Software Development Payment Details - It's
a deal
How and where to Pay: Payments can
be either wired to our bank or checks mailed. Wiring is the normal
means by which most businesses make their payments.
International Monetary Conversions:
Money transferred into an Indian / American bank must be converted
into the precise dollar amount agreed upon. (Fluctuating exchange
rates can result in a deficit in the amount transferred).
For Small projects that
take less than 100 hrs: 35% of total project cost is paid
as advance payment.
40% of the payment is done on
completion of the prototype. Upon receiving the second payment the
source code is handed over to the clients.
25% is paid only after the project
is hosted.
For larger Projects that
take above 100 hrs:The advance payment is either 25% of
the total project cost or USD 500 (whichever is less).
Invoice Schedule: We send invoices
by e-mail on or close to the 1st and 15th of each month.
Payment Schedule: Payments must be
made within three days of receiving the e-mail invoice. We greatly
appreciate notification on the day that the payment was wired.
Hourly Rates: Some projects are billed
by the hour. We expect payment at the end of a billing period rather
than at the end of a phase of work.
We offer Free Maintenance for a month after hosting
the site.
No document is complete without a clear mention
of the cost involved. Clear mention is made of the various modes
of the software development payment details to ITOI.
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