Payment Terms & Conditions
Last Updated
04 April 2026
1. APPLICABILITY
These Payment Terms and Conditions (“Payment Terms”) govern all invoices, payments, and financial obligations between Rivtec LLC (“Company”) and the Customer.
These Payment Terms shall apply to all transactions unless otherwise agreed in writing by the Company.
2. PRICING AND QUOTATIONS
2.1 All pricing shall be as stated in the Company’s quotation or invoice.
2.2 Quotations shall remain valid for a period of thirty (30) days unless otherwise specified.
2.3 Pricing is subject to adjustment prior to order acceptance due to:
Changes in scope
Material cost fluctuations
Incomplete or inaccurate Customer-provided information
3. PAYMENT TERMS
3.1 Standard Terms
All approved Customers shall be subject to Net Thirty (30) Days from the invoice date unless otherwise stated in writing.
3.2 New Customers / First Orders
The Company reserves the right to require:
Fifty percent (50%) advance payment prior to commencement of production
Balance payable per invoice terms
3.3 Milestone Payments
For large or custom Orders, the Company may require staged or milestone-based payments.
4. INVOICING
4.1 Invoices shall be issued upon:
Order confirmation
Shipment of Goods
Completion of Services
4.2 All invoices shall be payable in U.S. Dollars unless otherwise agreed.
5. LATE PAYMENTS
5.1 Any amount not paid when due shall accrue interest at the rate of:
👉 1.5% per month or the maximum rate permitted by law, whichever is lower.
5.2 The Company reserves the right to:
Suspend production or delivery
Withhold shipment of Goods
Revoke credit terms
6. CREDIT APPROVAL
6.1 All credit terms are subject to prior approval by the Company.
6.2 The Company may:
Modify or withdraw credit terms at any time
Require advance payment without prior notice
7. TAXES AND DUTIES
7.1 The Customer shall be responsible for all applicable:
Sales taxes
Use taxes
Value-added taxes (VAT)
Import/export duties
7.2 The Company shall not be responsible for any such charges unless expressly agreed in writing.
8. PAYMENT METHODS
Payments shall be made via:
Bank transfer (preferred)
Other approved methods as agreed in writing
The Customer shall bear any transaction or banking fees.
9. SET-OFF AND DEDUCTIONS
The Customer shall not withhold, offset, or deduct any amounts due to the Company without prior written consent.
10. TITLE AND SECURITY INTEREST
10.1 Title to all Goods shall remain with the Company until full payment is received.
10.2 The Company retains a security interest in all Goods delivered until payment is made in full.
11. COLLECTION AND ENFORCEMENT
11.1 The Customer shall be responsible for all costs incurred by the Company in collecting overdue payments, including:
Legal fees
Collection agency fees
Administrative costs
11.2 The Company reserves the right to pursue all legal remedies available under applicable law.
12. SUSPENSION OF SERVICES
The Company may suspend or terminate performance of Services without liability if:
The Customer fails to make timely payment
The Customer breaches any financial obligation
13. NO WAIVER
Failure by the Company to enforce any provision shall not constitute a waiver of its rights.
14. GOVERNING LAW
These Payment Terms shall be governed by the laws of the State of California, USA.
15. ENTIRE AGREEMENT
These Payment Terms shall be read in conjunction with the Company’s Terms and Conditions of Sale and form part of the overall agreement between the parties.