Payment Policy - Software & IT Services

This policy governs financial transactions between Futureys and clients engaging the Software Engineering and IT Services division. It covers custom software, web and mobile applications, AI and chatbot development, cloud and DevOps, WordPress, e-commerce, and IT consulting.

By signing a project proposal or service agreement with Futureys, clients agree to the payment terms outlined here unless otherwise agreed in writing.

Fixed Price

Agreed total for a defined scope of work. Common for standard projects.

Time & Materials

Hourly or daily rate billed for actual hours worked. Used for R&D or evolving scope.

Retainer

Monthly fixed fee for ongoing maintenance, support, or dedicated team access.

Milestone-Based

Payments tied to delivery of defined project stages. This is the default structure.

• Project quotations are valid for 30 days from issue date.
• Prices may change after 30 days due to scope clarifications or resource availability.
• Final pricing is confirmed in the signed project agreement.

• Invoices are issued electronically to the client billing email address.
• Each invoice references project name, milestone, and due date.
• Invoices include bank details, company registration number, and VAT number where applicable.
• Invoice disputes must be reported within 5 business days of receipt.

Invoice Format

PDF via email to client's designated billing contact.

Currency

LKR by default; USD/AED available for international clients.

Tax

VAT charged as per prevailing Sri Lankan tax regulations where applicable.

Bank Transfer (LKR)

Futureys Pvt Ltd bank details are provided on invoice.

Online Banking

Sampath, BOC, HNB, and Commercial Bank transfers accepted.

International Wire

USD/AED available for overseas clients with SWIFT details on invoice.

Cheque

Company-issued cheques only; personal cheques are not accepted.

• Cash payments are not accepted for project values exceeding LKR 25,000.
• Deposit is due before project kickoff.
• Milestone payments are due within 7 calendar days of milestone delivery and sign-off.
• Retainer fees are due on the 1st of each month with service suspended after a 10-day grace period.
• Final payment is due before final code handover, deployment, or go-live.

• Payments not received within 7 days of due date are late.
• Late fee: 1.5% per month on outstanding balance, compounded monthly.
• Project work may pause after 14 days of non-payment.
• Accounts overdue by 60+ days may be referred for legal recovery.
• Work resumes within 3 business days after full payment and applicable late fees.
• Futureys sends reminders at 3, 7, and 14 days past due.

Scope changes must be submitted as formal Change Requests. Approved Change Requests are assessed for effort, cost, and timeline impact, invoiced separately, and agreed in writing.

Client cancellation before kickoff

Full deposit refunded minus 10% admin fee.

Client cancellation during development

Deposit and paid milestones are non-refundable; work-to-date delivered as-is.

Futureys suspension

Work may be suspended if payment is overdue by 14+ days and cancelled if overdue by 60+ days.

Ad-hoc Support

Billed at LKR 3,500/hour standard or LKR 5,500/hour urgent under 24 hours.

Retainer Cancellation

30 days written notice required. Unused retainer hours do not roll over.

• Full source code and project assets transfer only after all outstanding payments are cleared.
• Partial code handover may be provided mid-project at Futureys' discretion after milestone payments.
• Hosting credentials, domain access, and third-party accounts are handed over at project close.
• Futureys retains portfolio showcase rights unless the client opts out in writing.
• Payment disputes must be raised within 5 business days of invoice receipt.

Billing Email

info@futureys.com - Subject: Billing Query - [Project Name]

Phone

+94 76 096 6010

Website

www.futureys.com

Branch

Malabe