Net Terms Policy

1. Introduction and Scope

1.1 Purpose. This Net Terms Policy (“Policy”) governs the payment terms under which Ryden (“we,” “us,” or “Ryden”) extends credit to wholesale buyers (“Buyer” or “you”) for orders placed through ryden.store/business or related wholesale channels.

1.2 Application. This Policy applies to all wholesale buyers approved to purchase from Ryden, including but not limited to bike shops, professional workshops, distributors, fleet operators, mobile mechanics, and online retailers.

1.3 Relationship to Other Policies. This Policy operates alongside Ryden’s Wholesale Terms of Service, Return and Defect Policy, Shipping and Freight Policy, Customs and Import Documentation Policy, Quality Testing Policy, and Privacy Policy. In the event of conflict, the Wholesale Terms of Service govern unless specified otherwise.

1.4 Modification. Ryden reserves the right to amend this Policy with thirty (30) days’ notice to active wholesale buyers. Material changes require buyer acknowledgment before continuing the wholesale relationship. Continued purchasing after the effective date of amendments constitutes acceptance.

2. Payment Terms Structure

2.1 First Orders, Prepay Requirement. All first orders from new wholesale buyers require one hundred percent (100%) prepayment before order processing. Acceptable prepayment methods:

1. Telegraphic Transfer (T/T) / Wire Transfer: Funds wired to Ryden’s designated bank account in USD, or another currency agreed at quote stage. Funds must clear before order processing begins.
2. Letter of Credit (L/C): Irrevocable Documentary Letter of Credit issued by a reputable international bank, conforming to UCP 600 standards, with Ryden as beneficiary. L/C terms confirmed at quote stage.

2.2 Net 30 Eligibility. Buyers become eligible for Net 30 payment terms (payment due thirty days after invoice date) upon meeting all of the following conditions:

1. Completion of three (3) successful prepaid orders with Ryden;
2. Submission and Ryden’s approval of a credit application including trade references and bank reference per Section 3 of this Policy;
3. Maintenance of a satisfactory payment history with Ryden through the prepaid order period;
4. Ryden’s written approval of the buyer’s Net 30 application, which may be granted or denied at Ryden’s reasonable discretion.

2.3 Net 60 Eligibility. Buyers become eligible for Net 60 payment terms (payment due sixty days after invoice date) upon meeting all of the following conditions:

1. Maintenance of a wholesale relationship with Ryden for not less than twelve (12) consecutive months;
2. Continued satisfactory payment history under Net 30 terms;
3. Maintenance of credit verification status per Section 3;
4. Ryden’s written approval of the Net 60 upgrade application.

2.4 Letter of Credit Throughout the Relationship. Letters of Credit remain available as a payment option throughout the buyer relationship, regardless of credit terms eligibility status. Buyers may elect L/C payment for specific orders even when Net 30 or Net 60 terms have been granted.

2.5 No Implied Credit Terms. Credit terms are not extended automatically. The absence of explicit Net 30 or Net 60 approval means the buyer remains on prepayment terms. Past order history does not create entitlement to future credit terms.

3. Credit Verification

3.1 Credit Application. Buyers seeking Net 30 or Net 60 terms must submit a credit application providing:

1. Trade References: Three (3) trade references from current suppliers, each providing contact details for the buyer’s current account manager, current account balance, payment history, and average days-to-pay.
2. Bank Reference: A bank reference letter from the buyer’s primary commercial banking relationship confirming the business is in good standing, account length, and authorized signatory details.
3. Repeat-Order History: Documented history of three (3) or more successful prepaid orders with Ryden, including order values and payment confirmation dates.
4. Business Documentation: Valid business registration documentation, including business registration number, tax identification number, and current trading status. Documentation must match the entity placing orders.

3.2 Credit Verification Timeline. Ryden’s credit team reviews applications within ten (10) business days of complete submission. Incomplete applications are returned to the buyer with specific deficiencies identified.

