Service Level Agreement

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1. INTERPRETATION

1.1 The headings to the clauses are for reference purposes only and shall not aid in the interpretation of the clauses to which they relate.

1.2 Unless the context clearly indicates a contrary intention.

1.2.1 Words importing any one gender include the other.

1.2.2 The singular includes the plural and the other way round; and

1.2.3 Natural persons included juristic entities (corporate or unincorporated) and the other way round.

1.3 The following terms shall have the meanings assigned to them hereunder and related expressions shall have a corresponding meaning:

1.3.1 “The Company” means VA Global Logistics (Pty) Ltd:

2. CREDIT FACILITY

2.1 Credit facility required: .

2.2 The credit application will be concluded by an individual authorised to represent and conclude lawfully binding agreements on behalf of the applicant (attach resolution authorising individual on behalf of applicant).

2.3 The above-mentioned authorised individual concluding this agreement will be deemed surety for the agreed obligations in this agreement should the applicant fail to adhere to the agreed rights and obligations.

2.4 The Company may, in its discretion, permit the applicant to exceed its credit facility provided and, in the event that the facility is exceeded the applicant shall nevertheless remain liable to repay the full amount of the credit facility to the Company.

2.5 All payments which are made by the Company by the applicant shall be paid in full within 30 days of the date of the statement.

3. GENERAL TERMS

3.1 The applicant shall be liable to and hereby indemnifies the Company against all costs, charges and expenses incurred on the scale between attorney and client, and such indemnity shall extend to, and include such collection commission as may be lawfully charged to the Company by its attorneys.

3.2 THE APPLICANT (AS THE SIGNATORY TO THIS DOCUMENT):

3.2.1 Warrants that the information provided in this document is true and correct and complete in all material respects; and

3.2.2 Acknowledges that all of the information so supplied is material and that it may be relied upon by the Company in determining whether or not to grant the credit facility.

3.2.3 Understands that the Company may suffer damages in the event that any of the information is incorrect and/or untrue and/or incomplete.

3.2.4 The Applicant supplies this information contained in this document is incorrect and/or untrue and/or incomplete.

3.3 DATE OF DEBITING ACCOUNT:

3.3.1 The Company’s accounting month is from the first to the last calendar day of each month.

3.3.2 Disbursements made by the Company on behalf of its clients will be debited to the client’s account on the Bill of Entry date or the date of disbursement, whichever occurs earlier.

3.3.3 The Bill of Entry date may differ from the date on which the cargo is released by Customs and received by the client.

3.4 RIGHT TO WITHDRAW FACILITY

3.4.1 In the event that any payments owed to the Company by the Applicant are not made punctually and/or the Applicant ceases trading, and/or the Applicant commits any act of Insolvency and/or applies for or is placed under business rescue and/or permits a judgment to be taken against it, the Company shall be entitled to:

3.4.1.1 Discontinue an account (even if it is not the account which is actually in arrears); and

3.4.1.2 Desist from performing any act or taking any steps or rendering any performance (even if the acts, steps or performance do not relate to the account which is actually in arrears); and

3.4.1.3 To summarily cancel any agreement (even if it is not the agreement relating to the account which is in arrears); and

3.4.1.4 To exercise any right of retention which may have over all goods / property of the Applicant.

3.4.1.5 Change interest calculated at the maximum rate of interest permissible in law and if no such rate is prescribed at the rate of 15.5% p.a. compounded monthly in arrears.

3.4.1.6 To hold the individual concluding the agreement, deemed to be authorised to do so, liable as surety should the applicant fail to comply with the agreed rights and responsibilities

3.5 IN THE EVENT OF THESE RIGHTS BEING EXERCISED

3.5.1 All amounts owing shall immediately become due and payable on demand; and

3.5.2The Company is indemnified and held harmless from any and all direct and/or indirect loss which the Applicant may suffer as a consequence of or in relation to the aforesaid exercise of the rights.

3.6 USE OF INFORMATION

3.6.1 The Applicant consent to the Company obtaining credit/company reports and making enquiries to any person, entity or institution as the Company deems fit for the purposes of:

3.6.1.1 Assessing the Applicant’s application for credit; and/or

3.6.1.2 Assessing the risk the Company will run in granting the Applicant credit facilities and/or doing business and/or trading with the Applicant; and/or

3.6.1.3 Validating and verifying the information which the Applicant has provided to the Company.

3.6.1.4 The Applicant and all related persons agree that such enquiries may extend to:

3.6.1.5 All of the accounts and credit history of the Applicant.

3.6.1.6 Their personal accounts and credit history.

3.6.1.7 The personal accounts and credit history of their spouses and/or partners and/or any other person with whom the Applicant and/or the related party shares income and mutually bears obligations.

3.6.1.8 The business accounts of any business of which the applicant is a director, member, shareholder or partner.

3.7 The information supplied by the Applicant as part of the application may be sent to Credit Bureau.

3.8 The Company will instruct the Credit Bureau that it is not entitled to utilize information supplied to it by or on behalf of the Applicant to create a blacklist; and/or to make any decision.

