Need to make MOU in the conditions format that payment should be paid within a stipulated time. Which will be fixed by both the parties.

And you can take advance cheque or EMI type installment a mandate form by his bank.

1) the contract should contain a clause that in event payment is not made within 15 days interest  would be charged at 12 per cent per annul 

2) there should be arbitration clause for resolution of disputes 

3) get agreement vetted by lawyer

Even if you legally blind non Payment can't be avoided. You can at the most include interest on the same

If you do not trade on credit then there is no scope for non payment by your clients customers.

2. however there is hardly any trade which is not done on credit.

3. No agreement is fool proof which would cut short the remedy to recover your dues.

4. So only option is to avoid the business on credit or restrcit the credit to bare minimum. 

The agreements should comtain clauses in how you would like the clients to pay. You can take advance and also can put it down as to what would be the effect of non payment.

Regards 

Mention time schedule for payment and interest for delay in payment. 

These are complex agreements and are very important for your business transactions. Any lacuna in the documents may result in heavy cost to you when there will be dispute. so better consult a local lawyer. 

You should get a a contract drafted by a lawyer which should be executed by both the parties and notarized which would enable you to use the contract in court in case of non payment by the client.

Feel free to contact if you need legal assistance and drafting it.

See a sale of goods/ service agreement can be prepared mentioning payment terms and mode and advance amount. 

The agreement should be containing the details of the PO and payment terms for the client. 

1.  EVEN "IF" coercive agreements are drafted which mandates your clients to make payments, AND if the client still defaults, THEN ultimately to recover the payments, you would still have to go to the Civil courts & file Recovery petition.

2. Instead try Pre-Paid services, via Bank transfers (NEFT, RTGS, IMPS) or other payment gateways.

Hi,

An agreement can be drafted wherein a specific clause for payment can be defined based on the terms agreed and sanctioned by you. For drafting the said agreement, I need to understand your business and based on that agreement can be drafted to enforce the payments by clients on time. 

There`s no guarantee if not default by clients, but this can be managed in effective manner by including dispute resolution clause.

And dispute except shall be subject to Arbitration, Arbitrator will be Mr.Mrs. X, expanses of arbitration shall be bone by client, place of arbitration will be your city.

Insert a clause of recovery of Interest and compensation in case of delay of payment.

This is my response to you:

1. You must lay down the details regarding the payment;

2. You may add a schedule in the agreement displaying that how and when the clients are going to make payment;

3. You can also add a penalty clause if default of payment;

4. You can also add arbitration clause to get faster results;

5. Consult a local lawyer and take steps.

I would be able to help you.  

You can get an agreement written through a lawyer with all the terms and conditions that you would like to impose in the agreement for the customers and bind them in the legal bondage after purchasing the product when they fail to return the money.