Payment Terms & Conditions

These Payment Terms and Conditions (“Agreement”) set forth the terms under which Precision Parts UK Ltd (“Company,” “we,” “us,” or “our”) supplies products and services to the customer (“Customer,” “you,” or “your”). By engaging in any transaction with Precision Parts UK Ltd, you acknowledge and agree to the following terms:

1. Ownership of Goods: Until full payment is received by Precision Parts UK Ltd for the products and/or services provided, ownership of the goods shall remain with Precision Parts UK Ltd.

2. Payment Obligations: The Customer agrees to pay the total amount stated on the invoice issued by Precision Parts UK Ltd. Payment must be made in accordance with the terms specified on the invoice.

3. Retention of Title: Ownership of the goods, including all products and parts supplied, shall remain with Precision Parts UK Ltd until full payment has been received. The Customer shall not acquire ownership rights or title to the goods until the complete payment has been made.

4. Transfer of Title: Title and ownership of the goods will only transfer to the Customer upon full receipt of the payment for all products and/or services provided.

5. Possession and Use: The Customer may take possession of the goods and use them for their intended purpose while payment is pending. However, until full payment has been received:

• The Customer must not sell, transfer, assign, lease, pledge, or otherwise dispose of or encumber the goods.
• The Customer must store the goods separately and take reasonable care to ensure they remain identifiable as the property of Precision Parts UK Ltd.
• Precision Parts UK Ltd reserves the right to enter the Customer’s premises to repossess the goods if payment is not received by the agreed due date.

6. Late Payment and Default: In the event of non-payment or default, Precision Parts UK Ltd reserves the right to take legal action to recover outstanding amounts.

Precision Parts UK Ltd may also reclaim goods, and the Customer agrees to fully cooperate in their return if requested.

7. Interest and Late Fees: If payment is not received by the due date, Precision Parts UK Ltd reserves the right to charge statutory interest on overdue amounts at a rate of 8% per annum above the Bank of England base rate, in accordance with the Late Payment of Commercial Debts (Interest) Act 1998.

Additional late payment fees and reasonable debt recovery costs may also be applied as permitted under the Act.

8. Dispute Resolution: Any disputes regarding payment or ownership shall first be addressed through negotiation. If unresolved, disputes may be subject to mediation or legal proceedings, as deemed necessary by Precision Parts UK Ltd.

9. Modification of Terms: Precision Parts UK Ltd reserves the right to amend these Payment Terms and Conditions at any time. Customers will be notified in writing of any changes.

10. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of England and Wales. Any disputes arising from or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of England and Wales.

Contact Us: For any questions regarding these Payment Terms and Conditions, please contact us at: Email: info@precisionuk.co.uk

By accepting these Payment Terms and Conditions, the Customer acknowledges that they have read, understood, and agreed to the terms outlined herein. This Agreement constitutes the entire understanding between the parties regarding payment and ownership and supersedes any prior agreements and understandings, whether written or oral.

Need help?
Contact us at info@precisionuk.co.uk for questions relating to our payment terms and conditions.