3.9 I acknowledge and consent that the information supplied to the Company and/or the Credit Bureau may be used by either or both of them for the following purposes:

3.9.1 To conduct an affordability assessment.

3.9.2 To do an assessment of the Applicant’s propensity to repay its debt.

3.9.3 To do a general credit assessment which includes pre-screening for marketing purposes.

3.9.4 To assess the debtor’s book for the purposes of any transaction that is dependent on determining the value of the debtor’s book.

3.9.5 Setting a limit for the provision of a continuous service.

3.9.6 Assessing whether to make an application for insurance, including but not limited to credit guarantee or similar cover.

3.9.7 Verifying information provided to the applicant, I am including qualifications and employment histories.

3.10 In addition, the applicant and the related persons acknowledge and agree that the Credit Bureau MA report or release the applicant’s credit and other information to third parties

3.10.1 For any of the purposes listed above; or

3.10.2 For any of the purposes provided for in the NCA and/or CPA; or

3.10.3 To assist parties in risk management in general and in making decisions on credit.

3.11 In addition, the Applicant and the related parties acknowledge and agree that:

3.11.1 The Company may supply information to the Credit Bureau about the manner in which the Applicant’s account is conducted.

3.11.2 If the Applicant borrows or makes use of the Company’s payment terms and does not repay in full and on time, information pertaining thereto may be provided to Credit Bureau, after the company has given the Applicant 20 business days’ notice of its intention to do so.

3.11.3 The Company may make periodic searches of Credit Bureau information to manage the Applicant’s account; and

3.11.4 The Company may take decisions regarding affordability and/or the risks involved in offering the Applicant payment terms.

3.12 The Applicant hereby consents to the non-exclusive jurisdiction of the Magistrate’s Court, for

3.13 The purpose of any legal proceedings against it, notwithstanding that the amount of the claim may exceed the jurisdiction of such a court.

3.14 Notwithstanding the provisions of clause 3.12 either party shall be entitled to an institute.

3.15 Proceedings against the other out of the Western Cape High Court, South Africa held at Cape Town to whose jurisdiction all parties hereby submit.

4. MANAGEMENT OF FACILITY

4.1 It is recorded that the Company’s accounting month is from the first to the last calendar day of each month.

4.2 Disbursements made on behalf of the Company’s clients will be debited to the client’s account on the Bill of Entry date, which may differ from the date the cargo is released by Customs and received by the client.

4.3 For the avoidance of doubt, it is recorded that:

4.3.1 If the Applicant does not discharge any of its obligations punctually and/or in full, this information may be provided to the Credit Bureau by the Company.

4.3.2 The Company shall be entitled to do periodic research into Credit Bureau information.

5. DISPUTE

5.1 Should there be any dispute of any nature whatsoever between the parties in regard to any aspect, matter or thing relating to or arising from this contract and whether or not the Company has executed its obligations in terms of any agreement it has with the Applicant, then and in such event the Applicant shall nevertheless be obliged to perform their obligations, if any, in terms of this agreement as though the Company had discharged all of its obligations.

5.2 The Applicant’s remedy, having performed its obligations as provided in clause 5.1, shall be limited to an action against the Company for repayment of either the whole or portion of the amount which the Applicant alleges constitutes an overpayment.

6. CAPX FINANCE ON DISBURSEMENTS

6.1 VA Global Logistics (PTY) Ltd has established a business partnership with CapX Finance to ensure and assist our finance clients with 30 days. This partnership is to expedite releases on all Imports and Exports.

6.2 CapX will apply for Credit Cover for the account from CGIC. Upon acceptance and cover, CapX will send an undertaking to the Authorised person, to sign off and accept the account payable on the due date. This will only happen once per month.

7. INTEREST

7.1 In the event of either party failing to make payment of any amount due in terms of this Agreement on due date, the outstanding amount shall attract interest calculated at the prime rate plus 2% per annum and compounded monthly in advance, from the date on which the payment was due to date of payment. The provisions of this clause do not in any way derogate from any of the parties’ remaining rights in terms of this Agreement.

8. LEGAL COST

8.1 In the event of either party breaching any of its obligations the defaulting party shall be liable to bear the aggrieved party’s legal cost on the scale as between attorney and client calculated at the actual rate charged by the aggrieved party’s attorneys.

8.2 If any provision of these terms and conditions is unenforceable, then the Company shall be entitled to ensure that such provisions should be severed from the remaining provisions of these terms and conditions which shall not be affected and shall remain of full force and effect.

8.3 No variation or alteration or oral cancellation of this contract shall be binding on the Company unless embodied in a written document signed by a duly authorised director of the Company

8.3.1 Any purported variation or alteration of this contract otherwise than as sets out above shall be of no force or effect whether such purported variation or alteration is express or implied or tacit, whether it is written or oral, or takes place before or after the receipt of this contract by the customer.

8.4 No extension of time or waiver or relaxation of any of terms of this contract shall operate as an estoppel against any party in respect of its rights under this contract, nor shall it operate to preclude such party thereafter from exercising tits rights strictly in accordance with these trading terms and conditions.

8.5 This contract and all agreements entered between the Company and the Applicant shall be governed by and construed in accordance with the laws of the Republic of South Africa.