Indicold Payment Policy

1. Introduction

Indicold Private Limited (“Indicold” or “the Company”) is committed to fostering transparent, fair, and timely payment practices to maintain strong relationships with its Suppliers, vendors, and contractors (“Suppliers”). This Payment Policy outlines the terms, procedures, and expectations for payments related to goods, services, or materials provided to Indicold, a leading cold chain warehousing and logistics provider in India. By engaging with Indicold, Suppliers agree to comply with this policy and applicable contractual agreements.

2. Scope

This policy applies to all Suppliers globally who provide goods, services, or materials to Indicold, including but not limited to refrigeration equipment, insulated packaging, transportation services, and other cold chain-related supplies. It covers payment terms, invoicing requirements, and dispute resolution processes.

3. Payment Terms

Standard Payment Terms: Unless otherwise specified in a written agreement, payments will be made within 30 to 60 days from the date of receipt of a valid invoice, subject to approval of goods/services.
Early Payment Discounts: Indicold may offer early payment discounts (e.g., 2% discount for payment within 10 days) if mutually agreed upon in the contract.
Currency: Payments will be made in Indian Rupees (INR) unless otherwise specified. For international Suppliers, payments may be made in USD or other currencies as per the agreement, subject to applicable foreign exchange regulations in India.
Payment Methods: Payments will be made via electronic bank transfer (NEFT/RTGS for India, SWIFT for international transactions) to the Supplier’s designated bank account. Cash or cheque payments are not permitted unless explicitly approved by Indicold’s finance department.

4. Invoicing Requirements

Suppliers must submit accurate and complete invoices to ensure timely processing. Invoices must include:

Supplier Details: Legal name, address, GSTIN (for Indian Suppliers), PAN, and bank account details.
Indicold Details: Invoice addressed to Indicold Private Limited, including the correct billing address and GSTIN as provided in the purchase order.
Invoice Details:
- Invoice number and date.
- Purchase order (PO) number issued by Indicold.
- Detailed description of goods/services, including quantity, unit price, and total amount.
- Applicable taxes (e.g., GST for India, VAT for international Suppliers).
- For cold chain-specific supplies, specify compliance with temperature requirements (e.g., -18°C for frozen goods).
Submission: Invoices must be submitted electronically to accounts@indicold.in in PDF format within 7 days of delivery of goods/services. Physical invoices may be required for certain transactions as per Indian tax regulations.
Supporting Documents: Include delivery challans, proof of delivery, quality certificates (e.g., HACCP, GDP compliance), or other documents as specified in the PO.

Non-compliant or incomplete invoices will be rejected and may delay payment.

5. Verification and Approval

Goods/Services Verification: Indicold will verify the quality, quantity, and compliance of delivered goods/services with the PO and contract terms. For cold chain supplies, temperature logs or compliance certificates may be required.
Invoice Approval: The finance department will review invoices for accuracy and compliance. Discrepancies must be resolved within 10 business days of notification to the Supplier.
Defective Goods/Services: Payments may be withheld for non-conforming goods/services until rectified or replaced at the Supplier’s expense.

6. Tax Compliance

Indian Suppliers: Must comply with Goods and Services Tax (GST) regulations, including proper tax classification (CGST, SGST, IGST) and timely filing of returns. Indicold will deduct Tax Deducted at Source (TDS) as per the Income Tax Act, 1961, where applicable.
International Suppliers: Must provide necessary documentation for cross-border transactions, including tax residency certificates and compliance with India’s foreign exchange regulations (e.g., FEMA, 1999).
Withholding Taxes: Indicold may withhold taxes as required by law. Suppliers will be notified of any deductions.

7. Late Payments and Penalties

Late Payments: Indicold strives to make payments on time. In case of delays beyond the agreed terms due to internal issues, Suppliers will be notified promptly. No interest will be paid on late payments unless specified in the contract.
Supplier Delays: Late delivery of goods/services or submission of non-compliant invoices may result in deferred payment until resolved.
Penalties: Indicold reserves the right to impose penalties for non-compliance, such as defective goods or failure to meet cold chain standards, as outlined in the Supplier agreement.

8. Dispute Resolution

Invoice Disputes: Suppliers must notify Indicold of any payment disputes within 15 days of invoice submission via accounts@indicold.in. Disputes will be resolved through mutual negotiation.
Arbitration: Unresolved disputes will be subject to arbitration in New Delhi, India, under the Arbitration and Conciliation Act, 1996.
Escalation: For unresolved issues, Suppliers may contact financehead@indicold.in.

9. Confidentiality

All payment-related information, including pricing, terms, and banking details, is confidential and must not be disclosed to third parties without Indicold’s written consent, as per the non-disclosure agreement (NDA).

10. Policy Updates

This Payment Policy is effective from August 03, 2025, and may be updated periodically. Suppliers will be notified of changes via email or through Indicold’s Supplier portal. Continued engagement with Indicold implies acceptance of the updated policy.

11. Contact Information

For payment-related queries, contact:
Email: accounts@indicold.in
Phone: +91-9240250588 (available 9 AM–6 PM IST, Monday–Friday)
Address: Indicold Private Limited, 3rd Floor, Plot No 250, Nimble Cowork, Lynx House, Gurugram, Haryana, India

Approved by:
Kartik Jalan, Founder & CEO
Indicold Private Limited