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IMDS’ management and personnel shall aim to follow this policy.  Interested and third parties can use this policy as a guide. 

This policy applies guiding principles for credit and debt management including accounts payable (petty cash, supplier tax invoices, wages, salaries), and accounts receivable (customer fees, customer fees paid in advance withheld in a trust account and drawn down on a monthly basis to cover operating costs).

1. Where a product (tangible – art, crops, boats, machinery, shares, art; financial; general) and services (intangible - intellectual property and contract rights) can be offered as security for a loan and therefore listed on Personal Property and Securities (PPS) Register by notice to Insolvency and Trustee Service Australia (ITSA) [Personal Property & Securities Act (Commonwealth) 2009}.  If a debtor goes into bankruptcy or is placed in liquidation, the creditor shall be placed ahead of unsecured creditors for payment.

2. Use of a fully-secured, flexible, online real-time third party Software as a Solution (SAAS), for payment, for example, BPAY.

3. Payment shall be in Australian currency (cash, cheque, credit card or electronic funds transfer) within seven (7) days of the Tax Invoice Issue Date.  Failure to pay fees may result in one or more of the following actions:

(i)   Late payment interest charge of 2% per month compounded to 24% per year on the overdue amount from the date the amount is due to the date it is paid in full.  A minimum charge of AU$20.00 applies.

(ii)  After close of business on the fourteenth (10 working) days, outstanding fees, expenses and interest will be a debt due and payable by the Customer and if IMDS engages debt recovery services, the fees, interest and recovery expenses will be payable by the Customer/Student on demand.

4. Conduct sound practices focussed on customer satisfaction and continual improvement.  Documentation produced from credit and debt management processes shall include:

(i)    Credit Application Form, Direct Debit Authority Form, Director's Personal Guarantee, and Customer Agreement (for projects valued at $25,000+);

(ii)   short/long-term plans – Business Plan with cascading Financial Plan; and

(iii)  regular reports – monthly Balanced Score Card, monthly Profit and Loss Statement, and Annual Report.

This policy commitment for management, personnel (employed staff & sub-contracted suppliers), customers (students), interested parties (visitors) and third parties (accredited conformity and government assessment body representatives) is essential.

Managing Director, 24 January 2014