Our Credit Policy

As clearly defined in the C.I.F.F.A. “Standard Trading Conditions”, Gillespie-Munro can act as an agent or a principal.

In those instances where we act as an agent, the contract of carriage exists between the carrier and the principal. In view of this, there is no need for us to enter into any contractual credit arrangements with the carrier, as these should already exist between the contracted parties.

In consideration of the fact that the vast majority of carriers allow for anywhere from 7 to 25 days’ credit, Gillespie-Munro Inc. requires payment of freight within 15 days from vessel sailing date. This allows most firms to receive and process our invoices, and for us to be in receipt of funds within 15 to 25 days.

In the case of those situations in which Gillespie-Munro acts as a principal, credit terms are 15 days.

As a new client, our accounts department has instructions to contact a representative of your firm to establish credit information, the extent of which is limited to number of years in business, references, and details as to your corporate banking, i.e. name of bank, branch, telephone, and contact party.

It is considered merely good business practice to ensure the credibility of our clientele, and we offer to our clients the same sources of information should they wish to verify equivalent information concerning our company.


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