6.2 Payment Terms
All equipment, production and general costs (e.g. travel expenses), and man-hours used to complete this
project will be billed. This proposal provides an estimate of total costs. All amounts exceeding this
quotation are subject to the approval of [RECEIVING PARTY NAME].
Payments shall be made [30 DAYS AFTER RECEIPT OF INVOICE or SPECIFY SCHEDULE]. An initial
amount of [AMOUNT] is required to start the project. All late payments are subject to a [1.5% MONTHLY
or SPECIFY] charge or the maximum permitted by law.
A discount of [SPECIFY]% shall be applied to early payments.
Payment must be remitted by [CASH, BANK WIRE, CERTIFIED CHECK or SPECIFY] and must be made
payable to [TENDERER LEGAL NAME].
6.3 Guarantees
[YOUR COMPANY NAME] shall offer the following guarantees:
e.g.
- [PROJECT or SPECIFIC ELEMENT] will be completed by [DATE].
- If [YOUR COMPANY NAME] exceeds total cost estimate by [AMOUNT], it will be subject to a penalty
fee of [AMOUNT]% of exceeding amount.
- [SPECIFY ELEMENT] will adhere to [SPECIFY] quality standards; if this is not the case [YOUR
COMPANY NAME] will be subject to a penalty of [AMOUNT].
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