When a buyer receives an invoice from the seller, he/she expects it to be accurate with all the necessary details and in an easy-to-read format. All the elements of the invoice should be properly placed with market standards. For example, the total amount is expected to be on the bottom right.
An important element of the invoice is the terms and conditions section. Often this section is overlooked by the buyers but in invoices with a large amount it may be a very critical part of the invoice. It is also important for legal purposes. There are these types of terms and conditions:
Payment Terms and Conditions:
These are the terms related to payment in the case of credit invoices. Credit invoices are invoices for which the amount is not received in advance or cash at the time of issue of invoice but will be received afterward.
It is important to add payment terms if there is no separate agreement between buyer and seller. Even if there is an agreement between the seller and the buyer, it is good practice to write the due date on each invoice, as it will help the buyer to be aware of the due date.
We recommend writing the due date on the invoice rather than using confusing abbreviations like Net 7.
Some of the abbreviations used in payment terms are:
- Net 7 – Payment due in 7 days from invoice date
- Net 10 – Payment due in 10 days from invoice date
- Net 30 – Payment due in 30 days from invoice date
- Net 60 – Payment due in 60 days from invoice date
- Net 90 – Payment due in 90 days from invoice date
- COD – Cash on Delivery
- CIA – Cash in Advance
- PIA – Payment in Advance
- 1% 10 Net 30 – The customer is eligible for a 1% discount if payment is received within 10 days. Full payment is required after 10 days, and the overall due date is 30 days from the invoice date.
- Contra Payment – Payment from the customer being offset against supplies purchased from the customer.
Other than the due date, it is also important to write all modes of payment available and their details like bank details, UPI address, or clickable links in case of PDF invoices.
Also, write the consequences if the payment is not made in time like interest or fixed charges payable. Or if the party purchases regularly then it can be written that further delivery of goods/services will be immediately stopped.
Disclaimer:
THE HVE CLOSET is a leading brand for women's apparel, home textiles, bags, pouches, and home décor in India. The size and prominence of our brand unfortunately sometimes attract the attention of unscrupulous individuals who falsely claim to provide goods and services under our popular brand name 'THE HVE CLOSET' on rogue and fraudulent websites that bear no authorization or relation to the quality of our brand's products.
THE HVE CLOSET has recently noticed that fraudulent, unauthorized, and unscrupulous individuals in the market are using our registered trademarks and/or their variations to tarnish the goodwill and reputation of our brand name 'THE HVE CLOSET' and/or cheat the public at large. We accordingly wish to caution our beloved customers that THE HVE CLOSET has neither appointed nor authorized any persons to act on its behalf or use our name, trademarks, and logo and hereby advise individuals and other parties concerned to not fall prey to such fraudulent activities. Please note that the official website for our brand is “www.thehvecloset.com” only.
"While we routinely report and initiate the appropriate legal action against such abuses to law enforcement agencies, we would also request you to kindly report any suspicious promotional messages, fake websites, and/or e-commerce portals who are intending to make a fast buck by misappropriating the familiar and trustworthy name of 'THE HVE CLOSET'. You may report any such abuse at thehvecloset@gmail.com.