Quotations
All quotations provided by VTeam are valid for one month unless otherwise stated.
Payment Terms
The client will receive an invoice upon completion of the work unless otherwise specified in the quotation. VTeam requires the client to settle all invoices within 14 days from the invoice date. Suppose VTeam cannot complete the quoted support services within the agreed timeframe due to the client’s failure to provide the necessary documentation, electronic data, etc. In that case, VTeam will issue an interim invoice for the work completed up to that point. The client agrees to pay within 14 days from the invoice date. Credit card, check, or direct bank wire electronic deposit payments can be made.
Nonpayment
Failure to pay an invoice by the due date may result in the cancellation of services, including any Statement of Work or service request. VTeam reserves the right to cancel services in such cases and will mail a nonpayment notice to the client. If the client does not respond within two business days, it will be assumed as acceptance of the notice. Suppose the nonpayment is not resolved within fourteen days. In that case, VTeam has the right to cancel services and any associated Statement of Work or service requests starting from the fifteenth day after the date of the nonpayment notice.
Cancellation of Service
If the client wishes to cancel their accepted quotation, VTeam will invoice the client for any work completed up to that point. The client must inform VTeam via telephone and in writing of their decision not to proceed with the work.
Data Errors & Liability
VTeam takes all necessary precautions to ensure that business data is error-free. Still, it does not accept responsibility for any data errors provided by the client. VTeam will rectify any errors made by their team during working on a client’s accounts. The client needs to thoroughly review their accounts structure and data after receiving bookkeeping services from VTeam. The client must review all work VTeam completes within one month of its return, and any necessary changes must be promptly communicated. After one month, VTeam will not be liable for any incorrect entries.
Queries & Assumptions, draft reports requiring client review will be sent to the client for business book postings, and confirmation must be provided within three weeks of the email. Beyond that, it will be assumed that the reports were accurate and based on assumptions.
Payroll reports, GST, VAT, sales tax, payroll taxes, year-end accounts workings, and tax returns sent to the client require confirmation within one week. After that, it will be assumed that the work was correct, and further tasks will be based on that assumption.
VTeam does not accept any responsibility for losses or damages resulting from errors initially contained within the documentation or electronic data provided by the client.
Limitation Of Liability
Each party’s liability under this agreement is limited to the value of services rendered. Neither party shall be liable to the other, whether in contract, tort, or under any other legal or equitable theory (including strict liability), for any indirect, incidental, exemplary, punitive, special, or consequential damages, including loss of profits, revenue, data, or use, or for interrupted communications, arising from this agreement, even if the other party or any other person has been advised of the possibility of such damages.
a) Disputes: VTeam and the client agree that any dispute or controversy arising out of or relating to the interpretation, validity, construction, performance, breach, or termination of this agreement shall be settled by binding arbitration by the prevailing regulations of Ahmedabad, Gujarat, India courts.
b) Costs: VTeam and the client shall equally bear the costs and expenses of such arbitration, and each shall separately pay its own counsel fees and expenses unless otherwise required by law.
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