3.3 Credit Verification Outcomes. Following review, Ryden will issue one of the following:

1. Approval: Net 30 or Net 60 terms approved with specified credit limit. Approval includes credit limit value, payment terms (Net 30 or Net 60), and any specific conditions.
2. Conditional Approval: Terms approved subject to specified conditions (e.g., reduced credit limit, additional reference checks, periodic re-verification).
3. Denial: Application denied. Ryden provides general reasons for denial without disclosing specific third-party reference details. Buyer remains on prepayment terms.
4. Deferral: Application deferred pending additional information or relationship development.

3.4 Credit Limits. Where Net 30 or Net 60 terms are granted, Ryden establishes a credit limit representing the maximum outstanding invoice value at any time. Orders exceeding the credit limit require prepayment of the excess amount before order processing.

3.5 Periodic Re-verification. Ryden may require periodic re-verification of credit standing, typically annually for active wholesale accounts. Re-verification follows the same process as initial credit verification. Failure to provide re-verification documentation within thirty (30) days of request may result in suspension of credit terms.

3.6 Credit Insurance. Where Ryden elects to maintain credit insurance coverage on specific buyer accounts through trade credit insurance providers (Euler Hermes, Atradius, Coface, or equivalent), Ryden may share buyer credit information with such insurers solely for credit insurance purposes. This sharing is disclosed in the Privacy Policy.

4. Invoice and Payment Terms

4.1 Invoice Issuance. Invoices are issued at the point of shipment for Net 30 and Net 60 buyers, with the invoice date being the date of shipment from Ryden’s warehouse.

4.2 Payment Due Date. Payment is due in full no later than:

1. Net 30: Thirty (30) calendar days from invoice date.
2. Net 60: Sixty (60) calendar days from invoice date.

4.3 Currency. Invoices are issued in United States Dollars (USD) unless otherwise agreed in writing. Payment must be made in the currency stated on the invoice. Currency conversion costs for payments in other currencies are the buyer’s responsibility.

4.4 Payment Methods. Net terms payments are accepted via:

1. Telegraphic Transfer (T/T) / Wire Transfer to Ryden’s designated bank account (banking details provided on invoice);
2. Letter of Credit drawing against the buyer’s L/C facility;
3. Other payment methods specifically agreed in writing for the buyer’s account.

4.5 Payment Confirmation. Buyers must provide payment confirmation (wire confirmation, L/C draw notification) to Ryden’s accounts team within two (2) business days of payment initiation. Ryden acknowledges payment receipt upon confirmed funds clearance.

4.6 Application of Payments. Payments received are applied to outstanding invoices in chronological order (oldest invoices first) unless the buyer specifies otherwise in writing at the time of payment.

5. Late Payment

5.1 Late Payment Notification. Invoices unpaid by the payment due date are considered overdue. Ryden’s accounts team contacts the buyer within five (5) business days following the due date to confirm payment status.

5.2 Late Payment Interest. Overdue invoices accrue interest at a rate of one and one-half percent (1.5%) per month, calculated from the original payment due date until payment is received in cleared funds, or such lower rate as is the maximum permitted by applicable law.

5.3 Credit Term Suspension. Net 30 or Net 60 terms may be suspended for buyers with overdue invoices. Suspended buyers must clear all outstanding balances and may be required to revert to prepayment terms for new orders.

5.4 Order Holds. Ryden reserves the right to hold processing of new orders for buyers with overdue invoices until the outstanding balance is brought current.

5.5 Credit Term Withdrawal. Persistent late payment (defined as three or more late payments within a twelve-month period, or any single invoice unpaid for sixty (60) days beyond the original due date) may result in permanent withdrawal of credit terms. Withdrawn buyers may reapply for credit terms after demonstrating a satisfactory payment history of six (6) prepaid orders.

5.6 Collection Costs. Where Ryden engages collection agencies or legal counsel to recover overdue invoices, the buyer agrees to reimburse Ryden’s reasonable collection costs, including third-party collection agency fees and legal fees, in addition to the principal invoice amount and accrued interest.

6. Purchase Orders and Order Confirmation

6.1 Quote-Based Pricing. Wholesale pricing is established at quote stage. Quotes are valid for thirty (30) calendar days from issuance unless otherwise specified. Pricing on confirmed orders is locked at the quote price.

6.2 Order Confirmation. Ryden issues an Order Confirmation upon receipt of:

1. Buyer’s purchase order matching the agreed quote terms, AND
2. For prepayment buyers: payment confirmation; OR
3. For Net 30 / Net 60 buyers: written order authorization referencing the buyer’s account.

