Payment terms

Articles 16 and 17 from the General Conditions of Manufacture and Supply of Metal Products.

Article 16: Payment

16.1. Payment shall be made at the Supplier's place of business or to an account to be designated by the Supplier.

16.2. Unless otherwise agreed, payment shall be made within 30 days of the invoice date.

16.3. If the buyer fails to fulfill his payment obligation, he shall be obliged, instead of paying the agreed sum of money, to comply with a request from the supplier for remittance.

16.4 The right of the buyer to set off his claims against the supplier or to suspend the fulfillment of his obligations is excluded, unless there is a suspension of payments or bankruptcy of the supplier or the legal debt restructuring applies to the supplier.

16.5. Regardless of whether the Supplier has fully performed the agreed performance, all that the Customer owes or will owe to it under the Agreement shall be immediately due and payable if:
a. a payment term has been exceeded;
b. the bankruptcy or suspension of payments of the buyer has been applied for;
c. goods or claims of the customer are attached; d. the customer (company) is dissolved or liquidated;
e. the customer (natural person) applies for admission to statutory debt restructuring, is placed under guardianship or dies.

16.6. In case of delay in the payment of a sum of money, the Customer shall owe interest on that sum of money to the Supplier from the day following the day agreed upon as the latest day for payment up to and including the day on which the Customer has paid the sum of money. If the parties have not agreed on a final day for payment, the interest shall be due from 30 days after it becomes due. The interest rate shall be 12% per year, but shall be equal to the statutory interest rate, whichever is higher. In calculating interest, part of a month is considered a full month. At the end of each year, the amount on which interest is calculated shall be increased by the interest due for that year.

16.7. The supplier is authorized to set off its debts to the buyer against claims of supplier affiliates on the buyer. In addition, the supplier is authorized to set off its claims on the customer against debts that supplier affiliates have on the customer. Furthermore, the supplier is authorized to set off its debts to the buyer against claims on companies affiliated with the buyer. Affiliated companies shall mean all companies belonging to the same group, within the meaning of Article 2:24b of the Dutch Civil Code and a participation within the meaning of Article 2:24c of the Dutch Civil Code.

16.8. If payment has not taken place on time, the buyer shall owe the supplier all extrajudicial costs with a minimum of €75. These costs shall be calculated on the basis of the following table (principal sum incl. interest):
over the first € 3.000,- 15%
over the amount up to € 6.000,- 10%.
over the amount up to € 15.000,- 8%.
over the amount up to € 60.000,- 5%.
over the amount from € 60.000,- 3%.

The actual out-of-court costs incurred are due, if they are higher than follows from the above calculation.

16.9. If the Supplier is wholly or largely successful in legal proceedings, all costs incurred by the Supplier in connection with such proceedings shall be borne by the Customer.

Article 17: Collateral

17.1. Regardless of the agreed payment conditions, the buyer is obliged to provide sufficient security for payment at the supplier's first request, at the supplier's discretion. If the buyer does not comply with this within the specified period, he shall immediately be in default. In that case, the Supplier shall be entitled to dissolve the agreement and to recover its losses from the Customer.

17.2. The Supplier shall remain the owner of delivered goods as long as the Customer:
a. has not fulfilled its obligations under any agreement with the supplier;
b. has not paid claims arising from the non-performance of the above agreements, such as damages, penalties, interest and costs.

17.3. As long as goods delivered are subject to retention of title, the Customer may not encumber or dispose of them outside the scope of its normal business operations. This clause has effect under the law of property.

17.4. After the Supplier has invoked its retention of title, it may recover the delivered goods. The Customer shall provide all cooperation to that end.

17.5. If the buyer has fulfilled his obligations after the goods have been delivered to him by the supplier in accordance with the agreement, the retention of title in respect of these goods shall revive if the buyer fails to fulfill his obligations under a subsequent agreement concluded.

17.6. The Supplier has a right of pledge and a right of retention on all goods in his possession or to be in his possession from the Customer for whatever reason and for all claims he has or may have against the Customer.