Payment Terms
Last Updated: October 20, 2025
Unless otherwise agreed to by the Direct2Lab in a written contract with customer, payment terms are due on receipt for online purchase orders or Net thirty (30) days from the date of the invoice based on agreed payment terms.
Direct2Lab may issues one consolidated bill at month-end summarizing all your orders (instead of invoicing each order separately), the payment term resets to the statement date. That means you’re no longer paying each order based on its own Net 30; instead, you’re paying based on the master bill’s due date.
This system is known by several interchangeable terms:
-
Monthly Statement Billing
-
Consolidated Billing
-
Account Billing
-
Summary Invoice
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Statement-Based Terms
If customer fails to pay any amounts when due, customer shall pay Direct2Lab interest thereon at the greater of a periodic rate of one and one-half percent (1.5%) per month or the highest rate stipulated by applicable law, together with all costs and expenses (including without limitation reasonable attorneys' fees and disbursements and court costs) incurred by Direct2Lab in collecting such overdue amounts or otherwise enforcing Direct2Lab's rights hereunder. Direct2Lab reserves the right to require from customer full or partial payment in advance, or other security that is satisfactory to Direct2Lab, at any time that Direct2Lab believes in good faith that customer's financial condition does not justify the terms of payment specified. All payments shall be made in U.S. Dollars unless otherwise specified in Direct2Lab’s invoice.
The Payment Term for the Master Bill
The specific term depends on what’s agreed between you and the seller. Common examples:
|
Type |
Description |
Example |
|
Net 30 from statement date |
Payment due 30 days after the master bill date |
Master bill issued Oct 31 → Due Nov 30 |
|
End-of-month (EOM) terms |
Payment due a fixed number of days after month-end |
“Net 30 EOM” = payment due by Nov 30 for October purchases |
|
Monthly account settlement |
Account balance due in full by a set date each month |
“Due by the 10th of next month” |
Correct Way to Refer to It
You could describe your vendor’s setup as:
“A monthly statement billing system with payment terms of Net 30 from the statement date.”
If you want to be exact on your own side (for bookkeeping or policy), you could phrase it like:
“Vendor issues a monthly consolidated invoice (master bill) — payment due 30 days from statement date, regardless of individual order invoice dates.”
