Below are the terms and conditions that form part of the contract that is formed when you enter into a brokering agreement with us.
Confirmation of Instructions
The client’s Duty to the Broker
The broker relies on the client for the accuracy of statements, information and representations notified in writing to the broker by the client, or by his professional advisers. The client agrees fully and completely to indemnify the broker from the consequences of, or in respect of any loss caused by, inaccuracies or misrepresentations for which he is responsible and on which the broker has relied.
Payment of Arrangement Fee
Failure to Complete Offer
In the event that the offer is cancelled, or the client fails or declines to sign the acceptance of the Offer, the arrangement fee will be paid by no later than three calendar months from the date of issue of the Offer.
It is expressly agreed by the client that the liability to pay the arrangement fee under clause 3.1 of the agreement shall continue whether or not the agreement has, for any reason, been terminated.
The client acknowledges and agrees that on signing this agreement he does not rely on and shall have no remedy in respect of any statement, representation, warranty or understanding (whether negligently or innocently made) of any person (whether a party to this agreement or not) other than as expressly set out in this agreement. Nothing in this clause shall, however, operate to limit or exclude any liability for fraud.
NACFB Code of Practice/Complaints/Arbitration
The broker agrees to act on behalf of the client in accordance with the terms of the prevailing edition of the code of practice of the National Association of Commercial Finance brokers (a current copy of which is available on request from the Association). The code stipulates the remedies available to the client in the event of a complaint or other dispute (after exhausting the broker’s own complaints procedures).
The client agrees that any information he provides which may be held and processed by the broker may be shared with third parties to protect the Broke against fraud, to satisfy codes of practice and, compliance related issues that may arise from time to time.
The broker will make such enquiries and take up such references as considered necessary in relation to the client’s application. This information may be obtained from the Land Registry, previous and existing employers. Information may also be obtained from the Inland Revenue, the Department of Work & Pensions (DSS).
The broker may use and disclose details of this application and any resulting offer of funding to the client to any Lender, any intended guarantor, their legal advisors and may further use and disclose information to the Financial Services Authority, any processing agents with whom the broker may hold an agreement to process data.
In accordance with the Data Protection Act 1998 the client is advised that information provided may be held by the broker in its computer and papers records and retained for a period of six years after the date of this agreement.
Any amendment whether proposed by the broker or the client shall be notified in writing to the other party. Any amendment proposed by the broker shall take effect on the date specified (being not less than 10 business days after the issue of the notice) unless in the meantime the client notifies the broker to the contrary or requests an extension of time. Any amendment proposed by the client shall take effect when accepted by the broker in writing.
Assignments and third party rights
This Agreement is personal to the Client and shall not be capable of assignment by the Client or of being transferred.
A person who is not a party to this Agreement may not enforce any of its terms under the contracts (Rights of Third Parties Act 1999), but this does not affect any right or remedy of a third party which exists or is available other than under such act.
The broker agrees to maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by insurers of repute.
In the event that the broker holds client money, it is agreed the same will be kept in a separate designated client account for the benefit of any such client.
The client agrees that the broker shall have no liability for any economic loss (whether direct, indirect or consequential) insofar as it relates in any way to loss of business, loss of client data, interruption of business or loss of profits or goodwill as a result of the manner of performance by the broker of any obligations arising under this agreement. This exclusion of liability will not, however, otherwise affect any statutory rights of the client.
A reference to a party shall include reference to a partnership, body corporate, unincorporated association, assignee's or successors in title. Words in the singular shall include the plural and words indicating a particular gender shall include the other gender.
Choice of Law
This agreement shall be construed in accordance with English Law and the parties irrevocably agree to submit to the exclusive jurisdiction of the English courts.