{"id":35451,"date":"2026-05-11T05:10:29","date_gmt":"2026-05-11T05:10:29","guid":{"rendered":"https:\/\/www.swireshipping.com\/information\/?post_type=terms-conditions&#038;p=35451"},"modified":"2026-05-29T04:55:34","modified_gmt":"2026-05-29T04:55:34","slug":"credit-terms","status":"publish","type":"terms-conditions","link":"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/","title":{"rendered":"Credit Terms"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"35451\" class=\"elementor elementor-35451\" data-elementor-post-type=\"terms-conditions\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c08a653 common-full-width elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c08a653\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-234e1f6 left-quotation-and-booking\" data-id=\"234e1f6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dcd5eef elementor-widget elementor-widget-heading\" data-id=\"dcd5eef\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Credit Terms<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0967f0d elementor-widget elementor-widget-text-editor\" data-id=\"0967f0d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">1. DEFINITIONS<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">2. WARRANTIES<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">3. CREDIT<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">4. FULL PAYMENT<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">5. REMITTANCE ADVICE<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">6. AFFILIATES AND FREIGHT AGENTS<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">7. NON-PAYMENT AND BREACH<\/a><br \/><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">8. NO WAIVER OF SUMS PAYABLE<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">9. LIABILITY<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">10. GENERAL<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">11. GOVERNING LAW AND JURISDICTION<\/a><\/li><li><a href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\">12. THIRD PARTY RIGHTS<\/a><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2ea4020 detention-table-space right-quotation-and-booking\" data-id=\"2ea4020\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-85f6c93 elementor-widget elementor-widget-text-editor\" data-id=\"85f6c93\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>General Credit Terms and Conditions<\/h3><p>Updated 27\/May\/2026<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1f0eeb detention-right-section elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"f1f0eeb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5 style=\"text-align: justify;\">1. DEFINITIONS<\/h5><p>In these General Credit Terms:<\/p><p>\u201cApplicant\u201d means the party named as such in the Credit Application Form or the Facility Letter;<\/p><p>\u201cCarrier\u201d means Swire Shipping Pte Ltd;<\/p><p>\u201cContract of Carriage\u201d means a contract contained in or evidenced by the Carrier&#8217;s bill of lading or waybill, pursuant to which the Carrier carries goods for, on behalf of or in accordance with the instructions of the Customer. The terms of such contract are available upon request from the Carrier or its authorized agents and the Customer confirms it is aware of the said terms;<\/p><p>\u201cCredit Application\u201d means the Applicant\u2019s offer to the Carrier to enter into the Credit Contract subject to the Credit Terms;<\/p><p>\u201cCredit Contract\u201d means the contract entered into between the Customer and the Carrier for the Credit Facilities subject to the Credit Terms;<\/p><p>\u201cCredit Facilities\u201d means the credit facilities granted by the Carrier to the Customer under the Credit Contract subject to the Credit Terms;<\/p><p>\u201cCredit Limit\u201d means the credit limit advised by the Carrier to the Customer in writing from time to time;<\/p><p>\u201cCredit Period\u201d means the number of calendar days of credit allowed to the Customer (calculated in accordance with Clause 3 below), as advised by the Carrier to the Customer in writing from time to time;<\/p><p>\u201cCredit Terms\u201d means the terms set out in these General Credit Terms and the Facility Letter on which the Credit Facilities are granted to the Customer;<\/p><p>\u201cCustomer\u201d means each entity named as such in the Facility Letter, regardless of whether such entity falls within the definition of the term &#8220;Merchant&#8221; in the Contracts of Carriage, and includes but is not limited to the Applicant named in the Credit Application Form;<\/p><p>\u201cFacility Letter\u201d means the Credit Application Approval Letter from the Carrier naming the Applicant and setting out the Credit Facilities granted to the Applicant and its Affiliates (if applicable), subject to the Credit Terms;<\/p><p>\u201cSums