A minimum advance payment of 30% of the total project cost is required before any work is initiated. This advance payment secures the project slot and covers initial project expenses.
The advance payment is non-refundable once the project has started, except under circumstances where AKC Web Media is unable to deliver the agreed-upon services.
2. Payment Schedule
The remaining 70% of the payment should be made according to the following schedule:
50% of the remaining balance is due at the midpoint of the project, or upon completion of significant milestones (as defined in the project timeline).
The final 20% is due upon project completion and before the final delivery of assets or deployment.
NOTE: The payment schedule may vary depending on the scope and duration of the project. Any changes to the payment schedule will be communicated to the client in writing.
3. Late Payment and Interest Charges
Payments must be completed by the due dates specified in the project schedule. A grace period of 10 days from the due date will be provided before any penalties are applied.
If payment is delayed beyond the grace period, late fees or interest charges will be applied as follows:
An interest rate of 1.5% per month (18% per annum) will be applied to the outstanding balance starting from the 11th day after the payment due date.
In cases where the client is an MSME, interest will be calculated at three times the prevailing bank rate notified by the Reserve Bank of India (RBI) under the MSMED Act, 2006.
4. Non-Payment Consequences
If payment is not made within 30 days after the due date, AKC Web Media reserves the right to:
Suspend ongoing work or remove delivered services (e.g., websites or digital products) until payment is completed.
Issue a legal notice to recover dues, along with any legal expenses incurred.
5. Invoicing and Payment Methods
Invoices will be sent electronically upon the completion of each payment milestone.
Payments can be made via bank transfer, credit card, or any other agreed-upon payment methods.
6. Refunds and Cancellations
Refunds for advance payments will only be considered if AKC Web Media fails to deliver the services as per the agreed project scope.
Clients may request project cancellation, but all payments made up to that point will be considered non-refundable.
7. Dispute Resolution
Any disputes regarding payments will be handled amicably through negotiation. If unresolved, disputes will be governed by Indian laws, and legal proceedings will be conducted in the jurisdiction of Bengaluru, India.