Free Payment Term Agreement

This Payment Term Agreement ("Agreement") is entered into on May 28, 2050 between [Your Name], [Your Company Name], a company organized and existing under the laws of [Jurisdiction], having its principal place of business at [Insert Address] ("Provider"), and [Subscriber Name], a company organized and existing under the laws of [Jurisdiction], having its principal place of business at [Insert Address] ("Subscriber").

1. Definitions

• "Billing Cycle" refers to the recurring period for which the Subscriber shall be billed for the Services.

• "Renewal Term" means the period for which this Agreement shall automatically renew, as specified in Section

• "Cancellation Policy" outlines the procedures and terms under which Subscriber may cancel the Services.

• ''Invoice" is a formal document issued by the Provider to the Subscriber, requesting payment for goods or services provided.

2. Subscription Agreement

2.1 Services: Provider shall provide Subscriber with access to the Services as described herein. The Services may include but are not limited to cloud-based data storage, virtual private network (VPN) services, cybersecurity consultation, software updates and patches, system monitoring, and technical support via email and phone.

2.2 Payment: The individual who is subscribing to the services is obligated to submit payment to the Service Provider based on the fees that have been thoroughly detailed and laid out in the third section of this document, following closely the terms and conditions regarding the payment method and schedule that are also contained within the contents of this very document.

3. Payment Terms

3.1 Billing Cycle: Subscriber shall be billed for the Services every quarter, commencing on the 1st day of each quarter. Provider shall send an invoice to Subscriber at least 15 days before the beginning of each Billing Cycle.

3.2 Payment Schedule: The fees shall be paid in US dollars according to the following schedule:

• An initial deposit of 30% is due upon contract signing, with subsequent payments of 30% each due after specific project milestones, and the remaining 10% upon final delivery and acceptance.

3.3 Payment Method: Subscriber shall make payments via credit card/bank transfer/other method as agreed upon. If payment is made via credit card, the Subscriber shall provide valid credit card information to the Provider and authorize recurring charges.

3.4 Late Payments: In the event of late payment, the Provider reserves the right to suspend or terminate access to the Services until payment is received. Subscriber shall be responsible for any costs incurred by Provider as a result of late payments, including but not limited to collection fees and legal expenses.

3.5 Renewal: This Agreement shall automatically renew for successive Renewal Terms unless either party provides written notice of non-renewal at least 30 days before the expiration of the then-current term. Any changes to the fees or terms of the Services for the Renewal Term shall be communicated to the Subscriber at least 45 days before the commencement of the Renewal Term.

4. Cancellation Policy

4.1 Notice of Cancellation: Subscriber may cancel the Services by providing written notice to Provider at least 30 days before the end of the current Billing Cycle. Upon cancellation, the Subscriber shall cease using the Services and remove any Provider-provided materials or software from its systems.

4.2 Fees and Refunds: If the Subscriber cancels the Services before the end of the Billing Cycle, the Subscriber shall be responsible for payment of any fees accrued until the cancellation date. Provider shall not refund any prepaid fees for the remainder of the Billing Cycle.

5. Confidentiality

5.1 Obligation to Maintain Confidentiality: Each party agrees to keep confidential any proprietary or sensitive information disclosed by the other party during the term of this Agreement. Confidential information includes but is not limited to trade secrets, customer data, and financial information.

5.2 Duration of Confidentiality Obligations: The obligations of confidentiality shall survive the termination or expiration of this Agreement and shall remain in effect indefinitely.

6. Limitation of Liability

6.1 Exclusion of Certain Damages: Provider shall not be liable to Subscriber for any indirect, incidental, consequential, or punitive damages arising out of or relating to this Agreement or the Services provided hereunder, even if Provider has been advised of the possibility of such damages.

6.2 Maximum Liability: Provider's total liability under this Agreement shall not exceed the total fees paid by Subscriber to Provider during the last six (6) months immediately preceding the event giving rise to the claim.

7. Miscellaneous

7.1 Entire Agreement: This Agreement constitutes the entire understanding between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.

7.2 Governing Law: This Agreement shall be governed by and construed by the laws of [Jurisdiction].

7.3 Amendments: Any amendments or modifications to this Agreement must be made in writing and signed by both parties.

7.4 Waiver: The failure of either party to enforce any provision of this Agreement shall not constitute a waiver of such provision or any other provision herein.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

[Your Name]

[Subscriber Name]

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