Payable\u201d means all sums payable by the Customer to the Carrier arising from or in connection with shipments made by Carrier for, on behalf of or in accordance with the instructions of the Customer, including but not limited to sums payable in respect of freight, detention, demurrage, late receipt of shipments, storage, surveys, stevedoring, cartage, EDI, transshipment, container repairs, container sales and other charges, and for which credit has been granted by the Carrier, whether such sums arise under a Contract of Carriage or otherwise;<\/p><p>\u201cAffiliate(s)\u201d means any entity, accepted in writing by the Carrier, as the Applicant\u2019s Affiliate, including such entities deemed to be related to the Applicant under Section 6 of the Companies Act\u00a0(Cap. 50) of Singapore, or equivalent legislation, and to which entity credit may be granted by the Carrier in accordance with the Credit Terms, including in particular clause 6.1.\u00a0<\/p><p>\u201cValidity Period\u201d means the term of the Credit Contract during which the Customer is granted Credit Facilities by the Carrier as advised by the Carrier to the Customer in writing from time to time.\u00a0<\/p><p>\u201cVessel Date\u201d means the vessels\u2019 sailing date from the first loading port if carriage is on freight prepaid terms or the vessels\u2019 arrival date at the final discharging port if carriage is on freight collect terms.\u00a0<\/p><h5>2. WARRANTIES\u00a0<\/h5><p><span style=\"font-size: 1rem;\">2.1. The Applicant warrants and represents, on behalf of itself and its Affiliates, to the Carrier that:<\/span><\/p><p>\u00a0 \u00a0 2.1.1. every detail included in the Credit Application Form submitted to the Carrier is complete, true and accurate and is\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 not misleading or deceptive;<\/p><p>\u00a0 \u00a0 2.1.2. should the Customer, or any of its Affiliate, suffer a material change in its finances, or should an Affiliate cease to be\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 an Affiliate of the Customer, the Customer will notify the Carrier in writing immediately; and<\/p><p>\u00a0 \u00a0 2.1.3. It has full power and authority to enter into the Credit Contract on its own behalf and on behalf of its Affiliates, if and\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 to the extent credit is extended by the Carrier to those Affiliates.<\/p><h5>3. CREDIT<\/h5><p>3.1. The Carrier agrees to grant the Customer Credit Facilities subject to the Credit Terms.<\/p><p>3.2. The Customer agrees and undertakes to pay all Sums Payable due and payable to the Carrier by the Customer under any\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0applicable Contract of Carriage or otherwise, within the Credit Period, which shall be calculated as follows:<\/p><p>\u00a0 \u00a0 \u00a0 \u00a0 (a) if the shipment is made on freight prepaid terms, the Credit Period shall commence from and including the date of\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 sailing from the first loading port, or<\/p><p>\u00a0 \u00a0 \u00a0 \u00a0 (b) if shipment is made on freight collect terms, the Credit Period shall commence from and including the date of arrival\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0at the final discharging port:<\/p><p>3.3. Notwithstanding clause 3.2 above, when the total accumulated value of all unpaid invoices for Sums Payable <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0exceeds the sum of the Credit Limit (or the equivalent amount in the invoiced currency), the Customer agrees<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0to pay the amount(s) exceeding the Credit Limit immediately and any freight or other charges due in respect of <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0any shipments\/cargo received by or on behalf of the Carrier shall be payable in accordance with the Carrier\u2019s terms\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0including those stated in its Contracts of Carriage.<br \/><br \/>3.4. The Customer shall pay a late payment fee at a flat rate of three and a half percent (3.5%) on any sum due exceeding the\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Credit Term for any period after such sum has become overdue. For the avoidance of doubt:<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 3.4.1 the fee shall apply only to the outstanding principal of invoices that remain unpaid;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 3.4.2 the fees shall not itself bear further charges or interest; and<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 3.4.3 the Carrier reserves the right to issue periodic statements reflecting the updated outstanding balance and <br \/>\u00a0 \u00a0 \u00a0 \u00a0 applicable late payment fee. <br \/>\u00a0 \u00a0 \u00a0 \u00a0<br \/>\u00a0 \u00a0 \u00a0 \u00a0 The right to levy this late payment fee is without prejudice to any other rights or remedies available to the Carrier under <br \/>\u00a0 \u00a0 \u00a0 \u00a0 these terms or at law.