Payment Policy

1. Overview

This Payment Policy explains how payments are structured for Raddy Pvt Ltd's sports infrastructure projects. Construction projects involve significant material procurement and labor costs, so our payment structure is designed to ensure smooth cash flow for project execution while protecting both parties' interests.

Specific payment terms for your project will be detailed in the Project Agreement. This policy provides general guidance on how our payment process works.

2. Payment Structure

We use a milestone-based payment structure. This means you pay in installments tied to specific stages of project completion — not upfront in full, and not only at the end. A typical structure looks like this:

• Booking Advance (15-25%): Paid upon signing the Project Agreement. This covers initial mobilization, material procurement, and design work.
• Foundation Completion (15-20%): Due when site preparation and foundation work is verified complete.
• Structural Completion (20-25%): Due when the main structure or ground formation is complete.
• Finishing Stage (20-25%): Due when surface work, installations, and finishing are underway.
• Final Payment (10-15%): Due upon successful completion, inspection, and formal handover.

The exact percentages and milestones are customized for each project based on its scope, duration, and complexity. They are clearly defined in your Project Agreement before work begins.

3. How to Pay

We accept the following payment methods:

• Bank Transfer (NEFT/RTGS/IMPS): Our preferred method for all payments. Bank details are provided in each invoice.
• Cheque: Payable to "Raddy Pvt Ltd." Please allow 3-5 business days for cheque clearance.
• Demand Draft: Accepted for advance payments.
• UPI: Available for smaller payments (under ₹1 lakh).

All payments must be made to official Raddy Pvt Ltd accounts only. We will never ask you to transfer money to personal accounts or third-party accounts. If you receive such a request claiming to be from us, please verify with our office immediately.

4. Invoicing

We issue proper GST-compliant tax invoices for every payment. Here's how it works:

• An invoice is raised when a milestone is reached and verified
• The invoice is sent to your registered email address (and physical copy if requested)
• Payment is expected within 15 days of invoice date unless otherwise agreed
• Each invoice includes: description of work completed, amount due, GST breakup, bank details, and payment due date

5. Taxes

All prices quoted in our proposals and agreements are exclusive of GST unless explicitly stated otherwise. The applicable GST rate (currently 18% for construction services) will be charged on each invoice as per prevailing government regulations.

If tax rates change during the project duration, the revised rate will apply from the date of change. We will notify you of any such changes.

6. What Happens If Payment Is Delayed

We understand that payment delays can happen for legitimate reasons. Here is how we handle them:

• 1-7 days late: We send a friendly reminder. No impact on project.
• 8-15 days late: We contact you to understand the situation and discuss a resolution.
• 16-30 days late: Work on site may be slowed or paused until payment is received. The project timeline will be adjusted accordingly.
• Beyond 30 days: Work is paused. A late payment surcharge of 1.5% per month may apply on the outstanding amount (as specified in the Project Agreement).

If you anticipate a payment delay, please inform us in advance. We are willing to work out reasonable arrangements for genuine difficulties.

7. Price Adjustments

The price in your Project Agreement is fixed for the agreed scope. However, adjustments may be necessary in these situations:

• Scope changes: If you request additional work or modifications not in the original scope, we will provide a revised estimate for your approval before proceeding.
• Unforeseen site conditions: If we encounter unexpected ground conditions (rock, water table issues, contamination) that require additional work, we will inform you immediately with a cost estimate.
• Material price escalation: For projects exceeding 12 months, if key material prices increase by more than 10% from the date of agreement, we may request a price adjustment with supporting documentation.

No price adjustment is made without your written approval.

8. Retention Amount

The final 5-10% of the project cost (as specified in your agreement) serves as a retention amount. This is released after a defect liability period (typically 3-6 months after handover) during which we address any issues that arise from normal use of the facility.

9. Contact for Payment Queries

For invoices, payment confirmations, or any billing questions:

Raddy Pvt Ltd — Accounts Department
Email: info@raddy.site
Phone: +91 78 2250 2000
Office Hours: Monday to Saturday, 9:00 AM to 6:00 PM IST