Dear Valued Customer,
Thank you for choosing to partner with us. Payment is a crucial step in establishing a successful partnership. To ensure a smooth transaction and adhere to international trade practices, we have established the following payment terms in accordance with the Incoterms® 2020 rules.
Part One: For Order Amounts ≤ US$10,000
Upon receipt of 100% advance payment, we will immediately arrange for production and ensure on-time delivery. This term applies to all customized product orders.
Part Two: For Order Amounts > US$10,000
The following payment schedules apply based on the selected Incoterms:
2.1 For EXW/FCA/DAP/DDP Terms
- Deposit: A 30% advance payment is required upon contract signing to initiate production.
- Balance: The remaining 70% is due after the goods are ready and before shipment or collection.
- Payment Deadline: The Buyer must pay the balance within 15 calendar days of receiving the Notice of Goods Readiness.
2.2 For FOB/CIF Terms
For shipments handled by the Seller's freight forwarder:
- Deposit: A 50% advance payment is required to initiate production.
- Balance: The remaining 50% is due before the goods are loaded on board.
- Payment Deadline: The Buyer must pay the balance within 7 calendar days of receiving the notice of delivery to the shipping line/port and the relevant draft documents.
- Document Release: Upon receipt of the full payment, we will immediately proceed with export procedures and provide the Telex Release or original Bill of Lading.
For shipments handled by the Buyer's appointed freight forwarder:
If the Buyer appoints the freight forwarder, we require 100% of the order amount to be paid in full before the goods are delivered to the appointed agent. The payment schedule is a 50% deposit to initiate production and the 50% balance paid before shipment.
2.3 For Letter of Credit (L/C) Terms
For orders exceeding US$50,000, we may accept an Irrevocable L/C at Sight issued by an internationally reputable bank, subject to mutual agreement.
All L/C terms must be confirmed by us in writing beforehand. The allocation of bank charges must be separately agreed upon in the contract.
Part Three: Supplementary Terms
Overdue Payment: If the balance payment is not made within the agreed period, we reserve the right to suspend the shipment. If the balance remains unpaid for 30 calendar days after the original due date, we may consider the Buyer to be in default and cancel the order. The deposit paid is non-refundable, and we reserve the right to claim for any resulting losses.
Confirmation of Terms: Specific payment terms for all orders will be detailed in the Proforma Invoice (PI). Once the Buyer signs and confirms the PI or pays the deposit, it shall be deemed that the Buyer has agreed to and accepted these payment terms.
We are committed to being your trustworthy, long-term partner. Should you have any questions or wish to discuss more flexible payment solutions, please do not hesitate to contact us via email at [email protected] or speak with your dedicated sales representative.
