When municipalities place large orders for park benches, the payment terms are typically structured to protect both the government entity and the supplier. Standard practice involves a 30% deposit upon contract signing, which helps manufacturers secure materials and begin production. Progress payments of 30-40% are commonly due upon completion of manufacturing or midway through production. The remaining balance (30-40%) is paid upon delivery and installation acceptance. Many government agencies include retention clauses, holding 5-10% of payment for 30-90 days after project completion to ensure quality standards are met. Municipalities often require net-30 or net-60 payment terms after invoice submission, with some larger projects offering phased payments aligned with delivery milestones. Always review the specific procurement contract, as terms can vary based on municipal budgeting cycles, grant funding requirements, and project scale.
What are the payment terms for a large municipal order of park benches?
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