Common use of Clause 10 Clause in Contracts

Clause 10. 3.2 does not apply in the event where a Party is compensated or allowed to recoup such Tax via alternative mechanisms. Invoicing and Payment Procedure Invoices for all payments due under this Agreement shall be submitted by the Seller to NamPower by the seventh (7th) day (or, if such day is not a Business Day, the immediately following Business Day) of each month following that in respect of which they are payable. Each invoice shall be due and payable on or before the thirtieth (30th) day after the invoice is received (or, if such day is not a Business Day, the immediately following Business Day). Any amount properly due from one Party to the other Party pursuant to this Agreement and remaining unpaid after the due date shall bear interest from the date when payment was due, such interest to accrue daily and be compounded monthly at a rate equal to the Agreed Interest Rate from the date when payment was due until the amount due is actually received by the payee. Any overpayments by either Party resulting from an invoicing error or an error in payment shall be refunded by the other Party, together with interest at the Agreed Interest Rate and thereafter a new invoice shall be issued. Should NamPower dispute an invoice it shall notify the Seller within five (5) Business Days of receipt of such an invoice. NamPower shall not be entitled to defer payment thereof beyond the date specified for payment but shall pay such an invoice except in instances of manifest error. In the event the Parties fail to resolve a dispute regarding an invoice within fifteen (15) days, either Party shall be entitled to refer the dispute for dispute resolution for a determination. In the event it is found that an error was made on the invoice, such invoice shall be cancelled and thereafter a new invoice shall be issued within ten (10) days from the resolution of such dispute. . In case of a manifest error on an invoice, NamPower shall immediately notify the Seller, and the Seller shall issue a corrected invoice. Should an invoice be in error as a result of a metering or reconciliation error, the payments shall be recalculated as soon as practicable following the correction of the metering error and any over-payment or under-payment corrected in the invoice for the month following the receipt of the correct metered data. The Seller shall notify NamPower of its Namibian bank account details for payment by NamPower to the Seller. In the event that the Seller is required to pay to NamPower any Liquidated Damages or Environmental Credits, NamPower shall issue an invoice to the Seller in accordance with the procedure described above, mutatis mutandis. NamPower shall notify the Seller of its bank account details for payment by the Seller to NamPower. No Party shall be entitled to offset any amounts payable to the other Party under or in relation to this Agreement. ENVIRONMENTAL CREDITS