Payment Before Shipment Sample Clauses
The 'Payment Before Shipment' clause requires the buyer to pay for goods in full before the seller dispatches or ships the products. In practice, this means that once an order is placed, the seller will not initiate delivery until payment has been received and confirmed, often through bank transfer or other agreed-upon methods. This clause primarily protects the seller from the risk of non-payment and ensures that they do not incur shipping costs or part with goods without financial security.
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Payment Before Shipment. Unless otherwise agreed in a writing signed by Arcadia’s Credit Manager, Buyer shall pay half (50%) of the purchase price of Products ordered by Buyer before Arcadia is obligated to begin performance required by the Buyer’s purchase order. This 50% advance-payment requirement may only be waived, in writing, by an Arcadia manager, but any such waiver with respect to orders over $20,000 shall be null and void unless waived by both Arcadia’s Credit Manager and one other Arcadia Manager. Arcadia may, in its sole discretion, extend credit for the remainder of the purchase price until production is completed. If Buyer’s order includes Shop Drawings, 10% of the sales price shall be paid to Arcadia before Arcadia will begin preparing the Shop Drawings and an additional 40% of the sales price must be paid before Arcadia commences production. The 10% advance-payment for Shop Drawings is not refundable under any condition. Buyer shall pay the remaining purchase price balance to Arcadia at least three days before shipment. Arcadia is not required to ship the Products until it has received the full purchase price, unless credit for the remaining unpaid portion of the purchase price has been granted to Buyer, in a writing signed by Arcadia’s Credit Manager or general manager. If such credit is granted, payment of the balance, without any discount, is due within 30 days of the date of Arcadia’s invoice.