Objective:
MEDS considers limited credit facility to selected Clients in order to facilitate smooth business transactions. This is administered as detailed here below.
To whom can credit be extended:
Only Church Health Facilities duly registered with either CHAK or KEC. However, other Clients are equally welcome to buy their medical requirements from MEDS but shall be restricted to cash terms only, unless there is sufficient deposit to cover the credit extended.
How to obtain credit :
- Must have attained an average monthly purchase of drugs and medical supplies from MEDS in excess of Kshs. 30,000/= per month for the six months preceding the credit application; any irregular purchase patterns will jeopardize extension of the credit facility.
- Make a written application to MEDS requesting to be considered to make purchases on credit.
- MEDS shall acknowledge successful applications enclosing a "credit application form" to be completed and returned together with:
- A valid certified copy of registration document with the Secretariat i.e. CHAK or KEC
- Evidence of existence of a bank account.
The credit period:
MEDS shall grant credit to approved Units for a period NOT exceeding THIRTY (30) DAYS from the date of invoice.
Administration of the credit facility:
- Amount of credit extended at any one time shall be limited to the approved credit limit, once exceeded, further purchases shall be on cash until the credit conditions are met.
- Any changes in the composition of Management, Board, Financiers, Guarantors, Donors, Etc of the Unit should be advised to MEDS accordingly as appropriate.
- Narrative report and audited financial statements of the Unit should be submitted to MEDS as soon as possible, not exceeding four months after the financial year end.
Termination of credit facility:
Either party, for any reasons, can give 30 days written notice of intention to terminate the credit facility. Thereafter, all monies outstanding shall be summarily payable notwithstanding the credit period.