<\/p><p>3.5. In the event of any inconsistency between the terms for payment of any Sums Payable in the Contracts of Carriage<br \/><span style=\"font-size: 1rem;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0and the Credit Terms, the Credit Terms shall prevail to the extent of such inconsistency but no further.<br \/><\/span><\/p><p>3.6. The Carrier may immediately terminate or revise the Credit Facilities at any time by 30 days\u2019 written notice to<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0the Customer.<\/p><h5>4. FULL PAYMENT<\/h5><p>Payment of any Sums Payable shall not be effective until the amount of the payment is unconditionally and irrevocably transferred to, and at the effective disposal of, the Carrier, in cleared funds. Each payment under these Credit Terms shall be made in full without set-off, withholding, abatement, counterclaim or deduction or stay of execution of any kind.\u00a0<\/p><h5>5. REMITTANCE ADVICE<\/h5><p>5.1.\u00a0If settlement of any Sums Payable is done via bank transfer or cheque, the Customer agrees to forward a separate\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0remittance advice outlining which invoices are included in each payment.\u00a0\u00a0<\/p><p>5.2. In the absence of Customer\u2019s advice to the contrary, any payment made by the Customer shall be applied by <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0the Carrier to the oldest outstanding invoices.\u00a0\u00a0In the absence of Customer\u2019s advice to the contrary, any payment <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0made by the Customer shall be applied by the Carrier to the oldest outstanding invoices.\u00a0 \u00a0 \u00a0\u00a0<\/p><h5>6. AFFILIATES AND FREIGHT AGENTS<\/h5><p>6.1.\u00a0If the Applicant wishes the Carrier to extend credit to any of the Applicant\u2019s Affiliates, then the Applicant must <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0first obtain the Carrier\u2019s prior written consent. In such cases, the Credit Facilities applicable to the Applicant\u00a0<br \/><span style=\"font-size: 1rem;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0shall also apply jointly and severally to the Affiliates subject to the Credit Terms and any other terms and<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0conditions imposed by the Carrier. The Applicant guarantees performance and payment by all its Affiliates,<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0and shall indemnify the Carrier for all consequences and costs and expenses in the event of any default, <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0claim or non-payment by any Affiliate. The Applicant accepts and confirms that it has the authority of any such <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Affiliates to accept these Credit Terms also on their behalf.\u00a0<\/span><\/p><p>6.2.\u00a0If the Customer wishes to appoint a third party to settle Sums Payable on his behalf (a \u201cFreight Agent\u201d), then the\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Customer must first obtain the Carrier\u2019s prior written consent. The Credit Terms applicable to the Customer<br \/><span style=\"font-size: 1rem;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0(except for\u00a0 the granting of credit) also include and apply to the Customer\u2019s Freight Agents. The Customer\u00a0<br \/><\/span><span style=\"font-size: 1rem;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0guarantees performance and payment by all Freight Agents, and shall indemnify the Carrier for all consequences<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0and costs and expenses in the event of any default, claim or non-payment by any Freight Agent. The Customer <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0accepts and hereby confirms that it has the authority of any such Freight Agent to accept these Credit Terms <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0also on the Freight Agent\u2019s behalf.