Terms and conditions
 
Payment & Financial Responsibility
  • Each of the following terms shall apply unless the Confirmation otherwise provides.
  • Payment of the Price will be made by the Buyer in United States Dollars, unless otherwise agreed in the Confirmation, in full without set-off and/or deductions for any reason whatsoever so that Med Petroleum receives value of the payment in cleared funds on or before the due date.
  • Timely payment is of the essence of these Terms and Conditions.
  • The value of the Products together with any extra charges, if any, shall be paid by the Buyer to Med Petroleum in full, within thirty (30) calendar days from the date of delivery (or as agreed) and always according to Med Petroleum’s payment instructions and in the currency shown in relevant invoice. Should the due date for payment fall on Saturday, Sunday or Public Holiday then payment should be received by the previous working day.
  • Unless otherwise agreed, payment shall be made by irrevocable telegraphic transfer and all banking charges will be for Buyer’s account. Delivery documents shall be provided to the Buyer wherever possible, however, payment shall not be conditional upon receipt of such documents.
  • Overdue payments will attract a financial charge/compound interest of 5% per calendar month on the outstanding sum calculated on a daily basis from the due date until the full payment is received by Med Petroleum‘s bank. Compound Interest will charged from the invoice date when the invoice was not paid and due date is not applicable.
  • If at any time the reputation, standing, creditworthiness, liquidity or solvency of the Buyer or any subsidiary, parent associate or affiliate thereof should give Med Petroleum reasonable cause for concern, and/or if any amount due remains outstanding for a period of 7 days from the due date, Med Petroleum may without prejudice to all other rights and remedies which it may have give notice to the Buyer that credit facilities from Med Petroleum to the Buyer are withdrawn or suspended as the case may be and all sums outstanding and/or due for payment at a future date shall thereupon fall due for immediate payment.
  • If the Buyer’s credit is deemed by Med Petroleum to be impaired or unsatisfactory, Med Petroleum may (without prejudice to its other rights) require the Buyer at Med Petroleum’s option either to pay cash before delivery, or to provide security satisfactory to Med Petroleum. In the event of failure by the Buyer to comply with Med Petroleum’s requirement, Med Petroleum shall have no obligation to make delivery and may terminate the deal by giving notice to this effect to the Buyer.
  • Where the Products are supplied to a vessel, in addition to any other security, the deal is entered into and the Products are supplied upon the faith and credit of the Vessel. It is agreed and acknowledged that a lien over the Vessel is thereby created for the value of the Products supplied in accordance with clause 15 of these Terms and Conditions and that Med Petroleum in agreeing to deliver Products to the Vessel does so relying upon the faith and credit of the Vessel.
  • No disclaimer stamp of any type if applied on the delivery receipt will change or waive Med Petroleum’s rights against the Vessel, or waive the Vessel’s ultimate responsibility for the debt incurred through the deal.
  • The full legal and other costs and expenses incurred by Med Petroleum including those of Med Petroleum’s own legal and credit department and of other lawyers in connection with any breach by the Buyer of any term of these Terms and Conditions including but not limited to actions for debt shall be for the Buyer’s account and shall for all purposes form a part of the Price due from the Buyer to Med Petroleum for the Products supplied.
  • If a purchase of Marine Fuels is contracted by a trader an agent or a manager for the Owner, each such trader, agent or manager of buyers /director shall be bound by and be fully liable to pay the Physical Supplier / Seller the Invoice plus compound interest and costs jointly and severally together by terms of the GTC. Furthermore, delivery shall always take place for the account of the registered owners and the vessel in rem as the Buyer. The Buyer warrants that it is authorized as an agent to order the Marine Bunker for delivery to the Vessel. The Owner and the master of the Vessel agree that the Physical Supplier / Seller has a maritime lien and contractual lien in the Vessel for Marine Bunker supply. The maritime lien and contractual lien will extend to her bunker, freight and hire, from insurance company payment for any voyage and ship sale value as surrogate. The master agrees that Marine Fuels will be delivered in order to continue the voyage as credit for vessel.
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