Enter a Set of Payment Terms for a Service or Freight Contract

Because payment terms are specific to invoice types, Specify Invoice Types for a Service or Freight Contract before specifying payment terms.

Security Note: You need the Allow contract maintenance security right in the Contracts domain security rights group for this activity.

Activity Steps

  1. Open the Service Contract or Freight Contract.
  2. Select the Payment Terms tab.
  3. Right-click in the Issue Date Terms table and select New » [Invoice Type] / [Document Type] from the menu.

    If only an invoice type is selected, Reference Document is Standard Document.

    Note: If a set of payment terms already exists for the selected invoice type, the new payment terms are set on the next invoice iteration.

  4. Complete the following fields.
    • Start Invoice—Invoice iteration from which the payment term is applied. If not specified, this is open-ended. If specified, the iterations cannot be more than the maximum iterations specified for the contractual invoice type.
    • End Invoice—Invoice iteration up to which the payment term is applied. If not specified, this is open-ended. If specified, the iterations cannot be more than the maximum iterations specified for the contractual invoice type.
    • Payable Percentage—Percentage of the invoice total that must be paid. May be greater than 100% for non-final invoices. May be less than 100% for all invoice types. Default: 100%. Examples:
      • Greater than 100%—A business protects itself against commodity price moves by requiring overpayment of provisional invoices.
      • Less than 100%—A business avoids issuing credit notes by requiring only partial payment of provisional invoices.
    • Payment Term Concept—Calculation method for the payable amount. Select from:
      • Total Value (default)—The payable amount is calculated on the total value.
      • Net Amount—The payable amount is calculated on the net amount and no tax component is added.
      • Net Amount before adding Tax—The payable amount is calculated on the net amount. Any tax component is calculated based on the net amount and then added to the instalment.
  5. If the snapshot settings (see Specify Snapshot Settings) include the estimation of invoice dates using issue date terms:
    1. Select a predefined Reference Date or check IsCalculated.

      Select from:

      • Bill of Lading Date—The bill of lading date, or else the first available date out of ATD at origin, ETD at origin or planned despatch date. (Snapshots, revaluations and non-final invoices use the bill of lading date, or else the first available date out of: ATD at origin, ETD at origin, ATA at origin, ETA at origin, the quota end date, or planned despatch date.)
      • Arrival at Destination—The ATA at destination or for non-final invoices can use the ETA at destination. (Snapshots, revaluations and non-final invoices use the first available date out of: ATA at destination, ETA at destination, estimated arrival based on the travel and duration time of a route that matches the planned loading and unloading locations or quota contractual source and destination, bill of lading date of the despatch order, or planned despatch date of the despatch order.)
      • ETA at Origin—ATA at origin or ETA at origin, or bill of lading date if no origin can be determined. (Snapshots, revaluations and non-final invoices use the ATA at origin, or else the first available date out of: ETA at origin, bill of lading date, or planned despatch date of the despatch order.)
      • Invoice Date (default)—The invoice date, or else the first available date out of: estimated invoice date, or current date.
      • Credit Note
      • Debit Note
      • Demurrage Invoice
      • Despatch Invoice
      • Unload Completion—Actual end unloading, actual start unloading, planned end unloading, ATA at destination or for non-final invoices can use the ETA at destination. (Snapshots, revaluations and non-final invoices can use the first available date out of: actual end unloading, actual start unloading, planned end unloading, ATA at destination, ETA at destination, estimated arrival based on the travel and duration time of a route that matches the planned loading and unloading locations or quota contractual source and destination, bill of lading date, or planned despatch date.)
      • Sample Date—The final sample date. (Snapshots, revaluations and non-final invoices use the sample date, or else the first available date out of: bill of lading date, ATD at origin, ETD at origin, ATA at origin, ETA at origin, the quota end date, or planned despatch date.)
      • Departure from Origin—ATD at origin or ETD at origin, or bill of lading date if no origin can be determined. (Snapshots, revaluations and non-final invoices use the first available date out of: ATD at origin, bill of lading date, ETD at origin, ATA at origin, ETA at origin, quota end date, or planned despatch date.)
      • Receipt Of Documents—If an actual invoice does not exist with a recorded Receipt Of Documents/Date of Agreement, MineMarket uses the estimated invoice date to determine the instalment due date that displays in the despatch order snapshot.
      • Date of Agreement
      • Assay Exchange Completion—The Final Assay Agreement date in the despatch order's additional info/dates (editable in the Contract Fulfilment node of the sales or purchase contract), or else the first available date out of: Estimated Assay Exchange Completion date; BL date; ATD at origin; ETD at origin; ATA at origin (except for final invoices); ETA at origin (except for final invoices); quota end date; or planned despatch date of the despatch order.
    2. If the reference date is to be calculated, select a tested expression or create an expression for the Calc. Expression. See Expressions for Custom Calculations.
    3. Enter the Number Of Days. The estimated invoice date is this number of days after the reference date.
    4. Select the Type Of Days to include in counting forward the Number of Days from the reference date. Select from Calendar and Business.
    5. Select the Calendars to use when determining the days to add to the reference date. Select from the calendars defined on the Calendar Editor.
  6. Complete the remaining fields as required.
    • Copy Previous Payment Condition Line Items—Whether to copy the payment condition line items from the previous invoice iteration. If checked, the line items are copied from the previous invoice iteration. If unchecked, the line items are recalculated for this invoice iteration.
    • Comments
  7. Specify at least one instalment for the set of payment terms. See Specify Instalments for a Set of Payment Terms.
  8. Enter payment conditions if required. See Enter Payment Conditions for a Set of Payment Terms.
  9. Override a payable percentage for a dynamic invoice item type if required. See Override a Payable Percentage for a Set of Payment Terms.
  10. Click Save.