Invoices and Payment
Unless otherwise specified on the quotation, payment terms for all purchase orders made by Buyer and accepted by Lion City Co. shall be 21 days after shipment of deliverables. All payments are to be made in Singapore dollars. Interest charges for late payment are agreed to incur at the rate of 1.5% per month (18% per year), or less. The maximum rate permitted by applicable law, which will be added to all past due invoices. Non-payment of any invoice for over 60 days constitutes a breach of this agreement and relives Lion City Co. of the responsibilities defined herein for delivery and warranty. Buyer agrees to pay collection costs in the event of court enforcement.
Taxes and Duties
The prices provided for in this quotation do not include any present or future taxes or duties that pertain to the sale or use of the Lion City Co. products; including, to the extent applicable, the Federal Manufacturers’ Excise Tax, and State sales, use taxes, or any import/export duties. The amounts of such taxes or duties (which do not include income and corporate franchise taxes) will be invoiced to and paid by Buyer, unless paid for by the Buyer directly, or Buyer submits a tax exemption certificate.