Payment Terms

Payment shall be made pursuant to such terms as are approved by Velocite Systems' Credit Department, in its sole discretion. Unless otherwise agreed, payment terms are 25% down with remainging balance net thirty (30) days (based on favorable credit approval), with no retention of monies by the buyer. Payment terms for non-recurring engineering (NRE) are 50% down payment at time of purchase order to begin work and 50% due upon completion. Interest in the amount of the then prevailing prime rate plus two and one half percent (2.5%) per month shall be assessed on overdue accounts. If Velocite Systems' Credit Department determines that payment for goods is to be made in installments, the entire balance of the purchase price shall become due and payable immediately, without further notice, in the event there is a default in any payment or installment at the time the same becomes due.