Common use of Lien and Security Interest Clause in Contracts

Lien and Security Interest. 14.1 If on demand any person fails to pay charges due to the Company in respect of Services rendered by the Company, the Company shall have a particular and general lien over the Goods and/or any other cargo and/or documents and/or items the property of the Customer, and may sell all or any part of the Goods and/or any other cargo or items the property of the Company by public auction or private treaty without notice to the Customer and out of the moneys arising from the sale retain the charges so payable together with all charges and expenses of the detention and sale, and shall render the surplus if any of the moneys arising from the sale and such of the goods as remain unsold to the person entitled thereto. In addition, the lien shall cover the costs and expenses of exercising the lien and of such a sale including reasonable legal costs. 14.2 Without limitation to other rights of the Company, from the time the Goods are in possession of the Company or a subcontractor, the Goods are subject to a continuing security interest in favour of the Company for payment of all amounts due and owing by the Customer under these Conditions. To the extent permitted by law, the Customer and the Company agree pursuant to section 115 of the PPSA AU to contract out of sections 96 and 120 of the PPSA AU and that the Customer irrevocably waives any right it has to receive notices under sections 95, 118, 121(4), 124(4), 125, 130, 132(3)(d), 132(4), and 135 of the PPSA AU, redeem the Goods under section 142 of the PPSA AU, reinstate these Conditions under section 143 of the PPSA AU and receive a verification statement under section 157 of the PPSA AU. The Customer will not grant a security interest to another person, or allow any encumbrance to arise, in respect of the Goods. 14.3 Without limitation to other rights of the Company, from the time the Goods are in possession of the Company or a subcontractor, the Goods are subject to a continuing security interest in favour of the Company for payment of all amounts due and owing by the Customer under these Conditions. To the extent permitted by law, the Customer and the Company agree to contract out of; ss 96, 107, 120 of the PPSA NZ and the Customer irrevocably waives any right it has to receive notices under PPSA NZ, redeem the Goods under section 132 of the PPSA NZ, reinstate these Conditions under section 133 of the PPSA NZ and receive a verification statement under section 145 of the PPSA NZ. The Customer will not grant a security interest to another person, or allow any encumbrance to arise, in respect of the Goods. 14.4 Nothing in this clause 14 shall be deemed as an election by the Company as to its lien or security rights. The Company may exercise either common law or statutory rights at its sole discretion.