FEYNLAB CREDIT SYSTEM

The FEYNLAB CREDIT SYSTEM was put together in order to offer some clients in the Middle East the option to purchase products on credit and repay at a later date. A credit application form has to be filled in, and a security cheque prepared for the same amount of credit requested.

Credit Policy V2.1 February 2021

Purpose
This credit control policy sets out the requirements for payment terms with FEYNLAB INC. (br.)’s customers.

Scope
This policy applies to all sales that are made within the United Arab Emirates.

Policy
FEYNLAB INC. (br.) agrees to extend credit to customers that meet the threshold for granting credit. The maximum credit limit may be increased on a per customer basis, subject to the approval of the Regional Director. All payment terms are net 30. The repayment history of all customers will be reviewed on a periodic basis to determine whether existing credit levels need to be revised. A cheque will be requested for the value of the credit line as an assurance. The cheque must be made out to Feynlab Inc Branch.

Responsibility
The Customer Account Manager is authorized to extend credit to customers and provide them with information regarding their credit status. Other members of the Customer Account Manager’s team may also communicate with customers regarding their credit status and payment responsibilities.

Invoicing
Invoices will follow FEYNLAB INC. (br.)’s standard template and provide all necessary information. Customers will be invoiced within 1 day of order completion.

Collections
The collection schedule will be as follows:

Customers agree to pay all outstanding invoices on or before 30 days after their order has been delivered.

If the invoice becomes 30 days overdue the security cheque will be deposited and a processing fee of AED250.00 will be deducted.

The security cheque will be replaced every 4-6 months.

Payment method
The preferred payment method is credit card payment through mea.feymlab.com
Other acceptable payment methods, i.e. bank transfer, cheques or cash are also accepted.

Terms and conditions
This policy is applied in conjunction with FEYNLAB INC. (br.)’s general terms and conditions.