A Supplier Credit Agreement is essential for businesses operating in Australia that extend or receive trade credit in their commercial operations. This document is typically used when a supplier agrees to provide goods or services on credit terms, rather than requiring immediate payment. The agreement establishes the credit relationship, including credit limits, payment terms, security arrangements, and enforcement mechanisms. It must comply with Australian law, particularly the Personal Property Securities Act 2009, Competition and Consumer Act 2010, and relevant state legislation. The document is crucial for managing credit risk, establishing clear payment obligations, and providing legal remedies in case of default. It should be customized based on the specific industry, credit terms, and security requirements of the business relationship.
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1. Parties: Identifies and provides full details of the supplier (creditor) and the customer (debtor)
2. Background: Sets out the context of the agreement, including the supplier's business, the customer's requirements, and the purpose of the credit facility
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Credit Facility: Details the credit limit, purpose, and terms of the credit facility
5. Interest and Fees: Specifies interest rates, calculation methods, and any applicable fees
6. Repayment Terms: Outlines payment obligations, schedules, and methods
7. Security Arrangements: Details any security required, including personal/corporate guarantees or charges over assets
8. Representations and Warranties: Lists the representations and warranties made by the customer
9. Customer Obligations: Sets out ongoing obligations of the customer, including financial covenants and reporting requirements
10. Events of Default: Defines what constitutes a default and consequences
11. Enforcement Rights: Details the supplier's rights and remedies upon default
12. General Provisions: Contains standard boilerplate clauses including notices, amendments, governing law, etc.
1. Credit Insurance: Include when credit insurance is required as part of the facility
2. Third Party Guarantees: Include when personal or corporate guarantees are required
3. Special Drawing Rights: Include for agreements with seasonal or variable credit requirements
4. Review and Variation: Include when periodic review of credit terms is required
5. Trade Terms: Include when the credit facility is linked to specific trading arrangements
6. Priority Arrangements: Include when there are other creditors and priority needs to be established
7. Cross-Default Provisions: Include when the customer has multiple facilities or agreements
8. PPSA Provisions: Detailed PPSA provisions when specific security interests are being created
1. Credit Limit and Pricing Schedule: Details of credit limits, interest rates, and fee structures
2. Security Details: Specific details of any security arrangements, including asset descriptions
3. Payment Schedule: Detailed repayment terms and schedules
4. Financial Covenants: Specific financial ratios and requirements to be maintained
5. Guarantee Terms: Terms of any guarantees provided
6. Required Insurance: Details of required insurance coverage
7. Permitted Security Interests: List of security interests permitted under the agreement
8. Form of Drawdown Notice: Template for requesting draws under the facility
Relevant legal definitions
Acceptable Credit Rating
Agreement
Applicable Interest Rate
Application
Approved Credit Limit
Authorised Representative
Business Day
Change of Control
Claim
Collateral
Commencement Date
Confidential Information
Credit Facility
Credit Limit
Credit Period
Default Interest Rate
Default Event
Delivery
Due Date
Encumbrance
Event of Default
Financial Indebtedness
Financial Records
Force Majeure Event
Goods
GST
Guarantee
Guarantor
Insolvency Event
Interest Payment Date
Invoice
Material Adverse Effect
Minimum Order Value
Outstanding Amount
Overdue Amount
Payment Terms
Permitted Security Interest
PPSA
PPSR
Purchase Order
Related Entity
Security
Security Interest
Security Provider
Services
Supplier
Supply Terms
Tax
Term
Trading Account
Transaction Documents
Agreement
Applicable Interest Rate
Application
Approved Credit Limit
Authorised Representative
Business Day
Change of Control
Claim
Collateral
Commencement Date
Confidential Information
Credit Facility
Credit Limit
Credit Period
Default Interest Rate
Default Event
Delivery
Due Date
Encumbrance
Event of Default
Financial Indebtedness
Financial Records
Force Majeure Event
Goods
GST
Guarantee
Guarantor
Insolvency Event
Interest Payment Date
Invoice
Material Adverse Effect
Minimum Order Value
Outstanding Amount
Overdue Amount
Payment Terms
Permitted Security Interest
PPSA
PPSR
Purchase Order
Related Entity
Security
Security Interest
Security Provider
Services
Supplier
Supply Terms
Tax
Term
Trading Account
Transaction Documents
Clauses
Interpretation
Definitions
Credit Facility
Credit Limit
Interest
Fees and Charges
Payment Terms
Security
PPSA Provisions
Representations and Warranties
Undertakings
Financial Covenants
Reporting Requirements
Events of Default
Enforcement
Set-off
Insurance
Guarantee
Indemnity
Confidentiality
Assignment
Force Majeure
Notices
Amendment
Waiver
Severability
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Definitions
Credit Facility
Credit Limit
Interest
Fees and Charges
Payment Terms
Security
PPSA Provisions
Representations and Warranties
Undertakings
Financial Covenants
Reporting Requirements
Events of Default
Enforcement
Set-off
Insurance
Guarantee
Indemnity
Confidentiality
Assignment
Force Majeure
Notices
Amendment
Waiver
Severability
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Construction
Mining
Agriculture
Professional Services
Technology
Healthcare
Industrial Supply
Automotive
Food and Beverage
Telecommunications
Relevant Teams
Legal
Finance
Procurement
Credit Control
Risk Management
Treasury
Commercial Operations
Accounts Receivable
Sales
Supply Chain
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Commercial Manager
Procurement Manager
Legal Counsel
Contracts Manager
Accounts Receivable Manager
Risk Manager
Treasury Manager
Financial Controller
Supply Chain Manager
Business Development Manager
Sales Director
Operations Manager
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