Common use of Advanced Payment Clause in Contracts

Advanced Payment. The Buyer agrees to pay RMB*** as Advance Payment, of which the interest shall not be calculated and the Seller shall own all the interest herein. Unless otherwise stipulates in the context of this Agreement, the Advance Payment is unrefundable, and irrevocable. The term of paying the Advance Payment shall be the same as the term stipulated in Exhibit B. Unless otherwise specified in Exhibit B of this Agreement, the Buyer explicitly acknowledges and accepts that: once affixing to this Agreement, the Seller shall not be responsible to return all or part of the Advance Payment to the Buyer in any case. The Advance Payment shall be deducted for Payment to Products only in situations specified in this Agreement. The Parties herein explicitly agree that: the Buyer is entitled to deduct *** of the Advance Payment as Payment to Products from *** up to the date that the total amount of the Advance Payment is thoroughly deducted. If the Advance Payment is deducted as liquidated damages or compensation for any losses due to the Buyer’s breach of contract, the deduction as the Payment of the Products shall be commenced only after the deduction of the liquidated damages or compensation for any losses. The Seller shall return the residual amount of the Advance Payment to the Buyer within *** after its performance of this Agreement finished or sooner cancellation or termination of this Agreement because of the breach by the Buyer or the Seller, excluding the events that the Buyer materially breaches this Agreement. If the Buyer breaches the Agreement, the Seller shall have right to deduct relevant liquidated damages or loss compensation from the Advance Payment, and request the Buyer to pay an amount equals to the deduction to recovery the amount of guarantee, non-performance of which shall be deemed as a breach of this Agreement and the Seller shall be responsible to assume the liability pursuant to Clause 8.3 of this Agreement.