Common use of Billing; Payment Clause in Contracts

Billing; Payment. The Parties agree that the reading of meters, issuance of bills and payment toward such bills shall be carried out in accordance with the applicable provisions of the T&O Rules. Each Party shall be entitled to receive from the other Party interest on any due but unpaid amount owing to the first-mentioned Party pursuant to this Agreement and/or the T&O Rules, calculated at the rate of one per centum above the base lending rate then in effect at the principal office of Malayan Banking Berhad or its successors in title, from the date on which such amount became due, including such date, until the date full settlement is made, excluding such date.