Agreement on Payment Terms made on 08 May 2024

Between

PARTY_1_NAME of PARTY_1_ADDRESS_SINGLE_LINE (the "Party A"); and

PARTY_2_NAME of PARTY_2_ADDRESS_SINGLE_LINE (the "Party B").

While Party A wishes to order goods and/or services from Party B, both parties agree the payment terms as follows:

(a) The payment terms are 7 days upon goods delivery and/or provision of services;

(b) Unless for causes attributable to Party B under proper reasoning, Party A cannot delay payment to Party B under any reason whatsoever;

(c) Party A cannot request Party B to provide price protection nor refuse to pay any price discrepancy as a result of price fluctuations under any reason whatsoever;

(d) Party A has the obligation to ensure payment by the due day. In case of any delay, Party A is willing to bear a late penalty at 4% per day; 

(e) Any amendment to the terms of this agreement will only take effect upon mutual agreement with company chop and authorized signature;

(f) This agreement in one set and two copies, each party holding one copy.

Party A:

Company Name: PARTY_1_NAME

Authorized Signature with Company Chop:

Name of authorized representative and position: NAME_DESIGNATION

Date:

........................................