payment terms

Effective 1/1/2023, Wurkwel Ventures, LLC will be partnering with Ansonia, an Equifax company, and other resources to obtain credit reports. Customers will be assigned a risk score that will fall into three categories: low risk, medium risk, and high risk. The risk level assigned to the customer will determine their credit tier and subsequent payment terms. They are as follows:

  • Credit Tier 1 (Low risk): 50% deposit due prior to placing orders or providing services. Remaining 50% balance is due net 30 from substantial completion of delivery and installation or service. Customer may withhold the amount equal to the punch list value.
  • Credit Tier 2 (Medium risk): 50% deposit due prior to orders being placed, 25% due one week before scheduled delivery/service, 25% due the day of substantial completion. Customer may withhold the amount equal to the punch list value.
  • Credit Tier 3 (High risk): Full 100% payment is due up front prior to any orders being placed or services performed.

Punch list:
The customer cannot withhold payment greater than the value of punch list or undelivered product.

Any, and all, delivered and intact product, is considered complete once delivered to the agreed upon site. Any defective product covered under the manufacturer’s warranty shall be dealt with separately and replaced by the manufacturer. Although handled by Wurkwel, such cases shall not delay payment or funding source release of funds.

Any concealed damage, installation damage, imperfections, requirements, or any other items considered to be punch list items must be identified and requested for remedy within 30 days of the completed installation. In instances where there are multiple phases to the installation of the project, each phase will have the enforceable thirty (30) day window from completion of that phase.

A 1.5% interest charge per month will be accrued for balances not paid in accordance with the assigned payment terms. The interest charge will continue to accrue monthly on any outstanding balance until it has been paid in full.

For further information regarding our terms, please review the Terms of Service. For any questions or concerns regarding credit application, approval, or payment terms, please contact accounting@wurkwel.com.

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