Terms of Trade

1. Definitions

1.1 Definitions: In this Agreement, unless the context otherwise requires:

Agreement includes any Repair Order and these General Terms and Conditions;

Business Day means a day on which registered banks are open for business in the primary trading location of the Midas Franchisee, excluding Saturdays, Sundays, and public holidays;

Customer means the individual or entity for whom Midas Franchisee is to supply Parts and/or Services in accordance with any Repair Order;

Force Majeure Event means any event or circumstance beyond the reasonable control of Midas Franchisee, including strikes, lockouts, labor disputes, riot, civil commotion, fire, flood, drought, loss or delay at sea, breakdown, or war;

GST means the goods and services tax under the Goods and Services Tax Act 1985; Loan Vehicle refers to any vehicle provided on loan or for hire by the Midas Franchisee to the Customer;

Midas Franchisee refers to the Midas franchise company mentioned in the Repair Order or engagedby the Customer to provide Parts and/or Services;

Midas Group includes Midas New Zealand Limited and any franchise company operating as a Midas Store in New Zealand;

Parts refers to the components supplied by Midas Franchisee to the Customer, either separately or as part of the Services;

Price signifies the payment amount owed by the Customer to Midas Franchisee for the supplied Parts and/or Services, as determined by the applicable rates in the Repair Order, the Midas Franchisee store, or other communications;

Repair Order includes any repair order form, invoice, document, or verbal statement issued by Midas Franchisee to the Customer and accepted by the Customer;

Services encompasses all services provided by Midas Franchisee to the Customer, as specified in the Repair Order or agreed upon by both parties, including any advice and recommendations.

2. Provision of Parts and Services

2.1 Parts and Services: Upon the Customer's payment of the Price, Midas Franchisee agrees to provide the Customer with the specified Parts and/or Services, subject to the terms and conditions detailed below.

3. Price and Payment

3.1 Price: The Customer shall remit the Price to Midas Franchisee in full, without deduction, setoff, or counterclaim, upon the completion of Services or delivery of Parts, and before vehicle collection or delivery

3.2 GST: The parties acknowledge that, unless explicitly stated otherwise, all amounts mentioned in and payable under this Agreement do not encompass GST. Any such amounts must be adjusted for GST if the relevant supply is subject to GST, payable concurrently with the Price.

3.3 Payment: Payment can be made through cash, cheque, electronic banking, credit card (subject to a surcharge), or other agreed methods between the Customer and Midas Franchisee.

3.4 Reimbursable Expenses: Besides the Price, the Customer shall reimburse Midas Franchisee for any legitimate expenses related to the delivery, installation of Parts, or provision of Services.

3.5 Default Interest: If any payment remains overdue, the Customer will be subject to an interest rate of 2% per month, calculated daily, until full payment is received by Midas Franchisee. Charging interest does not imply an extension of credit.

4. Title and Risk

4.1 Passing of Title: Ownership of supplied Parts remains with Midas Franchisee until full payment of the Price and any other owed amounts has been received.

4.2 Possession of Parts: If the Customer possesses any Parts, until full payment has been received, the Customer acts as a bailee and holds the Parts on trust for Midas Franchisee.

4.3 Risk: The Customer assumes the risk of loss, damage, or deterioration to the supplied Parts from the time of collection or delivery.

4.4 Insurance: The Customer is responsible for insuring the Parts for their full replacement value after risk has transferred to the Customer.

4.5 Damage or Destruction: If Parts are damaged or destroyed prior to title transfer, Midas Franchisee is entitled to insurance proceeds, with priorities outlined in the Agreement.

4.6 Application of Insurance Proceeds: Insurance proceeds are allocated to the Price for damaged Parts, other monies due under the Agreement, and any remaining balance paid to the Customer

5. Delivery and Installation

5.1 Delivery: Midas Franchisee will deliver and install the Parts and/or Services at its primary trading location, according to specified delivery dates or within a reasonable timeframe after Repair Order confirmation.

5.2 Delivery Dates: Delivery dates are approximate, and Midas Franchisee is not liable for costs resulting from delays beyond its control.

5.3 Customer Acknowledgements: Customer acknowledges that availability may affect Parts and/ or Services; Midas Franchisee disclaims responsibility for third-party workmanship and quality; test drives or vehicle transport may be required without liability; and Customer should insure vehicles on Midas Franchisee's premises.

5.4 Delay or Refusal to Accept Delivery: Refusal or delay in collecting or accepting Parts and/or Services may incur additional costs for the Customer.

5.5 Inspection: Customer must inspect completed installations within 14 days and report any defects; otherwise, Parts and/or Services are deemed satisfactory.

6. Loan Vehicles (only available at select locations)

6.1 Hire/Loan: Loan Vehicles can only be driven by authorized individuals, with adherence to insurance requirements and care obligations.

6.2 Obligations: The Customer assumes liability for Loan Vehicle damage or loss during the hire/ loan period and agrees to operating and maintenance terms.