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Need for Payment Terms and Conditions
Clearly defined payment terms and conditions bring clarity in many aspects for both the parties:
1) Better Understanding
2) Governing Laws
3) Smooth Operations
4) Consequences in case of Non-Compliance
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 utmost 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.
This is most important during cross-border transactions or deals. Mentioning the “responsibility” of international taxes, duties, or any other regulation makes the payment process trouble-free.
Domestic Payment Terms (within India):
1. Orders less than invoice value of 50000/- has to pay in advance completely via methods provided on the site/platform.
2. Orders more than invoice value of 50000/- have split up in 30%-70% and 30%-50%-20%. 30% needs to pay in advance which is non-refundable and pending (50 or 70)% needs to be paid on once production of your order starts or 30% of your order is completed. Production time will totally depend on quantities, items ordered, previous payment summary, and previous relation with the vendor and many other factors.
3. Our team will follow-up with the vendors about pending amount and deadlines. Ideally complete process takes 2-4 weeks time for the completion of orders but eventually it totally depends on quantities, items ordered and other factors. Vendor’s needs to strictly adhere to the payment terms and pending amount should be paid within mentioned deadlines.
4. Our team will follow-up maximum 3 times and up to 4 weeks. Company is liable to take 5% interest on pending invoice value per month in case deadline is missed.
5. Non-payment of pending amounts on deadlines even after several follow-up in such worst cases company will send goods with respect to the 30% of the invoice value. Company will have total authority to send whichever goods they want from the invoice with respect to the 30% of invoice value. For e.g. Buyer has paid 30% of the invoice value for 5 items A, B, C, D, and E. As per above scenario company has authority to send A & B or A, C & E..etc. to cover 30% of the invoice value.
6. Supposed vendor has crossed deadlines for payment and after certain days they are ready to pay pending invoice amount but cost of the items has been changed comparing with the cost at the time of booking. Company has full authority to apply new cost if required.
7. Company reserves right to reject your order anytime, for any reason.
8. Due to some unforeseen circumstances if certain items are not manageable from our side then in that case our company has authority to process your partial order as well.
International Payment Terms (out of India):
5 types of payment methods and terms:
1. Advance Payment : Most preferred
2. letter of credit
3. documentary collections
4. open account
5. consignment
Any additional charges like bank fees, payment gateway charges...etc. will be borne by other party (buyer). Advance payment is preferred in small international orders. Shipping charges will be additional and those charges will be shared by our team based on the quantity, items ordered, delivery region and other factors. We have given approx. weight of the items so you can consider those weight roughly and check prices based on the weight to your location with reliable courier companies like DHL, Aramex, FedEx...etc. Other option is based on our confirmation you can arrange shipment (pickup) from our warehouse from your end.
In case of Bulk international orders where we need to use sea freight for the shipment; payment terms will be mutually understood. Company will check and set percentage of the price which needs to be paid before production starts. Set of percentage needs to be paid after production and before shipment. Set of percentage will be decided based on quantity, items ordered and many other factors. But percentage split-ups will be shared upfront with the other party and based on their confirmation only order will be accepted. 30%-70% & 30%-50%-20% are the split ups preferred by the company. Payment split ups will be shared over email by our team to the party. You can reach our team for any clarifications or questions in the working hours.
All Domestic Payment terms and policies are also applicable here in International payment terms.
Our company has provided crystal clear information about the products and its application. All items are manufactured as per Indian terms and specifications. Suppose if you’re ordering any automobile items its buyer’s responsibility to understand specifications and compatibility and then order it. Whether that particular part will be compatible in their models or not. Because in case of any issues company is not liable to provide any return/exchange/refunds. You can reach our customer support in case of any clarifications.
In short all payments are expected on or before due dates.
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Vyapar365.com a unit of MantraTek is a largest Automobile B2B platform, designed specifically for small, medium & big businesses in India and abroad.