Abstract Solution co

Payment Terms

1. The Customer shall pay a deposit of 50% with confirmation of order unless Abstract Solutions otherwise agrees.

2. The Customer shall pay by cash, cheque or Electronic Funds Transfer (EFT) into Abstract Solutions’s bank account on or prior to Delivery for all goods sold unless the Abstract Solutions otherwise agrees.

3. If Abstract Solutions agrees to extend credit to the Customer, the Customer shall make full payment within fourteen (14) days of the date on the relevant invoice.

4. Time for the payment shall be of the essence. If the Customer fails to make payment in accordance with this clause, Abstract Solutions shall, in addition to all its other rights be entitled to:

   • suspend the supply of Work.

   • revoke any credit extended to the Customer;

   • charge default interest at the rate of 1.5% per month calculated on monthly balances on any money due but unpaid to be computed from the date due for payment;

   • treat the Contract as repudiated;

   • pursue the Customer for recovery of all outstanding money in a court of competent jurisdiction;

   • recover all costs associated with the collection of overdue amounts including but not limited to legal fees, disbursements and other costs.

5. If the client terminates the project at any time for any reason, Abstract Solutions Co reserves the right to charge for works up to date of termination including margin.

6. Liquidated and/or consequential damages are to be discussed and agreed.