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General Terms of Payment
Governing Law: Civil Code of the People’s Republic of China and applicable PRC commercial regulations
These General Terms of Payment shall apply to all sales transactions between GREX (hereinafter referred to as “the Seller”) and the customer (hereinafter referred to as “the Buyer”), unless otherwise explicitly agreed in writing in the formal sales contract or official quotation signed by both parties.
1. Payment Currency
All payments under the transaction shall be settled in the currency specified in the official quotation or sales contract. If no currency is specially agreed, payment shall be made in US Dollar (USD) or Renminbi (CNY) according to mutual written confirmation. All bank charges arising from the paying party’s bank and intermediate banks shall be borne by the Buyer.
2. Standard Payment Terms
Unless otherwise agreed in writing, the following standard payment arrangement shall apply:
2.1 Advance Payment: The Buyer shall pay 30% of the total contract value as deposit/advance payment within 5 working days after the contract takes effect. The advance payment is non-refundable unless the Seller fails to perform delivery obligations due to the Seller’s sole fault.
2.2 Balance Payment: The Buyer shall pay the remaining 70% of the total contract value before shipment, or before the date of delivery as specified in the contract.
Any special payment term such as credit term, installment payment or deferred payment shall only be valid if confirmed by an official written agreement signed and sealed by both parties.
3. Payment Method
All payments shall be made via bank wire transfer to the official bank account designated by GREX. The Seller shall not recognize any payment made to personal accounts, third-party accounts or informal accounts unless a prior written authorization is issued by the Seller. The payment date shall be deemed as the date when the funds fully arrive at the Seller’s designated bank account.
4. Late Payment
If the Buyer fails to make full payment within the agreed time limit, the Buyer shall be deemed in breach of contract. The Seller reserves the right to:
a) Suspend production, processing and shipment of the goods without assuming any liability for delay;
b) Claim late payment penalty from the Buyer in accordance with applicable PRC laws;
c) Cancel the order or terminate the sales contract unilaterally if the delay is substantial and affects the performance of the contract.
Late payment penalties shall be calculated in accordance with the standard interest rate for overdue payments stipulated by the People’s Republic of China, without violating mandatory legal provisions.
5. Price Validity
All unit prices and total prices quoted by GREX are valid for 15 calendar days from the quotation date, unless a shorter or longer validity period is stated in writing. After the price validity period expires, the Seller has the right to adjust the price without prior notice.
6. Taxes and Fees
The contract price includes product manufacturing cost, standard packaging cost and domestic handling fees in China. All export duties, import duties, customs clearance fees, local taxes and transportation surcharges at the destination country shall be borne by the Buyer, unless otherwise agreed in writing.
7. Offset and Deduction Prohibition
The Buyer shall not unilaterally deduct, offset or withhold any payment amount on the grounds of alleged quality dispute, service claim or unconfirmed compensation, unless such deduction is explicitly approved in writing by the Seller or ruled by a valid judicial judgment in accordance with PRC law.
8. Payment Completeness
Full payment of the contract amount is a fundamental contractual obligation of the Buyer. Any outstanding payment shall not affect the Seller’s ownership rights, quality warranty rights and legal remedy rights under PRC law.
9. Dispute Resolution
Any dispute arising from payment performance shall be settled through friendly negotiation. If negotiation fails, the dispute shall be submitted to the competent People’s Court at the Seller’s registered location in China in accordance with PRC legal procedures.
(NO. 105, Building A3, Zone A,Yellow River Digital Industrial Park, Binzhou City, Shandong Province
China – 256606)
10. Supplementary Provisions
Any matters not covered by these General Terms of Payment shall be governed by the Civil Code of the People’s Republic of China and other applicable laws and regulations. These terms shall prevail over all prior oral or informal written payment agreements between the parties.
NO. 105, Building A3, Zone A,Yellow River Digital Industrial Park, Binzhou City, Shandong Province
China – 256606
Phone: +86 (0)186 5644 6016
Email: info@grexmining.com
Last updated June 2026；