Our Payment Policy
This Late Payment Policy (“Policy”) outlines the terms and conditions governing late payments to Cyversify Limited (“Cyversify” or “the Company”). All customers, clients, or entities conducting business with Cyversify are required to adhere to this Policy. By engaging in business transactions with Cyversify, you accept and agree to comply with the terms set forth herein.
**2. Late Payment Terms**
2.1 **Payment Due Date:** Cyversify’s late payment policy stipulates that all payments for products or services must be received by the Company no later than the last day of the month (11:59 PM UTC) preceding the commencement of the new month.
2.2 **Effective Date:** This policy is effective immediately and applies to all invoices raised by Cyversify for products or services provided, commencing on January 2021
**3. Late Payment Penalty**
3.1 **Late Fee:** In the event that a payment is not received by Cyversify by the due date as specified in Section 2.1, a late fee equal to 10% of the outstanding invoice amount will be added to the invoice.
4.1 **Existing Agreements:** Parties with existing contractual agreements with Cyversify that specify a different due date for payments shall continue to abide by the terms and conditions of those agreements. However, any late payments under those agreements will still be subject to the late fee described in Section 3.1 if not received by the specified due date.
5.1 **Notification of Late Payment:** If a payment is not received by the due date, Cyversify will promptly notify the debtor of the late payment via email, indicating the amount owed and the late fee applied.
**6. Dispute Resolution**
6.1 **Disputes:** In the event that a customer or client disputes the late fee, they must promptly notify Cyversify in writing within ten (10) business days of receiving the late payment notification. Cyversify and the debtor will work together in good faith to resolve the dispute.
**7. Effect on Future Transactions**
7.1 **Non-compliance:** Failure to comply with this Late Payment Policy may result in restrictions on future transactions with Cyversify, including but not limited to, suspension of services, termination of contracts, or referral to a collections agency.
**8. Governing Law**
8.1 **Jurisdiction:** This Policy is governed by and construed in accordance with the laws of Trinidad and Tobago, without regard to its conflict of law principles.
9.1 **Modification:** Cyversify reserves the right to modify, amend, or update this Late Payment Policy at its discretion. Any changes will be communicated to customers and clients in advance.
By conducting business with Cyversify, you acknowledge that you have read, understood, and agreed to this Late Payment Policy, including any future amendments. Failure to adhere to this policy may result in penalties as outlined herein.