Credit Control Policy

(a) As provided for in relevant late payment legislation, to cover the administration and financing of overdue debts, an administration charge of £25 per month and a compound interest of 3% per month (or part thereof) will be added to all overdue invoices on the 1st day of each calendar month.

(b) If after reasonable warning and reasonable time, the debt is still not paid, to cover the legal services cost in pursuing the debt, an additional £800 legal services fee plus outlay with be added to the debt.

(c) In the event of either bankruptcy or any other failure of the company to pay invoices within a reasonable time i.e. over 1 year, the Directors of the company hereby jointly and severally agree to personally settle all debts outstanding.