Application for Direct Bills Receivable Purchased / Freight Loan Financing - Terms and Conditions

 

Please take a moment to read through the Terms and Conditions and download the form at the bottom of the page.

In consideration of you granting to us financing requested for, we hereby agree to all terms and conditions stipulated below as well as the terms and conditions set out in your general banking terms and conditions as well as any letter of offer or any facility letter from you to us.

Irrespective of the type of financing provided or to be provided to us and without prejudice to the provisions set out below, we warrant and/or agree that:

  • There is a genuine, underlying transaction for the sale / purchase of the Goods.
  • We will at your request provide other documents evidencing the transaction.
  • We have not obtained and shall not obtain any other form of type of financing from any party other than you for the Goods or the Letter of Credit.
  • We will repay you the full amount of loan or financing extended to us on due date as well as all outstanding interest, charges and commissions due to you.

Freight Loan

  1. We warrant that the loan to be extended to us shall be used only for payment of freight incurred or to be incurred for carriage of the Goods, purchase of which is financed by the Letter of Credit issued by you, whether such carriage be under Bill of Lading or Charterparty.
  2. We enclose herewith copies of the booking note / fixture note / Charterparty / bill of lading as supporting evidence of the contract of the carriage which we have entered into as well as the amount of freight payable.

Direct Bills Receivable Purchased Loan

We agree and/or warrant that in the event that you provide us with Direct Bills Receivable Purchased (import) loan,

  1. you shall have a pledge over the relative Goods and any documents of title thereto purchased by you, which shall not be damaged, destroyed or diminished in quantity in any way, pending full payment of all our outstanding loan, interest, charges and commissions to you. You shall have a right to sell all or part of the Goods on such terms as you may determine without reference to us on our failure to repay on demand any advance, loan and/or financing made by you or any interest, commission or charges due to you, any default of payment at maturity of any Bills of Exchange accepted by us and in the event of any insolvency or winding up proceedings commenced against us.
  2. On maturity of the loan, you are authorised to deduct our account with you and we undertake to indemnify or repay you of all outstanding amounts including principal, interest, charges and commissions.

The Contracts (Rights of Third Parties) Act 2001 does not apply to confer any rights on any party who is not a party to this application. This Agreement is governed by Singapore law and parties agree to the non-exclusive jurisdiction of Singapore Courts.


This Agreement is governed by Singapore law and parties agree to the non-exclusive jurisdiction of Singapore Courts.

By ticking on this box and by printing and submitting to you the Application For Direct Bills Receivable Purchased / Freight Loan Financing form which follows, I/We have read, understood and acknowledged the Terms and Conditions for Application For Direct Bills Receivable Purchased / Freight Loan Financing and fully authorize the Bank to proceed with the provision of the service. I/We also understand and agree that the Bank may modify the Terms and Conditions for Application For Direct Bills Receivable Purchased / Freight Loan Financing without prior notice to us at any time.

Get In Touch

DBS BusinessCare 1800 222 2200

Get In Touch

DBS BusinessCare 1800 222 2200