At JLBC Cadet Corps, we aim to establish a credit policy that supports our clients while ensuring the financial stability of our organization. Here's an outline of our proposed credit policies:
We will typically require full payment for our services upfront at enrolment. This ensures that we have the necessary funds to run our programs effectively and reduces non-payment risk.
In exceptional cases, we may offer an installment plan for payment. This will be evaluated on a case-by-case basis and typically require an initial deposit with the balance to be paid over a specified period. The installment plan will be designed to be completed before the end of the cadet's program.
We will issue a reminder notification if an installment is not paid on time. If the payment is not made within 14 days of the due date, a late fee may be added to the amount owing. This late fee will be a percentage of the overdue amount, as defined in the agreement with the client.
Interest on Overdue Payments:
If a payment becomes overdue by 30 days or more, we may charge interest on the outstanding amount. The interest rate will be defined in the client's agreement but will align with local regulations and industry standards.
Incentives for Early Payment:
In certain situations, we may offer incentives such as discounts for early payment or full upfront payment for long-term programs. These will be designed to encourage timely settlement and enhance our cash flow.
This credit policy will be communicated to all our clients and included in our terms and conditions. We aim to strike a balance between offering flexible payment options for our clients and maintaining the financial health of the JLBC Cadet Corps.