This Net 30 Payment Policy ("Policy") is entered into between Labs Best LLC ("Labs Best") and its customers ("Customer") for the purchase of products and services provided by Labs Best. By engaging in business transactions with Labs Best, the Customer acknowledges and agrees to the following payment terms:

 

1. Payment Terms:

   - All invoices issued by Labs Best shall have payment terms of Net 30, which means the Customer is required to pay the outstanding balance within 30 days from the date of the invoice.

 

2. Late Payments:

   - In the event that payment is not received by Labs Best within the stipulated 30 days, the Customer shall be subject to a penalty fee equal to 5% of the outstanding balance.

   - Subsequently, if the outstanding balance remains unpaid, the 5% penalty fee shall be applied every 30 days until the balance is paid in full.

 

3. Payment Methods:

   - Customers are expected to make payments using the methods specified in the invoice.

 

4. Invoicing:

   - Labs Best will issue invoices to Customers for products and services rendered, which will include the payment due date.

 

5. Disputes:

   - If a Customer disputes any portion of the invoice, they must notify Labs Best in writing within 10 days of receiving the invoice. The remaining undisputed portion must be paid in accordance with the Net 30 terms.

 

6. Collection Costs:

   - In the event that Labs Best incurs any collection costs, including but not limited to legal fees, as a result of Customer non-payment, such costs shall be the responsibility of the Customer.

 

7. Credit Hold:

   - Labs Best reserves the right to place a hold on further product shipments or services until the outstanding balance is cleared.

 

8. Amendments:

   - Labs Best reserves the right to amend this Net 30 Payment Policy. Any changes will be communicated to the Customer in writing or through updated policy notices.

 

9. Governing Law:

   - This Policy shall be governed by and interpreted in accordance with the laws of the state of Massachusetts, and any disputes arising from this Policy shall be subject to the authority of the state or federal courts of Massachusetts.

 

By proceeding with the purchase of Labs Best's products and services, the Customer affirms their understanding of an agreement to this Net 30 Payment Policy.