Payment Method

PUMBA CARGO SERVICES CO., LTD

Terms & Conditions of Credit

 1) Invoicing & Due Date

The Customer (hereinafter referred to as “Shipper / Consignee” as the case may be) will be invoiced for shipment charges according to the rate&charges quotattion (or oversea agent’s collect nomination) as agreed under mutual contract. The Shipper / Consignee will be invoiced on daily / weekly / fortnightly / monthly basis. Invoices will be posted or hand delivered to the Shipper / Consignee at the shipping address indicated on the Credit Application Request unless otherwise notified to PUMBA CARGO SERVICES CO. LTD (hereinafter referred to as "PUMBA") in writing & shall be deemed duly received by Shipper/Consignee two working days after posting or on the date of handing over in the case of hand delivery. The Shipper/ Consignee shall pay the amount due in the invoice within the Approved Credit Term (days) counted from the date of invoice, and as per these agreed Terms & Conditions of Credit.

2) Customs Duties

The Shipper / Consignee shall pay all duties & taxes as well as other charges relating to the shipment imported upon receiving the shipment.

3) Local Taxes & Levies

Rates unless otherwise specified do not include local taxes as VAT / duty at any of the countries of origin / transit / destination.

4) Invoice Queries

Any discrepancies in the invoice should be communicated in writing by the Shipper / Consignee within ten days from the date of PUMBA invoice. In absence of such notification, the invoice shall be deemed correct & accepted by the Shipper / Consignee.  PUMBA reserves the right to suspend the account & withdraw the credit facilities and to charge interest of 2% per month (24% p.a) calculated from the invoice due date until the date of payment.

5) Claims by/against PUMBA

The Shipper / Consignee agrees at all times to fully indemnify PUMBA from any loss, damage and / or expense sustained or incurred by it as a direct or indirect consequence  of granting the Shipper / Consignee a credit account.

6) Payment

The Shipper/ Consignee shall make payment in USD or VND by way of telegraphic transfer to a bank account nominated by PUMBA within the credit terms agreed of the date of PUMBA’s invoice. If the invoice is paid in USD, the daily exchange rate of Vietcombank will be applied to the date of payment. Accordingly, the Shipper/ Consignee agrees to  bear all the bank charges (including exchange rate charges) incurred, if any.

Further, PUMBA shall have on the shipment a particular lien, as well as a general lien, entitling it to retain the shipment in its possession as security for payment of all sums due from the Shipper/ Consignee on any account (relating to the shipment or not). Storage charges shall continue to accrue on any shipment detained under such lien. [In the event that the shipment was partly or wholly lost or destroyed, PUMBA shall have a lien over any compensations and/or insurance proceeds in respect of such shipment].

PUMBA shall, in the exercise of its rights of lien, be entitled but under no obligation, at the expense of the Shipper/ Consignee payable on demand and without liability on the part of PUMBA to the Shipper/ Consignee, to sell or dispose of all or such part of the shipment as required to satisfy any amounts overdue to PUMBA from the Shipper/ Consignee, including any and all costs and expenses incurred in the aforesaid sale, subject to PUMBA giving the Shipper/ Consignee 21 days’ written notice of its intention to sell the said shipment.  Proceeds from the sale of such shipment shall be used to settle all outstanding monies due to PUMBA. Any balance from the proceeds of sale from such shipment/s (after full settlement of monies due to PUMBA),shall, be to the credit of the Shipper/ Consignee.

7) Breach by Shipper / Consignee

PUMBA shall be entitled to commence legal action against the Shipper / Consignee for any breach of any of the Terms and Conditions of Credit. The Shipper / Consignee shall be liable for any and all charges and loss related to such legal action including lawyer's fees and legal cost on a full indemnity basis. The Shipper / Consignee shall submit to the non-exclusive jurisdiction of the Vietnamese Court. Failure by PUMBA to enforce any or all of the Terms and Conditions of Credit shall not constitute a waiver of such right or any other right in any agreement on any subsequent occasion. No claim by the Shipper / Consignee against PUMBA may be set off against liabilities incurred by the Shipper / Consignee.

8) Termination by PUMBA

PUMBA is entitled to reduce / terminate the credit account at any time without giving notice or explanation to the Shipper / Consignee.

9) Termination by Shipper / Consignee

The Shipper / Consignee may terminate the credit account by giving PUMBA at least 30 days prior written notice.

10) Procedure after termination

Upon termination of the credit account by either party, the Shipper / Consignee shall pay PUMBA all outstanding amounts within seven days from termination. In respect of any shipment collected after termination of the credit account, the Shipper / Consignee shall pay in cash as per the tariff.

11) Validity

If any provision hereof is or is proved to be or become illegal, invalid or unenforceable in whole or part, under any judgment or rule of law, such provision shall to that extent be deemed deleted and the legality, validity and enforceability of the remaining provisions shall not in anyway be affected thereby.

12) Documents Required

The Credit Application Request must be accompanied by a Certificate of Registration and / or any other documents required by the Credit Department of PUMBA needed to facilitate decision on whether credit could be granted unless the Credit Department of PUMBA waives this requirement.

13) Variation

No employee of PUMBA except the Chief Financial Officer (CFO) (or the employee authorized by the CFO)  of PUMBA has the right to change the Approved Credit Limit, the Approved Credit Term, and/or the Terms and Conditions of Credit. Any such changes shall be made in writing.

14) Prevailing Law

These Terms and Conditions of Credit shall be governed by and interpreted in accordance with the Vietnamese law.

15) Right of settlements

In the event that the Shipper / Consignee has filed for insolvency, liquidation, merger, or change in management,  a prior written approval must be obtained from PUMBA, in order to continue with the credit account, otherwise all the invoices shall immediately become due and payable.