Late Payment Policy - Homeowners
Effective Date: April 01, 2023
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Purpose:
This policy outlines the payment terms and conditions for homeowners who avail services from MDRN Concrete Specialties. The intention is to clarify our payment expectations and procedures, ensuring a smooth transaction and maintaining a positive relationship with our clients.
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Payment Terms:
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A deposit of 50% of the total service cost is required to commence any project.
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The remaining 50% of the payment is due upon completion of the project.
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Payment should be made as per the details provided in the contract or agreement.
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Late Payment Consequences:
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If the final payment is not received within 2 weeks (14 days) of project completion, a late payment interest will be applied.
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The late payment interest is charged at a rate of 1% per week on the outstanding balance.
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This interest will compound weekly and will accrue until the full payment, including any accrued interest, is received.
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Procedure for Late Payment:
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Notification: Upon completion of the project, an invoice will be issued for the remaining balance. A reminder will be sent if the payment is not received within the stipulated time.
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Interest Application: If the payment remains outstanding beyond the 2-week period, late payment interest will be applied to the account, starting from the 15th day post-completion.
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Ongoing Communication: We will maintain communication with the homeowner to resolve any outstanding payment issues.
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Dispute Resolution:
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In case of any disputes or concerns regarding the invoice, homeowners are encouraged to contact MDRN Concrete Specialties within 7 days of invoice receipt.
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Disputes will be resolved through direct communication, aiming for a satisfactory resolution for both parties.
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Policy Amendments: MDRN Concrete Specialties reserves the right to modify this policy. Any changes will be communicated to our clients in a timely manner.
Late Payment Policy - General Contractors
Effective Date: April, 01 2023
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Purpose:
This policy outlines the terms and conditions regarding late payments made by general contractors for services rendered by MDRN Concrete Specialties. Our goal is to establish a clear and fair framework that ensures timely payments while maintaining strong professional relationships with our contractors.
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Payment Terms:
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Standard payment terms are net 60 days from the date of invoice.
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Payments should be made in accordance with the terms stated on the invoice.
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Late Payment Consequences:
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If payment is not received within 60 days of the invoice date, a late payment interest will be applied.
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The late payment interest is calculated at a rate of 1% per week on the outstanding balance. 1% Is automatically incurred at 61 days.
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This interest will be compounded weekly and will accrue until the outstanding balance is paid in full.
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Procedure for Late Payment:
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Notification: If a payment is past due, MDRN Concrete Specialties will send a reminder notice to the general contractor.
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Interest Application: If the payment remains outstanding beyond 60 days, late payment interest will be applied to the account, starting from the 61st day.
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Continuous Communication: Regular communication will be maintained with the general contractor to resolve the outstanding payment.
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Dispute Resolution:
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In the event of a dispute regarding charges, the general contractor must notify MDRN Concrete Specialties within 30 days of the invoice date.
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Any disputes will be handled in a professional manner aiming for a mutually agreeable solution.
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Policy Amendments: MDRN Concrete Specialties reserves the right to amend this policy at any time. Amendments will be communicated to all active general contractors.