Common use of PAYMENT TERMS Clause in Contracts

PAYMENT TERMS. Unless stipulated otherwise, invoices are payable net, without discount, 30 days from the invoice date, by bill of exchange or bank transfer to the seller's head office. The seller reserves the right to grant payment schedules subject to acceptance of the application by the credit insurance organization of its choice, or its personal judgement. The seller also reserves the right to demand that the buyer settle all sums owed in the event that the credit insurance firm reduces or withdraws its cover, or for any other reason suggesting a risk of non-recovery of the receivables.