Terms of Payment
The payments are made pursuant to the terms agreed to by the Parties in the Contract. Unless otherwise agreed in writing by the Parties, the Price must be paid in full before the Goods are put at the disposal of Buyer. Payment is deemed to be made when such payment is at UBP’s disposal.
Should Buyer fail to meet its obligations of payment before the date of delivery of the Goods agreed to by the Parties, UBP may hold the delivery of the Goods.
Should Buyer be in default of payment, without prejudice to any other right or remedy available to UBP, UBP is entitled to charge to Buyer a monthly interest of two percent (2%), or an annual interest of twenty-four percent (24%), on the unpaid amount, as of right and without prior notice. Such late penalty shall be recalculated every thirty (30) days thereafter, based on Buyer’s outstanding balance. In addition, if Buyer is in default of payment, UBP, without prejudice to any other right or remedy available to UBP, shall (i) cancel, suspend or refuse any further delivery to or orders from Buyer until UBP receives all overdue amounts; or (ii) sell or otherwise dispose of the Goods which are the subject of the overdue amounts. UBP shall have no liability to Buyer for its refusal of additional orders. Any suspension, cancellation or refusal of delivery or orders by UBP does not consist in the termination of the Contract.
UBP further reserves the right to seek collection of all overdue amounts (including by referral to third party collectors), plus all reasonable legal fees (including reasonable attorney’s fees) and costs associated with such collection. UBP reserves the right to demand securities or prepayment for any outstanding delivery, or declare immediate maturity of all outstanding payments, if there are reasons to doubt the solvency or credit standing of Buyer.
Detention or balancing of payments, against claims that Buyer may have against UBP is not allowed, unless these claims have been legally decided upon.