\u00a0<\/span><\/p><h5>7. NON-PAYMENT AND BREACH<\/h5><p>7.1. If, at any time:<br \/><span style=\"font-size: 1rem;\">(a) Any Sums Payable is not paid by the Customer within the Credit Period;\u00a0\u00a0<br \/><\/span><span style=\"font-size: 1rem;\">(b) The Customer&#8217;s Credit Limit is exceeded;\u00a0<br \/><\/span><span style=\"font-size: 1rem;\">(c) The Customer or any of its Affiliates or Freight Agents breaches any of these Credit Terms; or\u00a0<br \/><\/span><span style=\"font-size: 1rem;\">(d) An Insolvency Event occurs, where an Insolvency Event\u201d means any corporate action, legal proceedings or other\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0procedure or step is taken in relation to:\u00a0\u00a0<\/span><\/p><ol style=\"list-style-type: lower-roman;\"><li>the suspension of payments, a moratorium of any indebtedness, winding-up, bankruptcy, dissolution, administration, judicial management, provisional supervision or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Customer and\/or any Affiliate and\/or Freight Agent, other than a solvent liquidation or reorganization of any Customer and\/or Affiliate and\/or Freight Agent,\u00a0\u00a0<\/li><li>a composition, compromise, assignment or arrangement with any creditor of any Customer and\/or Affiliate and\/or Freight Agent,<\/li><li>the appointment of a liquidator, receiver, trustee, judicial manager, administrator, administrative receiver, compulsory manager, provisional supervisor or other similar officer in respect of any Customer and\/or Affiliate and\/or Freight Agent, or any of its assets, or any analogous procedure or step taken in any jurisdiction; or\u00a0<\/li><\/ol><p>(e) Carrier or Customer becomes aware of any Sanction which would prohibit or render unlawful any performance of the\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Credit Contract, including but not limited to the grant of the Credit Facilities or any payment made or to be made under\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0the Credit Contract (for the purposes of this Clause 7.1(e), \u201cSanction\u201d means any sanction, prohibition or restriction\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0imposed on or applicable to any persons, entities, bodies, industries or sectors pursuant to resolutions, decisions, laws\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0and\/or regulations issued by any government or government authority, including, without limitation, the European\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Union, the United States of America, the United Kingdom, or Singapore); or\u00a0<br \/><span style=\"font-size: 1rem;\">(f) Clause 10.7 is applicable so as to excuse a party from performing the Credit Contract,<\/span><span style=\"font-size: 1rem;\"><br \/>\u00a0 \u00a0 \u00a0 \u00a0Then, notwithstanding any other remedies available to the Carrier under any other contract (including, but not limited to, <br \/>\u00a0 \u00a0 \u00a0 \u00a0a Contract of Carriage) or at law or equity, the Carrier has the right to take any or all of the following actions forthwith:\u00a0\u00a0<br \/><\/span><span style=\"font-size: 1rem;\"><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.1 Require immediate payment of all outstanding Sums Payable, including any interest or late payment fees accrued <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0thereon, whereupon they shall become immediately due and payable without further notice from the Carrier;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.2 Withhold original documents including transport documents and\/ or cargo until all Sums Payable, including\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0collection\u00a0and reminder fees,costs and expenses, are paid;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.3 Suspend or terminate the Credit Facilities;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.4 Exercise a right of lien over any cargo shipped under a Contract of Carriage;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.5 Stop providing or arranging carriage of goods or other services;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.6 Apply a late payment fee at a flat rate of <strong>three and a half percent (3.5%)<\/strong> on any sum due exceeding the Credit <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Term\u00a0for any period after such sum has become overdue;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.7 Take any and all steps the Carrier deems fit to recover the Sums Payable and all interest or late payment fees\u00a0 <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0accrued thereon, including but not limited to commencing legal proceedings pursuant to clause 11 for the recovery of <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0the Sums Payable and the Customer shall fully indemnify the Carrier for any costs (including legal costs on a solicitor-<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0client\u00a0basis),\u00a0 \u00a0expenses, fees, losses or liabilities incurred by the Carrier in taking such steps;<br \/><br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07.1.8 Apply an administration fee, as advised by the Carrier to the Customer in writing from time to time.