⚖️ POLICIES
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PAYMENT POLICY
PAYMENT POLICY
A payment policy is a set of rules that explains how and when customers must pay for products or services.
At HiBBQ, we are committed to fostering strong and reliable business relationships with all of our customers while ensuring the seamless operation of our business activities. To achieve this, we maintain transparent and efficient transaction processes that are essential to the mutual success of both parties. Whether dealing with agents, wholesalers, or retail customers, our payment terms are carefully designed to promote fairness, operational efficiency, and a clear understanding of each party's rights and obligations. The following payment terms apply to each customer group and are intended to support a stable and mutually beneficial business relationship.
The specific policies are as follows 🔻
The specific policies are as follows 🔻
This Payment Policy ("Policy") governs the terms and conditions for payments made to [HiBBQ] ("Company") by its agents, wholesale customers, and retail customers (collectively, “Customers”). By entering into a business transaction with the Company, the Customer agrees to adhere to the terms set forth herein.
1. AgentsAgents are afforded two distinct payment options, as outlined below. The Company reserves the right to modify these terms at its discretion, upon providing reasonable notice to the Agent.1.1 Payment Option 1: Monthly Settlement• Agents shall remit payment to the Company once per calendar month, based on the actual quantity of goods sold during that period. The Agent is required to submit a detailed sales report to the Company, which shall form the basis for calculating the payment amount.• Payment is due within 5 days following the issuance of the monthly sales invoice by the Company.Rationale:o This option provides Agents with flexibility and enables them to manage their cash flow more effectively.o By settling only for goods sold, the Agent avoids being charged for unsold inventory.1.2 Payment Option 2: Full Settlement Upon Subsequent Delivery• The Agent may also choose to remit full payment for previously delivered goods prior to or upon the next delivery. All outstanding balances must be settled in full before new deliveries are made by the Company.Rationale:o This option ensures that the Agent manages its inventory responsibly by clearing outstanding balances before requesting additional stock.o It promotes a steady supply chain, as uninterrupted payment facilitates prompt and consistent delivery of goods.1.3 Payment Methods:• Payments under both options must be made via bank transfer or cash.• Checks are not accepted as a form of payment due to security and clearance risks.
2. Wholesale Customers2.1 Payment Terms• Wholesale customers are required to remit full payment within five (5) days of the invoice issuance date.• The Company reserves the right to refuse acceptance of a new order if any previous invoices remain unpaid at the time of placing the new order.Rationale: o These terms are designed to maintain the Company’s operational efficiency and cash flow, ensuring the ability to meet inventory demands and provide ongoing service to wholesale customers. o Enforcing these terms allows the Company to operate fairly and consistently across its customer base.2.2 Payment Methods
1. AgentsAgents are afforded two distinct payment options, as outlined below. The Company reserves the right to modify these terms at its discretion, upon providing reasonable notice to the Agent.1.1 Payment Option 1: Monthly Settlement• Agents shall remit payment to the Company once per calendar month, based on the actual quantity of goods sold during that period. The Agent is required to submit a detailed sales report to the Company, which shall form the basis for calculating the payment amount.• Payment is due within 5 days following the issuance of the monthly sales invoice by the Company.Rationale:o This option provides Agents with flexibility and enables them to manage their cash flow more effectively.o By settling only for goods sold, the Agent avoids being charged for unsold inventory.1.2 Payment Option 2: Full Settlement Upon Subsequent Delivery• The Agent may also choose to remit full payment for previously delivered goods prior to or upon the next delivery. All outstanding balances must be settled in full before new deliveries are made by the Company.Rationale:o This option ensures that the Agent manages its inventory responsibly by clearing outstanding balances before requesting additional stock.o It promotes a steady supply chain, as uninterrupted payment facilitates prompt and consistent delivery of goods.1.3 Payment Methods:• Payments under both options must be made via bank transfer or cash.• Checks are not accepted as a form of payment due to security and clearance risks.
2. Wholesale Customers2.1 Payment Terms• Wholesale customers are required to remit full payment within five (5) days of the invoice issuance date.• The Company reserves the right to refuse acceptance of a new order if any previous invoices remain unpaid at the time of placing the new order.Rationale: o These terms are designed to maintain the Company’s operational efficiency and cash flow, ensuring the ability to meet inventory demands and provide ongoing service to wholesale customers. o Enforcing these terms allows the Company to operate fairly and consistently across its customer base.2.2 Payment Methods
- Payments may be made by bank transfer or cash. The Company does not accept checks as a valid payment method due to risks associated with non-payment and delays in clearance.
- Retail customers are required to make full payment at the time of pickup of goods. Goods will not be released without full payment being received.
- Retail customers may make payments via bank transfer or cash. Checks will not be accepted for retail transactions.
- The Company reserves the right to suspend further deliveries, refuse new orders, or terminate the business relationship with the Customer, at its sole discretion.
- The Company may charge late payment fees or interest on overdue amounts, calculated at a rate of 5% per annul or the maximum rate permitted by law, whichever is lower.
- In cases of non-payment, the Company may seek legal remedies, including but not limited to, engaging in debt collection proceedings or pursuing claims in a court of competent jurisdiction.
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