STANDARD TERMS AND CONDITIONS OF SALE
· All invoices are payable within 30 days from the invoice date, unless otherwise agreed in writing.
· Advance payments received shall be adjusted against the final invoice.
· Delayed payments shall attract interest at 2% per month on the overdue balance until settlement.
2. Currency
· Invoices may be issued in Uganda Shillings (UGX), United States Dollars (USD), Euros (EUR), or any other currency mutually agreed in writing.
· Payments must be made in the invoiced currency unless otherwise agreed.
3. Foreign Exchange Risk
· Where no contractual agreement governs exchange rate risk, if the Buyer delays payment beyond the due date and exchange rate fluctuations result in PSI Engineering (U) Ltd. receiving less than the invoiced value, the Buyer shall cover the exchange rate loss.
· If the underlying contract specifies how foreign exchange risk is to be treated, the contractual provisions shall prevail.
· All bank charges, transfer fees, and currency conversion costs remain the responsibility of the Buyer.
4. Banking Details
· All payments must be made directly to PSI Engineering (U) Ltd.’s designated bank account, as specified on the invoice.
· PSI shall not be responsible for payments made to unauthorized accounts or third parties.
5. Taxes and Withholding
· All prices are exclusive of VAT unless stated otherwise. VAT shall be applied at the prevailing rate (currently 18% in Uganda).
· The Buyer is responsible for withholding taxes or other statutory deductions as required by the Uganda Revenue Authority (URA) or relevant authority.
· Any such deductions must be supported by official withholding tax certificates, provided to PSI within the statutory timelines.
6. Disputes
· Any dispute concerning an invoice must be raised in writing within 7 days of receipt.
· Undisputed amounts must be paid on time, regardless of ongoing disputes on other items.
7. Delivery & Acceptance
· Invoices are issued only upon delivery of goods, completion of services, or achievement of agreed milestones.
· By accepting delivery, the Buyer acknowledges that the goods/services conform to the order unless otherwise notified in writing.
8. Ownership and Risk
· Ownership of goods remains with PSI until full payment is received.
· Risk of loss or damage passes to the Buyer upon delivery.
9. Late Payments & Suspension of Services
· PSI reserves the right to suspend ongoing work or deliveries in case of delayed payment.
· Any costs arising from such suspension shall be borne by the Buyer.
10. Governing Law
· All invoices and payments shall be governed by the laws of Uganda.
· Disputes shall be resolved amicably, failing which they shall be referred to arbitration under the International Centre for Arbitration & Mediation in Kampala, with proceedings in English at Kampala.
11. Entire Agreement