Payment terms shall date from the Company’s receipt of the Merchandise at the place designated by the Order. Invoices shall be delivered by post or by hand to Company within one business day following the shipment of Merchandise. If Supplier fails to deliver the invoices to Company timely within the time limit above, Supplier shall bear all the consequences arising from the delay in payment to Supplier. Supplier agrees to the payment terms set forth in Appendix 2. If Supplier selects End of Month Dating on Appendix 2 hereto, Merchandise received after the twenty-fourth (24th) of any month shall be payable as if received on the first day of the following month provided that the payment day will not exceed sixty (60) days following the date when the merchandise is received by Company. Any handling charges by banks arising out of the payment made by Company to Supplier may be directly deducted or offset by Company pursuant to Section 5 hereof or directly deducted from payment of goods by a bank entrusted by Company when such payment is paid. COD (Cash on Delivery) means that Company makes payment upon delivery of Merchandise from the vendor. CBD (Cash before Delivery) means that Company makes payment before delivery -of Merchandise from the vendor. Anticipation may be taken upon the mutual consent of the parties. Supplier agrees to provide original certificates of receipt along with valid invoices. In the event that original certificates of receipt are lost, Company shall be entitled to temporarily suspend any payment due under the Order and original certificates of receipt until the date where both parties re-confirm the Order and original certificates of receipt in writing. Upon the said re-confirmation, Company will make payments to Supplier according to Company’s finance arrangement on the payment day specified in the section of Payment Terms of Appendix 2 here to after the parties’ reconfirmation of the Order and original certificates of receipt in writing. Supplier agrees that all invoices or certificates of receipt short of requirements specified in this Agreement will be returned to Supplier and Supplier shall bear all losses incurred thereof to Company.
