Payment
Terms of payment (unless otherwise specified in writing) are to be 100% advance by way of a cheque or NEFT along with the purchase order. Further details of Scientiquipp's terms of payment may be obtained through the Finance Dept.
In the event the purchaser fails to pay the invoice within thirty (30) days from the date of the invoice, purchaser shall pay seller interest on such delinquent payment at one and one-half percent (1.5%) per month, compounded monthly, or the highest rate permitted by law, whichever is less. Payment of interest shall not excuse delay in, or failure of, payment of principal. Any cheques returned for non-sufficient funds and any stopped or reversed payments shall be subject to a fee.
If required by the seller, Purchaser will cause an irrevocable letter of credit to be established in favour of seller on a bank approved by the seller. Seller is entitled to charge costs associated with the letter of credit to Purchaser's account. Performance schedules are conditional upon receipt of the letter of credit within thirty (30) days of award.
Purchaser agrees to furnish Seller with any requested credit information. Purchaser's credit limit will be set at Seller's sole discretion and may be modified at any time based upon Purchaser's credit risk as determined by Seller. In the event that Purchaser's credit risk increases, or Purchaser fails to pay timely, Seller may suspend performance and/or require alternative payment methods.
Purchaser shall notify Seller of any items disputed in good faith relating to an invoice within fifteen (15) days after the invoice date in writing, specifying the nature of the disputed item, but in no event is Purchaser entitled to withhold or set off any invoiced amounts without Seller's prior written approval.
In the event it becomes necessary for Seller to refer Purchaser's account to a third party for collection, or for Seller to take other enforcement action of this Agreement against Purchaser, then: (a) Purchaser agrees to pay any and all attorney and arbitrator fees, lien filing fees, collection costs and legal expenses associated therewith incurred by Seller; and (b) Purchaser agrees that the Limited Warranty Statement, as referenced herein, shall immediately become null and void and will only be reinstated upon payment of the outstanding fees, arrears interest, and a Rs. 3,500.00 reinstatement fee.