Mar 26, 2024
4mins read
GoSource Credit Terms and Conditions
Welcome to GoSource Credit
At GoSource, we are committed to providing top-notch procurement services for restaurants, offering a range of quality goods on credit terms designed to accommodate your business needs. Our credit terms are designed to be transparent, fair, and supportive of your business operations.
Credit Terms
Credit Period
GoSource offers a standard credit period of 14 days from the date of invoice for all approved clients. This period allows your business to manage cash flow effectively while ensuring timely procurement of necessary goods.
Eligibility
Credit terms are available to clients subject to approval by GoSource. Approval is based on a comprehensive creditworthiness assessment, including, but not limited to, financial health, payment history, and business reputation.
Credit Limit
Each client’s credit limit will be determined based on the outcome of the creditworthiness assessment. Clients will be notified of their specific credit limit upon approval. Credit limits are reviewed periodically and may be adjusted based on payment history and purchasing behavior.
Credit Limit
Each client’s credit limit will be determined based on the outcome of the creditworthiness assessment. Clients will be notified of their specific credit limit upon approval. Credit limits are reviewed periodically and may be adjusted based on payment history and purchasing behavior.
Late Payment Consequences
Interest on Late Payments
In the event that payment is not received within the 14-day credit period, GoSource will apply a late payment interest rate of 1.5% per week on the outstanding balance. Interest will accrue weekly until full payment is received.
Payment Reminder
GoSource will send payment reminders as the due date approaches and follow up with additional reminders for overdue payments.
Late Payment Consequences
Continued failure to pay within the stipulated credit period may result in temporary suspension of credit privileges and/or adjustment of credit terms. Severe or repeated late payments may lead to termination of credit services and potential legal action to recover outstanding debts.
Credit Limit
Each client’s credit limit will be determined based on the outcome of the creditworthiness assessment. Clients will be notified of their specific credit limit upon approval. Credit limits are reviewed periodically and may be adjusted based on payment history and purchasing behavior.
Payment Methods
Payments can be made via bank transfer, credit card, or any other payment method agreed upon by both parties. Details and instructions for payment will be provided on each invoice.
Account Reconciliation
Clients are encouraged to promptly review all invoices and report any discrepancies to GoSource within 5 business days of receipt. Failure to report within this timeframe may result in the waiver of dispute rights regarding the invoice in question.
Credit Terms Modification
GoSource reserves the right to modify or update these credit terms at any time. Any changes will be communicated to our clients in writing, and will take effect for transactions occurring after the date of notification.
Confidentiality and Data Protection
All financial information and transactions related to the credit terms will be handled with strict confidentiality and in accordance with applicable data protection laws. Client information will not be shared with third parties without consent, except as required by law or for debt collection purposes.
Dispute Resolution
In the event of a dispute related to the credit terms, billing, or any other issues, clients are encouraged to contact GoSource directly to seek a resolution. We are committed to resolving disputes amicably and professionally.
Termination of Credit Services
Either party may terminate the credit agreement with written notice if the terms and conditions are repeatedly or severely breached. Termination will not affect the client’s obligation to pay outstanding balances accrued under the terms of the agreement.
Contact Information
For any questions, disputes, or further information regarding our credit terms and policies, please contact our accounts receivable department at [email protected]
Acknowledgment
By utilizing GoSource’s credit services, clients agree to adhere to these credit terms and conditions. It is the client’s responsibility to review these terms periodically for any changes.
IPC (Independent purchasing company) is a reliable food procurement, supply chain, and logistics powerhouse that every food vendor in Lagos should know about. We take away the hassle of procuring food materials from food vendors. We are the game-changer for food vendors in Lagos; we are on a mission to help food businesses buy healthy food products for their customers, connect them to reliable food suppliers, and offer swift logistics to broker a wholesome service.