Payment Terms Summary
- Payment Terms communicates information from the Supplier to the Customer about terms that apply to a payment e.g. charges that may apply if payment is late or discounts if payment is early
- More than one Payment Terms may be specified and may be linked to Payment Means
- If no Payment Terms are specified, general payment terms agreed between the Supplier and the Customer apply
- Payment Terms are informative and their values are not included in any Invoice totals
Settlement discounts result in the Payer paying less that the invoiced amount, typically if:
- The payment is made by a specified date and/or
- The payment is made by a specified means.
- Settlement discounts may be applied as follows:
- The total amount is reduced by a fixed amount for the period e.g. if paid by cash within 1 day of Invoice date the total amount is 95 rather than 100. This fixed amount can be expressed as a percentage deduction from the total (5%) or a amount that is to be deducted (-5).
- The total amount is reduced by a specified percentage for each day the payment is made before. for example, the due date for the specified Payment Means.
- Settlement discounts can be specified in more than one period e.g. first 1 day 10%, next 2 days 5% using multiple instances of the Payment Terms class.
Penalty charges are added to the invoiced amount if the Payer pays later than the Payment Means due date and/or by a specific Payment Means. Penalty charges are commonly applied as follows:
- A fixed charge is added to the invoiced amount. Specified penalty % is added to the invoiced amount for each day that the payment date exceeds the due date.
- Multiple penalty periods (specified in multiple instances of the Payment Terms class) must be summed and added to the invoiced amount. For example, there may be one penalty percentage for the first 3 days past due date, another for the next 3 days, and so on.
- Discounts and charges described in Payment Terms are informative and their values are not included in any Invoice totals.
Penalty Period specifies the dates that should be used when calculating penalty charges for the given Payment Terms.
For example, if:
- The payment due date (specified in Payment Means) is 1 June 2012 and the terms specify that penalty charge should not be applied until the 5 June 2012, but using the due date (1 June 2012) as the date from which the penalty should apply then the Settlement Period start date would then be 5 June 2012 but the Penalty Period Start Date would be 1 June 2012.
- If the invoice is paid after the 5 of June 2012 there is a fixed late payment fee of # Rupees and penalty surcharge of 10%.
- An Invoice is issued on 1 January 2012. The due date specified in Payment Means is 5 June 2012. Penalties are charged from 5 June 2012 (after a 5 days grace period) but calculated from the due date.
- If the Invoice is paid 5 or more days before due date there is a 5% discount. Penalty charges are 10% - When penalty charges start, there is a # Rupees fixed charge. Thirty days after the due date there is an additional # Rupee collection charge and penalty interest is raised to 15%.
Note: '#' Amount Figure will be mentioned in the respective Invoices based on the nature of work and subjected to change as per the circumstances.
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