By using the AirFaas Platform, you and the legal entity you represent (the User) agree to these Terms of Service. Please read the following Terms of Service carefully before using the AirFaas Platform. If you do not agree with the Terms of Service, please do not use the AirFaas Platform. These Terms of Service apply to any use of the AirFaas Platform and to the Transactions between a Supplier and a Customer executed via AirFaas Platform. A more detailed description of the AirFaas Platform and information on system requirements is available at www.airfaas.com. Kindly note, that AirFaas Platform is only available for use on behalf of legal entities, and a credit report may be obtained by AirFaas for any legal entity, registering as a User. As an individual registering as representatives of a company, association or any other legal entity, you represent and warrant that you are authorized to bind the entity into these Terms of Service.
“AirFaas” means the AirFaas Oy's platform business, (Business ID 3179643-5, VAT code FI31796435), Heikkiläntie 7, 00210 Helsinki, Finland.
“AirFaas Platform” means both the AirFaas website www.airfaas.com and the AirFaas platform service.
“Customer” means a legal entity, which orders and purchases goods and services through AirFaas Platform for use in commercial activities.
“Partner” means a User that is using AirFaas free of charge, with limited functionality, to react to transactions initiated by other Users.
“Supplier” means a Supplier, OEM producer or other provider, which offers its goods and services, as applicable, through the AirFaas Service.
“Transaction” means a binding agreement for purchase of products and services, entered into through use of AirFaas Platform between a Customer and a Supplier.
“User” means a Supplier, a Customer, or other legal entity using the AirFaas Platform.
Company name: AirFaas Oy
Trade name: AirFaas
Geographical and correspondence address: Heikkiläntie 7, 00210 Helsinki, Finland
VAT identification number: FI31796435
E-mail address: firstname.lastname@example.org
Time at which AirFaas can be contacted: 9 - 17 (UTC + 2)
Information about the identity and products and services of the Suppliers will be provided through the AirFaas Platform.
Terms described in this annex A are applied in the Transactions, concluded through AirFaas Plat-form between the Customer and the Supplier, unless specifically otherwise agreed between the said parties in the Transaction concluded through AirFaas Platform.
Prices and Title
Responsibilities and Liability
1.1 The definitions in AirFaas User Terms of Service apply.
1.2 These specific terms for Finance Loop are automatically incorporated into and constitute a part of any Pur-chase Agreement the Users conclude in AirFaas Platform, if the Finance Loop is used in the Purchase Agreement.
1.3 The AirFaas Finance Loop is a credit insured financing arrangement, enabling safer transactions for the Us-ers of AirFaas Platform. Finance Loop allows to pay a maximum of 30% (confirmed Order value) prepay-ment for Orders made through the AirFaas Platform by short-term intermediary trade and subsequent factor-ing, reducing the Customer´s need for cash at placing Order, granting additional payment time and reducing the Factory´s risks with initiating projects. Further, Finance Loop protects all parties of a Purchase Agree-ment for up to 90% of their incurred actual material and labour costs in case of insolvency of the other party of Purchase Agreement. This means the Factory is protected in case of Customer insolvency and the Cus-tomer is protected in case of Factory´s insolvency. In essence, when a transaction is approved for the Fi-nance Loop, AirFaas becomes, for the duration of Finance Loop service, a party to the Transaction between the Factory and the Customer. Thus, during this period AirFaas acts temporarily as a customer to the Facto-ry and as supplier to the Customer, taking prepayment of the Order on its balance.
1.4 It is not possible to obtain either the intermediary prepayment financing or credit insurance alone, both ele-ments are essential parts of Finance Loop and not provided by AirFaas on stand-alone basis.
1.5 Finance Loop service is a coordinated effort among AirFaas, Euler Hermes and Nordea Bank. Credit insur-ance is provided by the world’s largest credit insurance company, Euler Hermes and the prepayment financ-ing is provided by Nordea Bank via AirFaas.
a) The Users involved in use of Finance Loop must be registered in the AirFaas Platform. Finance Loop is available only through AirFaas Platform.
b) The User and its counterparty in the Purchase Agreement must be credit approved by Euler Hermes credit check through AirFaas Platform. The credit report may be obtained at initial registration of the User to AirFaas, if the User pays a registration fee, and it is always obtained when a party to Pur-chase Agreement applies for use of Finance Loop. In case credit approval is denied by Euler Her-mes, Finance Loop is unavailable to the User, but it may continue to use other features of the AirFaas Platform.
c) The Order for products and services to be financed through Finance Loop must be duly registered in AirFaas PO/SO Loop by the User.
d) The Order and its transfer to Finance Loop process must be accepted by both the Customer and the Factory in the AirFaas Platform. AirFaas grants its own approval for the Finance Loop at its own discretion, depending i.a. on availability of external financing to AirFaas, credit rating of the parties involved, complexity of the order and other factors, which may in opinion of AirFaas affect the risk profile of the Order. If no additional information is needed for approval, AirFaas should approve the Order for Finance Loop within seven (7) days from submitting it for approval by the User. If no ap-proval or request for additional information is received within seven (7) days from AirFaas, the Order is considered rejected from Finance Loop.
e) Once the Order is approved by AirFaas for the Finance Loop, the Customer and the Factory may not amend or cancel the Order without explicit approval of AirFaas. In case any monies have been paid by AirFaas in approved Finance Loop Order, such order may be cancelled by the parties only after all the sums, paid by AirFaas, added with its fees, are returned to AirFaas.
f) Additional confirmation of the identity and signatory rights of the representative of the User submit-ting Order for approval to Finance Loop, or additional information on the ultimate beneficiaries of the Customer or the Factory involved in the transaction may be requested by AirFaas. Failure to provide such requested additional information leads to refusal of Finance Loop service.
