Free Grocery Store Payment Terms Agreement

I. Introduction

A. Purpose of the Agreement

The purpose of this agreement is to outline the terms and conditions governing payment transactions between [Your Company Name] (hereinafter referred to as "Supplier") and [Your Partner Company Name] (hereinafter referred to as "Customer"). This agreement sets forth the rights and obligations of both parties concerning the supply and payment for grocery products.

B. Scope of the Agreement

This agreement covers all transactions related to the supply of grocery products from the Supplier to the Customer. It includes the terms of payment, delivery schedules, quality assurance, and dispute resolution mechanisms.

II. Definitions

A. Terms and Definitions

1. Supplier: [Your Company Name], the entity providing grocery products.

2. Customer: [Your Partner Company Name], the entity purchasing grocery products from the Supplier.

3. Products: The grocery items supplied by the Supplier to the Customer.

4. Invoice: The document issued by the Supplier detailing the products delivered and the amount payable by the Customer.

5. Payment Terms: The conditions under which the Customer is required to make payments to the Supplier.

III. Payment Terms

A. Payment Method

1. Accepted Payment Methods: Payments can be made via bank transfer, credit card, or other mutually agreed-upon methods.

2. Bank Account Details: Payments should be directed to the following bank account:

   • Bank Name: [Your Bank Name]

   • Account Number: [Your Account Number]

   • Routing Number: [Your Routing Number]

B. Payment Schedule

1. Net Payment Terms: Payment is due within thirty (30) days from the date of invoice.

2. Early Payment Discount: A discount of 2% is available if payment is made within ten (10) days of the invoice date.

3. Late Payment Penalties: A late fee of 1.5% per month will be applied to any outstanding balance not paid within the specified payment terms.

C. Invoice Disputes

1. Notification of Dispute: The Customer must notify the Supplier of any invoice disputes within seven (7) days of receipt of the invoice.

2. Resolution of Dispute: Both parties agree to resolve invoice disputes promptly and in good faith.

IV. Delivery and Acceptance of Products

A. Delivery Terms

1. Delivery Schedule: Products will be delivered according to the schedule agreed upon by both parties.

2. Delivery Location: Products will be delivered to the following location:

   • Address: [Your Partner Company Address]

B. Inspection and Acceptance

1. Inspection Period: The Customer has five (5) business days to inspect the products upon delivery.

2. Acceptance Criteria: Products will be deemed accepted unless the Customer provides written notice of rejection within the inspection period.

V. Quality Assurance

A. Product Quality

1. Quality Standards: Products supplied by the Supplier will meet the quality standards specified in the product specifications.

2. Defective Products: The Supplier will replace or credit the Customer for any products found to be defective within the inspection period.

VI. Confidentiality

A. Confidential Information

1. Definition: Confidential Information includes all non-public information disclosed by one party to the other, whether orally or in writing.

2. Obligations: Both parties agree to maintain the confidentiality of all Confidential Information and not to disclose it to any third party without the prior written consent of the disclosing party.

VII. Term and Termination

A. Term

1. Initial Term: This agreement will commence on [Start Date] and continue for a period of one (1) year.

2. Renewal: The agreement will automatically renew for successive one-year terms unless either party provides written notice of termination at least thirty (30) days prior to the end of the then-current term.

B. Termination

1. Termination for Convenience: Either party may terminate this agreement for convenience by providing sixty (60) days written notice to the other party.

2. Termination for Cause: Either party may terminate this agreement immediately upon written notice if the other party breaches any material term of this agreement and fails to cure such breach within thirty (30) days of receipt of notice of the breach.

VIII. Dispute Resolution

A. Negotiation

Both parties agree to first attempt to resolve any disputes arising out of or relating to this agreement through good-faith negotiations.

B. Mediation

If the dispute cannot be resolved through negotiation, the parties agree to submit the dispute to mediation before resorting to arbitration or litigation.

C. Arbitration

If mediation fails, any unresolved dispute shall be submitted to binding arbitration under the rules of the American Arbitration Association.

IX. Miscellaneous

A. Governing Law

This agreement shall be governed by and construed in accordance with the laws of the State of [Your State], without regard to its conflict of law principles.

B. Notices

1. Method of Notice: Any notice required or permitted to be given under this agreement shall be in writing and delivered personally or sent by certified or registered mail, return receipt requested, or by a nationally recognized overnight courier service, to the following addresses:

   • Supplier: [Your Company Name], [Your Company Address]

   • Customer: [Your Partner Company Name], [Your Partner Company Address]

C. Entire Agreement

This agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to its subject matter.

D. Amendments

This agreement may only be amended or modified by a written document signed by both parties.

E. Severability

If any provision of this agreement is found to be invalid or unenforceable, the remaining provisions will continue in full force and effect.

F. Waiver

The waiver by either party of any breach or default of this agreement will not constitute a waiver of any subsequent breach or default.

G. Assignment

Neither party may assign this agreement or any of its rights or obligations hereunder without the prior written consent of the other party.

X. Signatures

IN WITNESS WHEREOF, the parties hereto have executed this Grocery Store Payment Terms Agreement as of the date first written below.

Supplier

Name: [Your Name]

Title: [Your Title]

Date:                               

Customer

Name: [Your Partner Company Name]

Title: [Their Title]

Date:                               

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