By accepting our offer to purchase an Accounts Receivable on the Billtrader platform, you sell (by way of assignment) all rights, title and interest to such Accounts Receivable to Billtrader on the date of settlement. Billtrader will pay you the proposed purchase price for such Accounts Receivable to your nominated account on the settlement date stated in the relevant offer. Billtrader will then collect the relevant amounts due under the Accounts Receivable on its own behalf.
For the avoidance of doubt, Billtrader will only purchase the rights in respect of an Accounts Receivable and you shall remain fully liable to comply with any obligations you may have towards the relevant foreign IP firm.
You agree to hold on trust for Billtrader any Accounts Receivable or related rights which are not transferred to Billtrader for any reason whatsoever on the relevant settlement date in full and any amounts you receive in respect of such Accounts Receivable. To the extent you receive any payment in respect of an Accounts Receivable sold on the Billtrader platform, you shall notify Billtrader of such receipt within 5 business days, and will forward such payments to Billtrader within 20 business days of receipt, failing which you authorise Billtrader to subtract the amount paid to you from the total of your next trade.
Except as expressly provided for below, all amounts due from Billtrader to you and all amounts due from you to Billtrader (whether in respect of Accounts Receivable or otherwise) shall be paid in full without any set-off, counterclaim, deduction or withholding (other than any deduction or withholding of tax as required by applicable law).
If any representation or warranty above is not true or correct on the date it is given, Billtrader may elect by written notice to require you to repurchase the affected Accounts Receivable(s) for the purchase price paid in respect of such Account Receivable(s) (less any collections it has subsequently received in respect of such Account Receivable(s)). The relevant notice will specify the date on which the payment for such repurchase will be due from you and the account which it should be paid to. The relevant Account(s) Receivable will transfer on the date such payment from you is received in full.
Prior to the delivery of notice from our financial partners that they have taken over the collection of Accounts Receivable sold by you, we may set-off the amount due to be paid by you in respect of a repurchase against any purchase price we owe you for the purchase of further Accounts Receivable.
The aim of your Billtrader account is to enable you to process your IP firm invoices efficiently. It is not to allow you to set up a competitive business to Billtrader by copying our systems, software and processes. By registering at billtrader.com you are agreeing not to copy our intellectual property without our prior written permission. Billtrader is developing new intellectual property all the time, but in addition to the text and images on this site which are protected by copyright, BILLTRADER and the BILLTRADER logo are registered trade marks and many aspects of our software platform are covered by eleven national patent applications which derive from PCT application No PCT/AU2016/050470.
Billtrader will only purchase an Accounts Receivable where the debtor is a reputable IP firm:
When you place a trade on the Billtrader platform in respect of Accounts Payable invoices, you represent and warrant (on each day until the payment of that Accounts Payable in full) you will pay Billtrader the total of the trade on or before the settlement date, bearing any bank fees for the transfer.
(b) Our Fee Schedule is available upon request and we will notify you from time to time if these fees change.
During the ordinary course, we will continue to collect the Accounts Receivable and our financial partners will not be involved. However, our financial partners will give you notice if they intend to take over such collections and you should follow the instructions of any financial partner we have notified to you. In certain circumstances our financial partners may have the right to exercise all rights granted to Billtrader under these terms and conditions and you agree to execute and deliver such further documents as may reasonably be required to transfer or acknowledge the transfer of such rights.
These terms and conditions and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with them or their subject matter shall be governed by and construed in accordance with the law of England and Wales.
At first instance, please raise any dispute you may have with us by emailing [email protected] We will try to resolve all disputes efficiently and to your satisfaction. However, if we are unable to do so, any dispute arising out of or in connection with these terms and conditions, including any question regarding their validity or termination, shall be referred to and finally resolved by arbitration under the London Court of International Arbitration Rules, which rules are deemed to be incorporated by reference into these terms and conditions. The number of arbitrators shall be one. The seat, or legal place, of arbitration shall be London although any arbitral proceedings may physically take place in a different location selected in accordance with the rules. The language to be used in the arbitral proceedings shall be English.
Our aim is to get you started without too much paperwork. Once you have traded over US100,000 / EUR100,000 / AUD100,000 with us, we reserve the right to request copies of your financials to help us decide whether to provide you with further funds.