In these terms, the following terms have the meanings assigned to them and cognate expression shall have similar meaning:
1.1 “Participant” means the registered company or person representing the registered company
1.2 “Effective date” means the registered company or person representing the registered company
1.3 “M2N” means the company IRJ Software, trading as M2North
1.4 Participants and M2N are hereinafter singly referred to as “Party” and collectively referred to as “Parties”
1.5 “Escalation Index” means the year on year increase, inline with M2North’s CPI/PPI calculation.
2.1. Fees. The fees are set out in the original registration form or proposals, as varied from time to time in terms of clause 2.3. Payments may be effected by one of the following payment methods
2.1.1 EFT. Payments made by Electronic Funds Transfer are to be paid into the bank account of M2N only. (IRJ Software cc; Nedbank; Account:191-024-7154; Branch: 198765; SWIFT Code: NEDSZAJJ)
2.1.2 Debit Orders. Debit orders will commence in the first week of the month following the effective date of registration or go live. Debit orders will run monthly.
2.2 Taxes. All fees due by the Participant in terms of this Agreement are stipulated exclusive of any and all taxes (including value added tax), duties, tariffs and/or levies where applicable.
2.3 Escalation of fees. The parties agree that fees may, each year escalate as contemplated in clause 1.5 by the Escalation Index.
2.4 Invoices. Invoices are issued monthly or on completion of a project and are payable within 30 days of invoice date.
2.5 Electronic Invoicing. The Participant consents to electronic invoicing for which the accounts email address on the registration form will be used, unless M2N is otherwise instructed by the Participant in writing.
2.6 Statements. In the event of M2N providing statements with regard to outstanding invoices, the Participant shall be obliged to review them whether they are correct. In the event that - notwithstanding a respective reference in the account statement - the Participant fails to notify any discrepancies in writing within a period of ten (10) days, the receivables as calculated in the statement shall be deemed acknowledged.
2.7 Overdue invoices. M2N shall be entitled but not obliged to have the invoiced amounts, which have not been received by M2N within five (5) days after their due date, debited by means of direct debiting including any costs and interest. The same shall apply to all further receivables of M2N which have become due and payable on the basis of the Participants arrears of payments.
2.8 Any Payments shall be set off, first, against costs, then against interest and - as soon as they are settled - against the principal claim
2.9 Arrears. If the Participant falls into arrears in whole or part with his payment commitments to a significant extent and for a period exceeding ten (10) days, then the payment deadlines originally granted to the Participant shall be reduced to seven (7) days as of the date of invoicing. This forfeiture of the originally agreed period for payment shall apply to all claims (receivables) of M2N against the Participant until the day of forfeiture and their complete payment. If payment is made after the due date, M2N reserves the right to charge the Participant interest at a rate of the prime lending interest rate of South Africa at the time of the invoice. Prior to the complete payment of invoiced amounts due including costs and interest or in case of unjustified refusal of acceptance by the Participant, M2N shall not be obliged to effect any further delivery of service under the agreement.