China Mainland and China/Hong Kong: Late Payment Surcharges on Balance Overdue

We would like to give you a gentle reminder on the importance of settling due invoices within the stipulated credit facilities. Any outstanding amount which has exceeded the credit facilities will be considered as past due. We reserve the right to exercise the below dunning procedures for both cash and credit customers (import and export shipments) if such past due is incurred:

1) The credit account would be suspended based on company policy and procedure.

2) For any due invoices, a 2% interest rate per month would be charged from the date the original invoices were due. This interest will continue to accrue until the due invoices are settled.

3) A late interest fee would be levied for cash customer as well.
- For Mainland China: CNY100 per bill of lading
- For China/Hong Kong: HKD 100 per bill of lading

4) All legal costs and disbursements for recovery of debts would have to be borne by the customer concerned.

5) We reserve the right to terminate any credit facilities on any un-recovered “past due” without further notice.