6.3 Order Acceptance. Ryden’s issuance of the Order Confirmation constitutes acceptance of the buyer’s purchase order. Order processing begins upon confirmation.

6.4 Order Cancellation. Order cancellation terms are governed by Section 7 of the Wholesale Terms of Service. Net terms buyers remain liable for invoices issued for shipments that have left Ryden’s warehouse, even where the buyer cancels the underlying order after shipment.

7. Credit Limit Management

7.1 Credit Limit Calculation. A buyer’s outstanding credit exposure at any time consists of:

1. Invoiced amounts not yet paid (within the Net 30 or Net 60 payment window);
2. Shipped but not yet invoiced amounts;
3. Orders in production for private label or custom branding where production resources have been committed.

7.2 Credit Limit Increase Requests. Buyers may request credit limit increases by:

1. Submitting updated trade references and bank reference;
2. Demonstrating consistent payment performance over a minimum six (6) month period at the existing credit limit;
3. Providing business justification for the increase (anticipated order volume, market expansion, etc.).

7.3 Credit Limit Decrease. Ryden reserves the right to decrease a buyer’s credit limit based on:

1. Deterioration of buyer’s payment performance;
2. Material changes in buyer’s business circumstances;
3. General economic conditions affecting buyer’s market;
4. Ryden’s risk management considerations.

Credit limit decreases are communicated with thirty (30) days’ notice where practicable.

8. Relationship Termination

8.1 Voluntary Termination. Either Ryden or the buyer may terminate the wholesale relationship with thirty (30) days’ written notice. Termination does not affect obligations under outstanding invoices.

8.2 Termination by Ryden for Cause. Ryden may terminate the wholesale relationship immediately for:

1. Material breach of this Policy or related policies;
2. Buyer’s insolvency, bankruptcy, or business cessation;
3. Material misrepresentation in credit application or order documentation;
4. Other circumstances constituting good cause as determined by Ryden.

8.3 Post-Termination Obligations. Following termination:

1. All outstanding invoices become immediately due and payable;
2. Credit terms are withdrawn; remaining shipments require prepayment;
3. Confidentiality obligations under the Wholesale Terms of Service continue;
4. Outstanding orders not yet shipped may be cancelled or shipped at Ryden’s election.

9. Governing Law and Dispute Resolution

9.1 Governing Law. This Policy is governed by the laws of [governing jurisdiction — to be specified with counsel], without regard to conflict of law principles.

9.2 Arbitration. Any dispute arising from or relating to this Policy that cannot be resolved through good-faith negotiation between the parties shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) in accordance with the SIAC Rules in force at the time. The seat of arbitration shall be Singapore. The language of arbitration shall be English. The arbitral tribunal shall consist of one arbitrator unless the dispute exceeds USD 250,000, in which case the tribunal shall consist of three arbitrators.

9.3 Jurisdiction for Provisional Remedies. Notwithstanding Section 9.2, Ryden may seek provisional or interim remedies (including but not limited to injunctive relief) in any court of competent jurisdiction.

9.4 Limitation Period. Claims arising under this Policy must be brought within two (2) years of the date the claim arose, or such longer period as may be required by applicable mandatory law.

10. Contact and Communications

10.1 Net Terms Inquiries. Net terms applications and credit-related inquiries:

Ryden Wholesale Accounts
Email: contact@ryden.store
Phone: [accounts phone to be specified]

10.2 Payment Inquiries. Payment processing and invoice inquiries:

Ryden Accounts Receivable
Email: contact@ryden.store
Phone: [AR phone to be specified]

10.3 Banking Details. Banking details for T/T payments are provided on invoices and via secure communication channels. Buyers must verify banking details through known contacts at Ryden before initiating any wire transfer. Email-only verification is insufficient due to wire fraud risk.

Next steps

New to Ryden Wholesale? Apply for a wholesale account and place your first prepaid order. Net 30 eligibility opens after the third successful order.

Ready to request Net 30 review? Contact contact@ryden.store with your trade references, bank reference letter, and a summary of your repeat-order history with us.