Statements
If asked to do so by Express Commission you will provide Express Commission with your personal and business financial information. Upon a request by Express Commission, any such information will be provided within 5 Business Days.
Force Majeure
Express Commission will not be in default or breach of any contract with you as a result of Force Majeure. Force Majeure means any thing or any event beyond the reasonable control of Express Commission and includes any strike or lock-out.
Funding Pre-Conditions
You will truthfully and correctly fully disclose all matters material to the information being sought by Express Commission and in the Application. To qualify for same day funding, all information sought by Express Commission including signed SCAAs must be delivered to Express Commission by 3.00pm eastern standard time.
How & When We Receive Payment
Express Commission has the right to receive 100% of the assigned Commission directly following Settlement. Within 2 Business Days of receipt of the assigned Commission (in cleared funds) by Express Commission, Express Commission will pay the Balance (if any) less the Discount Fee, the Administration Fee and any other fees or costs identified in the Agreement to you.
If the deposit monies are being held by a third party you grant an irrevocable
If the assigned Commission is not received within 2 Business Days following the Settlement Date Express Commission reserves the right to make contact directly with the solicitors or conveyancing firms handling the sale to verify the information or confirm the expected Settlement Date.
You agree to assist Epress Commission collect the assigned Commission. If you are sending us the assigned Commission you should do so directly from your trust account.
Interest on Any Monies Outstanding
You agree to pay interest to Express Commission on the Amount Outstanding at the rate that is calculated by converting the Discount Fee to an annual percentage interest rate.
Licensing
Express Commission is engaged solely in the business of providing confidential invoice discounting and factoring arrangements as per Class Order 04/239 issued by the Australian Securities and Investment Commission (effective 10/3/2004).
Limitation of Liability
Express Commission shall not be liable for any claim loss or expense arising from a delay in processing an Application. Express Commission will not be liable for any contingent, consequential, direct, indirect, special or punitive damage arising whether due to negligence or otherwise. You acknowledge this express limit of liability and agree to limit any claim accordingly.
Limits
Express Commission have the right to establish a limit on the total amount of Cash Advances made to you. Express Commission can vary or withdraw any limit at its discretion, without liability to you or any other party.
Notice of Assignment
Immediately upon Express Commission paying the Cash Advance to you, you must notify in writing the Vendor or debtor or person from whom you are entitled to receive the Commission that you have made an absolute assignment of your beneficial right, title and interest in and to the Commission to Express Commission.
Personal Guarantee of Directors & Shareholders
If you wish to assign your Commission and are operating as a company, you must be a director and/or shareholder of the company and you agree to provide a personal guarantee to Express Commission for the performance of the company.
We recommend that before signing a personal guarantee you obtain independent legal and financial advice so that you properly understand the nature and effect of the guarantee.
Procedural Matters
You agree to comply with any procedures nominated by Express Commission from time to time in dealing with any Application, any Commission or anything else arising under the Agreement.
Protecting Your Privacy & Your Consent to Credit Checks
Express Commission recognises and respects the importance of maintaining the privacy of our customers and our web site users. We have a strict privacy policy that you must read (see our privacy policy).
In order to approve an application Express Commission needs to collect, share and verify certain personal information with certain third arties. If Express Commission cannot collect, share, and verify personal information we will be unable to assess applications for finance or manage credit facilities that relate to your account. By completing the Application and agreeing to these Terms of Service you are providing consent to Express Commission to obtain information from and share information with certain third parties including credit reporting agencies for the purpose of assessing your suitability for credit and collecting overdue payments in accordance with the Privacy Act 1989 including Section 18 K(1)(b), 18 N(1)9b), & 18 K (1)(h).
Registered Charge
By way of additional security in respect of the Amount Outstanding, you charge in favour of Express Commission your current and future assets, all real and personal property (including intellectual property, any contingent or actual right to any monies held in trust and/or any debt due to you, and any proceeds from the sale of your real estate business or the rent roll) and agree Express Commission may in its absolute discretion and at a time of Express Commission’s choosing, by way of its appointment as your attorney, register a fixed and floating charge. You agree you will not allow any other party to place a subsequent fixed or floating charge or debenture over any assets of yours including book debts or Commissions that have been assigned to Express Commission. If you do seek additional funding from a lender who requires a charge, you agree to notify the lender of the prior absolute assignment of Commissions to Express Commission.
Sundry Fees
Express Commission may charge a Sundry Fee to cover sundry expenses such as registration fees, late payment fees, settlement fee and statement of account fee. You must pay the Sundry Fee on demand. The current Sundry Fees are:
8 Late Payment Fee - $100.00
8 Cheque Dishonour Processing Fee – $100.00
8 Statement of Account Fee - $100.00
8 Discharge / Settlement Fee - $250.00
8 Registration Fee - $135.00
Applicable Law
These Terms of Service and any Agreement between us is to be governed by the laws in the state of
Complaints Handling Procedure
We agree to conform with the Australian Standard AS4269-1995 (Standard) for handling complaints. If you have a complaint please send in writing to the Agent Services Manager, Express Commission P.O. Box 2087 Wattletree Road Post Office, Malvern East, Victoria 3145. We will provide a response in accordance with the Standard.
Service of Notices
Any notice or demand by Express Commission to you will be in accordance with the Agreement. To serve a notice on Express Commission, send by registered mail to P.O. Box 2087 Wattletree Road Post Office, Malvern East Vic 3145.
Variation in the Standard Terms of Service
Express Commission reserve the right to vary any of these Terms of Service. If you complete an Application and make an offer of assignment to us after the date of a variation, that offer constitutes an agreement by you to be bound by the variation.
V 10.2009
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