Payment and payment modalities :
Unless SPIRIDON expressly provides otherwise by prior and written notice, invoices are payable cash at SPIRIDON’s registered office, without any discount or compensation.
Cheques, drafts or other means of payment are exclusively payable at SPIRIDON’s registered office. Their acceptance does not imply novation.
SPIRIDON is entitled to request payment in advance, prior to the registration of the order or to the delivery, in case of negative information on the Client’s solvency or if previous invoices remain unpaid. Payment in advance shal be requested whenever the Client is established outside the Belgian territory.
All taxes, VAT, fees or charges shall always be paid by the Client.
When SPIRIDON considers that the Client’s credit is detenorating, SPIRIDON is entitled, even after partial dispatch of the goods, to require from the Client such garantee as SPIRIDON may think proper for the satisfactory fulfilment of the Client’s commitments. Should such guarantee not be forthcoming. SPIRIDON is entitled to consider the order as cancelled, notwithstanding the application of indemnities set fort at Article 9, al 4.
Late payment :
In case of non-payment on due date, the due amount will produce by right and formal notice an annual interest of 12% from the invoice date until full payment of due amount.
Besides, the Client agrees that it shall be liable by right and without any formal notice to pay a fixed indemnity as administrative costs incurred by the late payment. The Client agrees to determine this indemnity at 12% of the unpaid amount (interests excluded), with a minimum of EUR 125.
Costs resulting from unpaid cheques and drafts are not taken into acount for calculating this indemnity and will be requested separately to the Client.
Likely, in case SPIRIDON must initiate judicial proceedings for the payment of all or part of due amounts, the Client shall pay not only all judicial costs but also an additional indemnity to cover SPIRIDON’s recovery costs of 20% of the value of the case, with a minimum of EUR 500.
The sole absence of payment of an invoice on due date as well as the non-compliance with the payment modalities hereunder entail the immediate payability of all other existing invoices and the cancellation of any agreed modalities to pay on a later date.