CADENCE INNOVA LTD

All Cadence service agreements specify the standard payment terms as follows: “Payment of invoices, as set out in the Schedule of Services, shall usually be made within 30 days of receipt. Should the Client refuse to pay any invoice submitted by Cadence or a disputed portion thereof, payment of the corresponding invoice/s submitted by the Service Provider or the disputed portion thereof may be withheld unless and until the dispute is resolved.”

In the case of a concern, the issue will be raised with the Business Operations Analyst, for review and a resolution affected in a timely manner. Within two working days, the Business Operations Analyst will check the CRM system to see if all the time has been submitted and approved. If the data is correct on the system, then the Invoice Tracker and the finance system will be checked for human error. If at this point not resolved, within a further two working days the Finance Director responsible for initiating payments will be asked to check BACS payment details to see if there is any other information captured there that resulted in non-payment or discrepancy. Within a timely manner, but not more than two working days, the Business Operations Analyst will report back to the Supplier requesting confirmation of details as required and advising next steps. If the issue was error by Cadence when the payment was initiated, every endeavour will be made to affect a corrected payment the same day the error is discovered. If there was an issue with the Supplier's bank, Cadence will make every endeavour to affect payment within one working day of receipt of amended BACS payment details from the Supplier. Where there is a dispute in respect of satisfactory delivery by the Supplier to the end Client, every effort will be made by Cadence to resolve the issue within 30 working days of invoice date. Where such a dispute arises, Cadence undertakes that payment will only be withheld for the element of delivery under dispute.