<br \/><br \/><\/span><\/p><h5>8. NO WAIVER OF SUMS PAYABLE<\/h5><p>The Customer acknowledges that under the terms and conditions of the Carrier\u2019s Contracts of Carriage, the Carrier has an absolute obligation at law, including (if applicable) under Section 10(b) of the United States of America Shipping Act of 1984, to collect and receive all Sums Payable due under the relevant tariff or tariffs.\u00a0<\/p><h5>9. LIABILITY<br \/><span style=\"color: #7a7a7a; font-family: 'Source Sans Pro', sans-serif; font-weight: 400; font-size: 1rem;\">9.1. Notwithstanding any clause to the contrary in the Credit Contract, he Carrier shall not be liable to the Customer, its\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Affiliate or Freight Agent for:\u00a0<\/span><\/h5><h5><span style=\"color: #7a7a7a; font-family: 'Source Sans Pro', sans-serif; font-size: 1rem; font-weight: 400; white-space: initial;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a09.1.1. Any losses, liabilities, costs, penalties or damages whatsoever and howsoever arising from the granting or\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0withdrawal of the Credit Facilities;<\/span><\/h5><h5><span style=\"color: #7a7a7a; font-family: 'Source Sans Pro', sans-serif; font-size: 1rem; font-weight: 400; white-space: initial;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a09.1.2. Any loss of profits, business, revenue, customers, direct or indirect, incidental, special or consequential loss\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0arising from or in connection with the withdrawal of the Credit Facilities or amendment to the Credit Terms.<\/span><\/h5><h5><span style=\"color: #7a7a7a; font-family: 'Source Sans Pro', sans-serif; font-size: 1rem; font-weight: 400; white-space: initial;\">9.2. To the fullest extent permitted by law, the Carrier expressly excludes any representation, warranty, condition or undertaking that may be implied in the Credit Terms by legislation, common law, equity, trade, custom or usage.\u00a0<\/span><\/h5><h5>10. GENERAL<br \/><span style=\"color: #7a7a7a; font-family: 'Source Sans Pro', sans-serif; font-weight: 400; font-size: 1rem;\">10.1. The Credit Contract constitutes the full and complete understanding and agreement of the Customer and Carrier\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0relating to the subject matter and supersedes all prior understandings and agreements relating to such subject matter.<\/span><\/h5><p>10.2. The Customer acknowledges that the Credit Application and the Credit Facility is not for consumer credit, and that the\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Credit Contract is not an agreement for the provision of consumer credit.<\/p><h5><span style=\"color: #7a7a7a; font-family: Source Sans Pro, sans-serif;\"><span style=\"font-size: 16px; font-weight: 400;\">10.3. The Customer shall not assign or otherwise transfer any of its rights, benefits or obligations under the Credit Contract.<br \/>\u00a0<\/span><br \/><span style=\"font-size: 16px; font-weight: 400;\">10.4. The Credit Terms may be amended or varied from time to time by the Carrier at its sole and absolute discretion by\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0written notice to the Customer.<br \/><\/span><br \/><span style=\"font-size: 16px; font-weight: 400;\">10.5. The Credit Terms are written and accepted by the Customer in the English language. The English language text of these\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Credit Terms shall prevail over any translation.\u00a0<\/span><\/span><\/h5><p>10.6. Except as may be necessary to comply with applicable laws, regulations, court orders, arbitral awards or for the <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0benefit of a party\u2019s legal advisors or accountants, these Credit Terms must be kept strictly confidential between <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0the Carrier and the Customer and its Affiliates and Freight Agents. Disclosure of any of the provisions of these <br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Credit Terms may result in the Carrier\u2019s termination, with immediate effect, of the Credit Facilities.<\/p><p>10.7.\u00a0\u00a0Notwithstanding any clause to the contrary in the Credit Terms or Credit Contract, no party shall be required to do\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 anything which causes a violation of the laws and regulations of any country or state to which either of them (or their\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 respective direct or indirect parent entities) is or are subject.