National Credit Act 34 of 2005 as amended from time to time

“Credit”, when used as a noun, means-

(a) a deferral of payment of money owed to a person, or a promise to defer such a payment; or

(b) a promise to advance or pay money to or at the direction of another person;

“Credit provider”, in respect of a credit agreement to which this Act applies, means

(h) the party who advances money or credit to another under any other credit agreement

“Secured Loan” - means an agreement, irrespective of its form but not including an instalment agreement, in terms of which a person-

(a) advances money or grants credit to another, and

(b) retains, or receives a pledge or cession of the title to any movable property or

other thing of value as security for all amounts due under that agreement;

“Credit Facility”- An agreement, irrespective of its form constitutes a credit facility if, in terms

of that agreement ;

(a) a credit provider undertakes-to pay an amount or amounts, as determined by the consumer from time to time, to the consumer or on behalf of, or at the direction of, the consumer; and

“GCC” – General Conditions of Contract for Construction Works

“JBCC” – Joint Builder Contracts Committee

“FIDIC” - A FIDIC Contract is a standard contract that has been designed for a diversity of construction and mechanism projects, because in essence, constructing any project around the globe will always have the same main principles.

“NEC” - NEC is a family of contracts that facilitates the implementation of sound project management principles and practices as well as defining legal relationships. It is suitable for procuring a diverse range of works, services and supply, spanning major framework projects through to minor works and purchasing of supplies and goods.