ONTILITY Payment Terms, Extended Credit, and Rebate Policy
Ontility offers standard credit terms of Net 30, and requires the submission of a credit application and is subject to credit review and approval. Accounts approved with Net 30 terms that pay by the due date will incur no interest fees. Past due accounts will incur late fees of 1% per month on the entire unpaid balance.
Extended payment terms are available as approved through our credit review process addressed above. Accounts with extended payment terms will incur an interest rate of 1% per month for the balance outstanding after the initial 30 days.
Ontility offers a rebate assignment program in which the customer may assign rebates directly to Ontility in exchange for extended payment terms on a per project basis. Rebates must be assigned to Ontility, and an assignment letter from the rebate organization on file (or a rebate agreement in place) in order for extended terms to be recognized on the project. Purchaser agrees to guarantee the rebate amount in full. If the rebate is not assigned to Ontility or is not approved by the utility for any reason, the purchaser will be responsible for payment of the project to Ontility. In cases in which there is a discrepancy or difference in the amount of the project, the purchaser agrees to guarantee and pay Ontility for any balance remaining. Assigned rebates where payment is received within 90 days of the invoice date will incur no interest charges. For assigned rebates where payment is received after 90 days, the balances outstanding will incur 1% interest per month. Any rebate payments that are not received by Ontility within 120 days from the invoice date will become due in full and payable immediately to Ontility by the purchaser for the balance outstanding including all interest charges.
Extended payment terms are available as approved through our credit review process addressed above. Accounts with extended payment terms will incur an interest rate of 1% per month for the balance outstanding after the initial 30 days.
Ontility offers a rebate assignment program in which the customer may assign rebates directly to Ontility in exchange for extended payment terms on a per project basis. Rebates must be assigned to Ontility, and an assignment letter from the rebate organization on file (or a rebate agreement in place) in order for extended terms to be recognized on the project. Purchaser agrees to guarantee the rebate amount in full. If the rebate is not assigned to Ontility or is not approved by the utility for any reason, the purchaser will be responsible for payment of the project to Ontility. In cases in which there is a discrepancy or difference in the amount of the project, the purchaser agrees to guarantee and pay Ontility for any balance remaining. Assigned rebates where payment is received within 90 days of the invoice date will incur no interest charges. For assigned rebates where payment is received after 90 days, the balances outstanding will incur 1% interest per month. Any rebate payments that are not received by Ontility within 120 days from the invoice date will become due in full and payable immediately to Ontility by the purchaser for the balance outstanding including all interest charges.
