When placing a substantial order for park benches, typically defined as 50 units or more, standard payment terms usually involve a structured approach to balance risk for both buyer and supplier. Most manufacturers require an initial deposit upon order confirmation, commonly ranging from 30% to 50% of the total contract value. This deposit secures production materials and scheduling. Following this, a progress payment of 30-40% is often due upon completion of manufacturing or prior to shipment. The remaining balance (10-20%) is typically payable upon delivery or after installation verification. For municipal or government contracts, net-30 or net-60 terms are sometimes negotiated, though these often require credit verification. Many suppliers offer financing options for large orders, and early payment discounts (like 2% net-10) may be available. Always request a detailed proforma invoice outlining all terms, including warranty conditions and any penalties for schedule changes. For international orders, letters of credit are standard. Clear contractual terms regarding quality benchmarks and delivery timelines are essential before issuing any payment.
What are the payment terms for a substantial order of park benches?
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