Terms & Conditions for RGB Services Ltd
1. Payment Terms & Late Payment Penalties
• Payment Due Date: All invoices issued by RGB Services Ltd are strictly due for payment within 30 days of the invoice date unless otherwise agreed in writing.
• Statutory Interest: We reserve the right to charge interest on all overdue accounts under the Late Payment of Commercial Debts (Interest) Act 1998. Interest will accrue daily from day 31 until full payment is received, calculated at a rate of 8% above the Bank of England base rate per annum.
• Compensation Fees: In addition to interest, RGB Services Ltd reserves the right to claim fixed statutory compensation for debt recovery costs (ranging from £40 to £100 per invoice depending on the invoice value) as permitted by UK law.
• Third-Party Referral: If an invoice remains unpaid in full for a further 30 days (60 days from the original invoice date), the account will automatically be passed to a professional debt recovery agency. The client will be held fully liable for all additional collection agency fees, legal costs, and administrative disbursements incurred during the recovery process.
2. Retention of Title (Ownership of Materials)
• Property & Risk: Risk of damage to or loss of any materials shall pass to the client upon delivery or installation. However, legal and beneficial ownership of all materials supplied or installed by RGB Services Ltd shall remain strictly with us and will not pass to the client until we have received payment in full (in cleared funds) for the work and materials.
• Right of Entry: Until such time as ownership of the materials passes to the client, RGB Services Ltd reserves the absolute right to enter any premises of the client (or any third party where the materials are stored or installed) to inspect, recover, or repossess the materials.
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