3. Transport Insurance
3.1 The Users submitting the Order for Finance Loop approval commit to ensure that either the Customer or the Factory obtains a transport insurance for the products purchased using Finance Loop for the transportation of the products under the terms of the Purchase Agreement. The parties to the Purchase Agreement may choose the transport insurance provider and division of the transport insurance costs between the Customer and the Factory at their own discretion, or use their existing transport insurances, but the transport insurance must cover at least the full Order value of the products +10% and transport costs. Finance Loop credit in-surance does not cover damages occurred to the products during transportation or production.
4. Specific Terms of AirFaas Finance Loop
4.1 When the Finance Loop is used, AirFaas acts as an intermediary purchaser between the Factory and the Customer, and the owner of the Order, for the duration of Finance Loop financing, i.e. until the Order is not fully paid by the Customer pursuant to these terms and the terms agreed in the Purchase Agreement. Thus, the prepayment AirFaas makes to the Factory for the Order is a receivable from the Factory on the AirFaas´ balance, which is, at the end of duration of Finance Loop period, sold to the Customer for its nominal value added with the costs of Finance Loop elaborated below.
4.2 Finance Loop prepayment amounts to 30% of the mutually confirmed Order value, or any such smaller per-centage of the confirmed Order value as agreed by the Customer and the Factory and approved by AirFaas in AirFaas Platform.
4.3 The prepayment under Finance Loop is paid by AirFaas to the Factory when the use of Finance Loop for particular Order is approved by AirFaas, and the Purchase Agreement for manufacturing of Order using Finance Loop is approved in the AirFaas Platform by both the Customer and the Factory.
4.4 The basic cost of Finance Loop service is 0,45% of the full approved Order value. This includes the interest for 30% prepayment with up to forty-two (42) days’ pay-back time as well as expenses for back to back credit insurance. If a longer payment time is requested by the Customer in Finance Loop of AirFaas Plat-form (up to 85 days from the date of prepayment is possible), an additional cost of 0,1% of the full ap-proved Order value is charged for each beginning seven (7) days’ period after the initial forty-two days.
4.5 Default duration of the Finance Loop is forty-two (42) days from the date of prepayment, and extended duration of up to eighty-five (85) days from the date of prepayment in total is possible upon preliminary Approval by AirFaas. In case the payment is delayed beyond agreed duration, AirFaas charges default in-terest of 0,3% of the full confirmed Order price for each starting seven days of delay, and has a right to initiate legal collecting process in the court against the Customer immediately when the repayment is de-layed beyond 85 days from the date of prepayment.
4.6 When the Finance Loop is used, The Customer must pay the entire agreed purchase price of the Order by using the payment functionality of the AirFaas Platform. AirFaas collects all payments from the Customer on behalf of the Factory. Repayment of Finance Loop prepayment and cost of Finance Loop service is withheld by AirFaas from the sums payable by the Customer.
4.7 If the payment is not conducted pursuant to 4.4 and 4.5 above, AirFaas has a right to deduct any outstand-ing sums from any other payments of the parties involved, conducted through the payment service of AirFaas Platform.Further, in such case AirFaas has the right to publicly show in the User information of the User in delay in the AirFaas Platform, that the User in question is showing payment difficulties and has overdue payments.
4.8 AirFaas retains the title to the Order until it is fully paid by the Customer.
4.9 Default interest, provided for in 4.5 above is payable directly by the Users to AirFaas, without prejudice to possible other delay sanctions and division of the liability for delays agreed between the Users in the Pur-chase Agreement. In case of substantial delay, the default interest does not preclude AirFaas from seeking the actual damages, exceeding the accrued interest, from the Users.
4.10 In case the delivery of the Order has not happened within the payment period agreed pursuant to 4.4 and 4.5 above, and the Users have not paid the Finance Loop receivables to AirFaas, AirFaas has a right to unilater-ally terminate the Order in question and claim all damages related to termination from the Users involved, who shall be jointly and severally liable to indemnify AirFaas for such damages, irrespective of the cause of delay. AirFaas shall have a right to deduct its Finance Loop receivables fully from any of the funds Users involved transfer through AirFaas Platform and may block any further AirFaas services from the Users in-volved until all its receivables are fully paid.
4.11 In case the Order, delivered by the Factory that has received a Finance Loop prepayment, is not accepted by the ordering Customer due to claimed quality issues or other nonconformity to the Purchase Agreement between the Customer and the Factory, and the parties to the Purchase Agreement have not paid to AirFaas its Finance Loop receivables, AirFaas has a right to unilaterally terminate the Order in question and claim all damages related to termination from the Users involved, who shall be jointly and severally liable to indemni-fy AirFaas for such damages, irrespective of the cause of non-payment by the Users. AirFaas shall have a right to deduct its Finance Loop receivables fully from any of the funds Users involved transfer through AirFaas Platform and may block any further AirFaas services from the Users involved until all its receivables are fully paid.