1. OBJECTIVE

The purpose of this document is to define the financial terms, payment methods, and conditions governing all trade transactions entered into by NIRBHAY GLOBAL TRADING COMPANY (hereinafter referred to as "the Company"). This policy applies to all buyers, importers, suppliers, and distributors for both domestic (India) and international markets.

2. GENERAL BANKING PRINCIPLES

• Authorized Channels: All payments must be made through official banking channels. The Company does not accept cash settlements for export transactions in compliance with international anti-money laundering (AML) laws.
• Beneficiary Verification: Clients must ensure funds are transferred strictly to the corporate bank accounts mentioned in the Proforma Invoice (PI). The Company will not be responsible for funds transferred to compromised or incorrect third-party accounts.
• Bank Charges: Unless otherwise agreed in writing, all bank remittance charges, intermediary bank fees, and currency conversion costs in the sender's country are to be borne by the Payer (Buyer).

3. INTERNATIONAL PAYMENT TERMS (EXPORTS)

For international buyers purchasing agricultural commodities (Millets, Rice, Spices, Guar Gum, etc.) and associated products, the following payment modes are accepted:

3.1. Telegraphic Transfer (T/T)

• Standard Option: 50% Advance Payment at the time of order confirmation, and the remaining 50% Balance against a scanned copy of the Bill of Lading (BL).
• Perishable Goods (Vegetables, Fruits, Coconut): Due to the short shelf-life of these commodities, 100% Advance Payment via T/T is required before harvest/dispatch.
• Small Value Orders: Orders below USD 10,000 (or equivalent) require 100% Advance Payment to minimize banking overheads.

3.2. Letter of Credit (L/C)

The Company accepts Irrevocable Letters of Credit (ILC) under the following conditions:

• The L/C must be established by a top-tier international bank.
• The L/C must be "At Sight" within a maximum of 30-60 days (subject to prior approval).
• The L/C must be "Confirmed" if the buyer is located in a high-risk political or economic zone.
• All L/C drafts must be approved by the Company’s finance department before issuance.

3.3. Documents Against Payment (D/P or CAD)

• Cash Against Documents (CAD) may be accepted for long-standing clients with a verified credit history.
• Documents will be released to the buyer’s bank only upon receipt of full payment.

3.4. Currency

• The standard trading currency is United States Dollar (USD).
• Other currencies may be accepted subject to prior agreement and exchange rate fixing.

4. DOMESTIC PAYMENT TERMS (INDIA)

For clients within India purchasing commodities or products like Agarbatti, Baggase plates, etc., the following terms apply:

4.1. Accepted Modes

• Electronic Transfer: NEFT, RTGS, or IMPS are the preferred modes of payment.
• Unified Payments Interface (UPI): Accepted only for small-volume transactions or sample orders.
• Cheques: Post-Dated Cheques (PDC) are accepted only as a security instrument against credit. Goods are dispatched only after cheque realization unless a specific credit line is approved.

4.2. Payment Schedule

• Standard Orders: 50% Advance along with the Purchase Order (PO), and 50% Balance before dispatch of goods from the warehouse/mill.
• Custom Orders: For made-to-order items (e.g., specific Areca palm leaf dinnerware sizes or private label candles), 100% Advance is required.

4.3. GST Compliance

• All domestic payments must include the applicable Goods and Services Tax (GST).
• Tax Deducted at Source (TDS) compliant buyers must provide TDS certificates on a quarterly basis.

5. INVOICING AND DOCUMENTATION

Payments trigger the release of specific shipping documents. Depending on the Incoterms (FOB, CIF, EXW) and destination, the Company will provide:

• Commercial Invoice
• Packing List
• Bill of Lading (BL) or Lorry Receipt (LR)
• Certificate of Origin
• Phytosanitary Certificate (for Agri-commodities)
• Fumigation Certificate (where applicable)
• Quality/Inspection Certificate (SGS/Bureau Veritas if requested)

6. LATE PAYMENTS AND DEFAULTS

6.1. Interest on Delay

• Payments not received by the due date mentioned on the invoice will attract a late payment interest charge of 1.5% per month (18% per annum) on the outstanding balance.

6.2. Suspension of Supply

• The Company reserves the right to withhold current shipments or suspend future orders if the buyer has an overdue balance exceeding the agreed credit period.

6.3. Exchange Rate Fluctuation

• For international contracts where payment is delayed beyond the agreed terms, the buyer shall bear any loss due to currency depreciation against the invoicing currency.

7. CANCELLATION AND REFUNDS

• Order Cancellation: Once the Purchase Order is confirmed and the advance is paid, cancellations are generally not accepted for perishable agricultural goods.
• Refunds: In the rare event of a confirmed quality failure verified by an independent surveyor (e.g., SGS) at the port of loading, the Company will process replacements as per the mutual agreement.

8. FORCE MAJEURE

NIRBHAY GLOBAL TRADING COMPANY shall not be liable for delays or non-performance of payment/delivery obligations caused by events beyond reasonable control, including but not limited to:

• Acts of God (floods, earthquakes, crop failure due to weather).
• Government bans on export/import of specific agricultural commodities.
• War, civil unrest, or port strikes.

9. DISPUTE RESOLUTION

• Amicable Settlement: Both parties agree to attempt to resolve any payment disputes through negotiation in good faith.
• Jurisdiction: In the event that legal action is required, the jurisdiction shall remain the courts of the city where the Company’s registered office is located in India.