Late Fee Policy
Effective Date: 2023-08-12
1. Introduction
This Late Fee Policy (“Policy”) outlines the terms and conditions regarding late fees for the clients of ZENOVA Corp. This Policy is designed to ensure fair treatment for both clients and the Company, with the understanding that late payments or unresponsiveness can cause inconveniences for both parties.
2. Late Payment by Clients
Clients are expected to make timely payments for services provided by the Company. Late payments can disrupt project schedules and cause financial strain. Therefore, the following late fee structure applies:
- Grace Period: A grace period of 7 days will be granted from the invoice due date, during which no late fees will be assessed.
- Late Fee Calculation: After the grace period, a late fee of INR 1500 will be assessed for each day of delay.
- Maximum Late Fee: The maximum late fee that can be charged is INR 10000 or 20% of the invoice amount, whichever is lower.
- Notification: Clients will receive a reminder notice after the grace period expires, informing them of the late fee calculation. The late fee will be included in the subsequent invoice.
3. Client Reimbursement for Company Delays
In cases where the Company causes significant project delays or inconvenience to the client, reimbursement may be applicable. The following terms apply:
- Notification: Clients should promptly notify the Company of any delays or inconveniences caused by the Company’s actions.
- Assessment of Reimbursement: The Company will assess the validity and extent of the inconvenience caused and determine whether reimbursement is warranted.
- Reimbursement Amount: If the Company acknowledges responsibility for the delay or inconvenience, it will reimburse the client in an amount equivalent to 3% of the total project cost for each day of delay or inconvenience, up to a maximum of INR 5000.
4. Mutual Respect and Resolution
Both the Company and clients are encouraged to maintain open communication to address issues promptly and amicably. Late fees and reimbursements should not hinder productive collaboration but serve as incentives for timely payments and efficient project management.
5. Dispute Resolution
In the event of disputes related to late fees or reimbursement, both parties agree to engage in good faith negotiations to reach a mutually acceptable resolution.
6. Amendments
The Company reserves the right to amend this Policy at its discretion. Any changes will be communicated to clients through email or written notice.
7. Contact Information
If you have any questions or concerns regarding this Policy, please contact support@zenovacorp.com .
By continuing to engage with ZENOVA Corp, clients agree to adhere to this Late Fee Policy.
