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Payment Terms and Conditions

1) Terms of Sale

Clear demarcation of terms of sales will wipe-out any potential chance of misunderstanding or disagreement from any of the parties. Hence, it is of atmost importance to mention the terms of sales like- cost, quantity, single unit cost, delivery date or time of service, payment method or credit, if any.In case of cross-border transactions or deal, client will bear the responsibility of  international transaction,duties or any other regulation makes the payment process trouble-free. The terms of sale needs to be documented before the beginning of the project or before a product sale takes place.

2) Payment in Advance

It is one of the most usual payment terms, where the service provider asks for full or partial payment before the delivery of product or service. The client needs to make the PIA(Payment In Advance) of minimum 30% at the time of initiation of service/work/project/product.

3) Instant Payment

The service provider demands the payment immediately after the delivery of the product or service. It is often referred to as “Cash on Delivery” (COD), or sometimes Payable on Receipt. In the absence of adherence to the term, the deal or delivery is taken as canceled or void.The client needs to make complete pending payment at the time of completion/delivery of the project/work/service/product.

4) Net 7, Net 10, Net 30

There are terms for advance payment when the client is offered credit. It is mentioned as “Net 7” or “Net 30”, which means pay the due after seven or thirty days of the date of the sales bill. Many-a-times incentives are offered to the client in order to prepone the payment by putting in as “2/5 Net 7”. It stands for- “pay in five days and get 2% discount”.

5) Warranty Terms

The invoice illuminates the terms of warranty of product or service and specifies the number of days after which the warranty is not applicable. It should be noted, when the warranty stands void and/or warranty doesn’t mean the return of the product. The warranty terms and conditions must be attached to the invoice. Commonly used terms and conditions of the warranty are: Products damaged during transit will not be covered under the warranty. The product carries a 90 days warranty unless otherwise stated. The product carries only manufacturer’s warranty and no return or exchange will be entertained.

6) Return or Replacement 

All products returned for refund/replacement or extended on credit must be returned in “saleable” condition with original packing. 10% restocking charges are applicable on all non-defective replacements. In case of a damaged product or item received please contact our support number- 9762203269.

7) Late Payment Penalties

If any invoiced amount is not received by the company, by the mentioned due date, then without limiting company’s rights, the following will be applicable. Those charges may accrue late interest @ 2% of the outstanding balance per week or as per the government norms. We may condition future contract renewals/service renewals or suspend our services to the client until such amount is paid in full.

 Basic Terms to Keep in Mind

Few other terms and their short forms to be kept in mind are:

– EOM: End of Month

– CWO: Cash with Order

– CND: Cash Next Delivery

– CBS: Cash before Shipment

 

LATEST UPDATED ON 13/01/2020

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