Common use of Billing Frequency Clause in Contracts

Billing Frequency. Ness will ▇▇▇▇ Chordiant for services on a monthly basis, to be paid within NET 30 days of date of receipt of Invoice. Travel & Expenses (T&E) will be billed to Chordiant on a fortnightly basis to be paid within NET 15 days of Date of Invoice. The Ness Associates will be required to enter all time and expense information into Chordiant’s T&E system, [ * ], within 1 business day following month-end. Chordiant will issue an electronic mail reminder to all Ness Associates that have not submitted their time and expense information within 3 business days from the end of the billing cycle. The Ness Associates will be required to input all of their time and expense by close of business the fifth business day after the month close. Failure to enter time or expense in a timely manner could result in the forfeiture of fees or out-of-pocket expenses. If an expense report is submitted after the fifth business day after the month close, due to a Chordiant internal issue or an operational failure of the time entry system, or a delay in receiving invoices or bills from third party vendors, such amounts will not result in forfeiture.