Changes in payments Sample Clauses
The "Changes in payments" clause establishes the terms under which payment amounts, schedules, or methods may be modified during the course of an agreement. Typically, this clause outlines the circumstances that justify a change, such as adjustments in scope of work, regulatory changes, or mutual agreement between parties, and may require written notice or approval before any modifications take effect. Its core function is to provide a clear process for adapting payment terms to evolving project or contractual needs, thereby reducing disputes and ensuring both parties are aware of and agree to any financial adjustments.
Changes in payments and resignation from a part of the services provided, general payment terms and conditions
10.1 Advance payments made for a period of five, ten or eighteen years for Biological Material storage shall be refundable. As under this section, PBKM shall reimburse proportionally the prepayment amount if the whole aliquot of Biological Material stored under the selected option is used for purposes of treatment of an authorized recipient/patient before the end of the prepaid storage period; section 10.2 below shall apply accordingly. Should the Contract – for reasons other than the Biological Material being used for the purposes of treatment of an authorized recipient/ patient – be terminated earlier than at the end of prepaid storage period, PBKM shall settle the already paid pre-payment according to standard payment rates for one year of storage set forth in the Price Table. Only the amount exceeding the product of payments for one year of storage according to standard rates and the sum of years of actual storage shall be subject to reimbursement.
10.2 During the term of the Contract, the Parents may cancel storage of Umbilical Cord Blood and/or Placental Blood and/or Umbilical Cord or MSC cells isolated from it (if the Parents decided to extend the service to include an additional package: Umbilical Cord Cell Isolation or Extended Umbilical Cord Cell Isolation). Cancellation shall result in switching to the fees set forth in the Price Table, according to the quantity of Biological Materials stored. Cancellation shall be effective upon the end of the pending annual subscription period.
10.3 Prices for storage shall be gross prices and include VAT tax at the applicable rate. Should the VAT rate applicable for Biological Material storage service be increased, PBKM shall notify the new rate in writing, allowing the Parents 30 days to cancel the Contract in writing. Should the Parents withdraw from the Contract, PBKM shall issue a final invoice for the Parents, covering the unpaid period of storage (until a Contract termination notice is received). Should no statement on withdrawal from the Contract be submitted, PBKM shall assume that the Parents are willing to continue the Contract under the new price terms and shall issue an invoice for the next period, increased by the new applicable tax rate.
10.4 During the term of this Contract, PBKM shall have the right to adjust the one year storage payment (by increasing it) respectively by the twelve month consumer price ...