\u00a0<\/p><p>10.8. If any provision of the Credit Terms offend any law applicable to it and is, as a consequence, illegal, invalid or\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0unenforceable:<\/p><p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a010.8.1. where the offending provision can be amended so as to give it a valid and enforceable operation of a partial\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 nature, it shall be amended to the minimum extent necessary to achieve that result; and<\/p><p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a010.8.2. In any other case the offending provision shall be severed from these Credit Terms, in which event the\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 remaining provisions of the Credit Terms operate as if the severed provision had not been included.\u00a0<\/p><h5><span style=\"font-size: 16px; font-weight: 400; color: #7a7a7a; font-family: 'Source Sans Pro', sans-serif;\">\u00a0<\/span><\/h5><h5><span style=\"color: #7a7a7a; font-family: Source Sans Pro, sans-serif;\">\u00a0<\/span><\/h5><h5>11. GOVERNING LAW AND JURISDICTION<\/h5><p>11.1.\u00a0These Credit Terms and the Credit Contract shall be governed by and construed in accordance with Singapore law.<\/p><p>11.2.\u00a0Any dispute arising out of or in connection with these Credit Terms and the Credit Contract, including any<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0question regarding its existence, validity or termination shall be referred to and finally resolved by arbitration in\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Singapore in accordance with the Singapore International Arbitration Act (Chapter 143A) and any statutory<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0modification or re- enactment thereof save to\u00a0the extent necessary to give effect to the provisions of this Clause.<br \/>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0The arbitration shall be conducted in accordance with the Arbitration Rules of the Singapore Chamber of Maritime\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Arbitration (SCMA) current at the time when the arbitration proceedings are commenced.<\/p><p>11.3.\u00a0Notwithstanding clause 11.1 and 11.2, the Carrier may at its sole option elect that these Credit Terms and the Credit\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Contract shall be subject to (i) the law and jurisdiction of a competent court at the Customer\u2019s principal place of\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0business, or that of any of its Affiliate or Freight Agent, or (ii) the law at the Customer\u2019s principal place of business, or\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0that of any of its Affiliate or Freight Agent, and arbitration in accordance with such law. The Customer hereby\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0irrevocably (i) submits to the non-exclusive jurisdiction of the courts at the Customer\u2019s principal place of business or\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0that of any of its Affiliate or Freight Agent, and (ii) waives any objection or claim that proceedings, if brought in such\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0courts, have been brought in an inconvenient forum.<\/p><p>11.4.\u00a0The rights and remedies available to the Carrier under these Credit Terms are cumulative and are in addition to every\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0other right and remedy to which it is entitled under law, equity and the Contracts of Carriage.<\/p><h5>12. THIRD PARTY RIGHTS<\/h5><p>12.1.\u00a0The Carrier\u2019s affiliates, associates, agents and employees (\u201cRelevant Third Parties\u201d) shall have the benefit of these\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Credit Terms as they apply to the Carrier. The Carrier enters into the Credit Contract on its own behalf, and as agent and\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0trustee for the Relevant Third Parties.<\/p><p>12.2.\u00a0To the extent that clause 12.1 is not effective to give such benefit to any Relevant Third Party, such Relevant Third Party\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0may enforce such provisions in its own name pursuant to the Contracts (Rights of Third Parties) (Cap 53B) or other\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0equivalent law. To the extent permitted under these Credit Terms, the Credit Contract may be varied or rescinded\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0without the consent of any Relevant Third Party.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"featured_media":0,"template":"","wp_term_conditions":[],"wp_term_conditions_category":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin  - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Terms - Swire Shipping | Specialist Logistics Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.swireshipping.com\/information\/policies\/credit-terms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Terms\" \/>\n<meta property=\"og:description\" content=\"1. 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