Payment Options

The Wood Flooring Exchange offers the following payment terms:

1. Deposit w/order, balance before delivery: A 25% cash deposit must be made at the time your order is confirmed by us. You will be invoiced for the balance when your order arrives at the specified destination port. The balance is due prior to customs clearance (five days after arrival in the US).

   The service fee for the Deposit w/order, balance before delivery payment option is 7.00%.

2. Cash Against Documents (CAD): WFEX shall e-mail you a copy of the documents 5 to 7 days after the vessel with your container has sailed and typically a week or two before arrival in a North American port. You must then wire us the payment within 2 business days of receipt. We then deliver the container to you as soon as it arrives and clears customs; typically within one to two weeks after you have paid. This payment option requires prior credit approval by WFEX.

   The service fee for the Cash Against Documents (CAD) payment option is 7.00%.

3. 1% 10/Net 30: WFEX will invoice you when the container is on the water and we have a copy of the Bill of Lading. On the invoice we will list the expected payment date to us which is 10 days from expected delivery date. If you pay within 10 days from date of invoice and by the date listed on the invoice you may deduct 1%, if not terms are Net 30 days. This payment option requires prior credit approval by WFEX.

   The service fee for the 1% 10/Net 30 payment option is 12.00%.

Penalties for Late Payment

WFEX values you as a customer and just as we endeavor to meet our obligations in servicing you, we ask that you in turn pay us in the time frame you agreed to when ordering from us. We reserve the right to impose the following penalties on those who late pay, for each of our payment plans:

1. Deposit w/order, balance before delivery Should your container not be paid by the time it clears customs, WFEX shall increase the Buying Service fee by 2%. If WFEX incurs any extra fees as a result of lateness to pay, such as moving/stripping/demurrage, etc., WFEX is entitled to add these costs to the increased Buying Service fee.

   Should you still not have paid for the container within 5 days from the customs clearance date, WFEX shall have the right to sell the container elsewhere and then refund your 25% deposit less the 2% increased fee and any additional moving/stripping/demurrage costs incurred during those 5 days.

2. Cash Against Documents (CAD) If we do not receive the monies you have agreed to pay within five business days from date of notification to pay, (the two days agreed upon plus three-day grace period), WFEX has the right to add an extra 2% Late Fee. If payment has not been received by the time the container clears customs, WFEX may sell the container elsewhere and revoke your approved credit with WFEX.
3. 1% 10/Net 30 If we do not receive the monies you have agreed to pay within the 12^th day from the invoice date, the 1% discount for early payment shall no longer be offered. In the event of non-payment later than 32 days after the invoice date, WFEX reserves the right to revoke your approved credit with WFEX.

In addition to the above penalties, WFEX still reserves the right to require you to accept and pay for the container as agreed per your signed sales order. You also agree to pay for any additional costs incurred by WFEX by such payment delay including reasonable collection and attorneys fees.

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