At Suppliable, we value our customers and aim to provide flexibility in purchasing construction materials. This credit policy outlines the terms and conditions under which credit is extended to our customers. These policies are designed to ensure clarity, transparency, and fairness while safeguarding Suppliable’s business operations.

 

1. Purpose of the Credit Policy

 

This credit policy aims to:

 

    •    Provide clear guidelines for extending and managing credit to customers.

    •    Ensure smooth transactions between Suppliable and its customers.

    •    Protect the company from risks associated with late payments or defaults.

 

2. Eligibility for Credit

 

Customers seeking credit must meet the following criteria:

 

    •    Submit a valid GST certificate.

    •    Provide proof of business registration (e.g., trade license, company incorporation certificate).

    •    Demonstrate consistent purchase history or credibility through references if they are a new customer.

    •    Complete at least three successful cash-and-carry transactions (full payment upfront).

 

3. Credit Limit

 

    •    Credit limits will be determined based on the customer’s purchase volume, financial standing, and payment history.

    •    Suppliable reserves the right to revise the credit limit periodically based on customer behavior or business needs.

    •    Customers must adhere to their assigned credit limit, and any orders exceeding the limit must be prepaid.

 

4. Payment Terms

 

    •    The standard credit period is 7 days from the date of the invoice unless specified otherwise.

    •    Payments must be made via approved methods such as:

    •    Bank transfer

    •    UPI

    •    Cheque

    •    Customers paying early may be eligible for discounts, as agreed upon during negotiations.

 

5. Invoices and Documentation

 

    •    All orders made on credit must be accompanied by a signed Purchase Order (PO) issued by the customer.

    •    Invoices will be shared upon delivery of goods and include details of:

    •    Products purchased

    •    Quantity

    •    Pricing

    •    Applicable taxes

    •    It is the customer’s responsibility to ensure the accuracy of the invoice upon receipt.

 

6. Late Payments

 

    •    Payments not cleared within the credit period will be considered overdue.

    •    Late payments will incur a penalty of 1% per month on the outstanding balance.

    •    If payments remain overdue beyond 20 days, Suppliable reserves the right to:

    •    Suspend credit privileges and future orders.

    •    Place the customer on a cash-and-carry basis until dues are cleared.

    •    Initiate legal or collection proceedings, if necessary.

 

7. Suspension or Termination of Credit

 

Suppliable reserves the right to suspend or terminate credit facilities under the following circumstances:

 

    •    Repeated late payments or defaults.

    •    Exceeding the assigned credit limit without approval.

    •    Breach of any terms outlined in this credit policy.

 

8. Ownership of Goods

 

    •    All goods delivered on credit remain the property of Suppliable until full payment is received.

    •    Suppliable retains the right to reclaim unpaid goods in cases of default or termination of credit facilities.

 

9. Disputes and Returns

 

    •    Any disputes regarding invoices or deliveries must be raised within 1 day of receipt of goods.

    •    Returns will only be accepted if:

    •    Goods are damaged during delivery.

    •    Incorrect items are delivered.

    •    Disputes or returns will not delay the payment of undisputed amounts.

 

10. Review and Revision of Credit Terms

 

    •    Credit terms, limits, and conditions will be reviewed periodically (at least every 6 months).

    •    Changes may be made based on the customer’s payment behavior, purchase history, or market conditions.

    •    Customers will be notified in advance of any changes to their credit terms.

 

11. Termination of Credit Facilities

 

Credit facilities may be terminated by either party without a notice period, provided there are no outstanding payments.

 

12. Compliance with Laws

 

This policy is subject to all applicable laws and regulations in India. Suppliable will ensure compliance with GST and other relevant legal requirements.

 

13. Force Majeure

 

Suppliable shall not be held liable for delays in payments or disruptions caused by events beyond its control, such as natural disasters, pandemics, or supply chain interruptions.

 

14. Acknowledgment

 

By availing credit facilities, the customer agrees to abide by this credit policy and acknowledges Suppliable’s right to enforce these terms.