Payment Terms

Payment Terms

At Meenysa Neil Estonia Import OÜ, we provide flexible and secure payment structures designed for international trade, while ensuring full banking, legal, and compliance protection for all parties. All payment terms are finalized prior to order confirmation and documented in the Proforma Invoice or commercial agreement.

1. Advance Payment

We accept advance payment options including:

• 100% Advance Payment before production or shipment

• Partial Advance with balance payable before shipment or against documents

Orders are processed only after receipt of cleared funds.

2. Letter of Credit (LC)

We accept Irrevocable Letter of Credit (LC) issued by internationally recognized banks and governed by UCP 600 rules.

• LC must strictly match the Proforma Invoice

• LC must be payable at sight or as mutually agreed

• Any amendments or discrepancies are at the buyer’s cost

3. Bank Guarantee (BG)

Buyers may secure deferred payments by providing a Bank Guarantee issued by their bank.

• BG amount, validity, and claim terms must be agreed in advance

• Shipment is released only after BG verification

4. Open Account

(Strictly Supported by Buyer-Side Bank Invoice Factoring + Master Guarantee Letter + NOC)

Open Account terms are offered only under enhanced bank-backed security and are not available on unsecured credit.

To qualify, the buyer must provide all of the following before shipment:

Mandatory Documents:

1. Buyer-Side Bank Invoice Factoring Approval Letter

   • Issued by the buyer’s bank

   • Confirming acceptance of the seller’s commercial invoice for financing/payment

2. Master Guarantee Letter

   • Issued on buyer’s official letterhead

   • Signed and stamped by authorized signatory

   • Confirming unconditional payment obligation for the full invoice value within the agreed credit period

3. No Objection Certificate (NOC)

   • Issued by the buyer on letterhead

   • Confirming no objection to:

     • Seller-side or buyer-side bank invoice factoring

     • Assignment of receivables to the financing bank

     • Direct payment to the seller or seller’s bank as per factoring arrangement

4. Buyer Bank & Agent Details

   • Buyer’s bank coordinates

   • Clearing or local agent details (if applicable)

❗ Without all above documents, Open Account terms are not permitted.

5. Invoice Factoring (Bank-Supported)

Invoice factoring may be arranged through buyer-side or mutually approved banks.

• Factoring acceptance must be issued prior to shipment

• Interest, discount charges, and bank fees apply as per bank terms

• Net payment is credited to the seller as per agreed factoring timeline

6. Payment Currency

Payments are accepted in EUR or USD, unless otherwise agreed in writing.
All bank charges, intermediary fees, and currency conversion costs are borne as per the agreed terms.

7. Shipment Release & Risk Transfer

• Shipment is released only after:

  • Payment confirmation, or

  • Bank-backed authorization (LC, BG, or Factoring Approval)

• Title and risk transfer strictly follow the agreed Incoterms®

8. Delayed or Non-Payment

Delayed payments may attract interest and suspension of further shipments.
Non-compliance with agreed payment terms may result in legal action as per applicable laws and banking agreements.

9. Compliance & Transparency

All transactions comply with:

• EU trade and banking regulations

• AML & KYC norms

• International trade finance standards

10. Acceptance of Payment Terms

Confirmation of a Proforma Invoice or placement of an order constitutes full acceptance of these Payment Terms.

Need Secure Credit Terms?

Our team will guide buyers through bank approvals, documentation, and compliance requirements.

📩 Contact us via meenysaneil.eu