1. Account Terms and Billing Cycle
a. All invoices are issued at the end of the month for services and goods provided during that month.
b. Payment for each invoice is due within 30 days from the end of the month in which the invoice is issued (the “Due Date”).
c. Payments must be made in full and without any deductions or set-offs unless agreed upon in writing.
2. Late Payment Terms
a. If payment is not received by the Due Date, the outstanding amount will be deemed overdue.
b. Upon the invoice becoming overdue, the account holder will be notified and is required to settle the outstanding payment within 7 days from the date of the overdue notice (the “Extended Due Date”).
c. Failure to pay the overdue amount within 7 days of notification will result in the account being placed on hold. This may affect the client’s ability to make further purchases or receive services until full payment is received.
3. Acceleration of Other Payments
a. If an account becomes overdue and remains unpaid beyond the Extended Due Date, any other payments not yet due at the time of the notice will be considered accelerated and will become due on the same 7-day demand date.
b. This clause is intended to mitigate risk and ensure prompt payment across all outstanding balances associated with the account.
4. Suspension of Services
a. In the event of overdue payments exceeding the Extended Due Date, the account holder’s services may be suspended until all outstanding payments have been cleared.
b. Any reinstatement of the account following suspension due to non-payment will be subject to review and may require updated credit checks or changes to payment terms.
5. Interest on Late Payments
a. In accordance with the UK Late Payment of Commercial Debts (Interest) Act 1998, the company reserves the right to charge interest on overdue invoices at the statutory rate of 8% above the Bank of England base rate, calculated daily from the day after the Due Date until full payment is received.
b. Any fees or legal costs incurred by the company in recovering outstanding debts may also be charged to the account holder.
6. Remittance and Communication
a. The account holder is responsible for ensuring that remittance advice is sent promptly after payment has been made.
b. Any queries regarding payments or invoices must be communicated to the company prior to the Due Date to avoid delays or misunderstandings.
7. Amendments to Terms
a. The company reserves the right to review and amend these terms and conditions as required. Any changes will be communicated in writing with at least 30 days’ notice.
b. Continued use of the account after such amendments constitutes acceptance of the revised terms.
