1 The title of ownership and the property of the goods shall remain vested in Penny Banks & Co until the buyer has paid the contract price in full when purchasing goods. 2 When goods are purchased / hired, if payment is overdue, Penny Banks & Co may recover any of all such goods and may without let or hindrance enter the buyers/hirers premises / venue for this purpose. 3 From the advised due date of payment until the settlement is made there will be a 5% interest charge. 4 The buyer / hirer shall examine goods on delivery; any faults must be reported to Penny Banks & Co within 1 day of delivery. 5 At all events the hirer stands responsible for the safe care and full value of the goods from delivery until collection by Penny Banks & Co or a representative of Penny Banks & Co. 6 If goods are damaged, lost or stolen during the hire period, a charge will be incurred for the full purchase cost. 7 When a VAT invoice has been issued due to overdue payment on a Proforma invoice, settlement must be made within 7 days of the invoice date or a 5% surcharge can be incurred at Penny Banks & Co discretion. 8 Orders placed less than 7 days before delivery will be subject to 20% surcharge. 9 Goods are supplied by Penny Banks & Co only subject to these terms and the buyer / hirer accepts these terms govern all contractual relationships between them to the exclusion of any terms contained in any of the buyers / hirers documents. 10 No employees or other person acting or purporting to act on behalf of Penny Banks & Co is authorised to agree or effect any alterations in these terms save that a director of Penny Banks & Co, may in writing agree any amendments or alterations. 11 Should you cancel your confirmed order you will be subject to cancellation charges. 12 Pro Forma invoice - full payment must be made prior to goods being delivered. 13 VAT invoices - payment terms are strictly 30 days from date of invoice.