COD Payment Sample Clauses
A COD (Cash on Delivery) Payment clause requires the buyer to pay for goods or services at the time they are delivered, rather than in advance or on credit. In practice, this means the seller will only release the goods or complete the service once payment is received, often in cash or another agreed-upon immediate payment method. This clause ensures that the seller receives prompt payment and reduces the risk of non-payment, making it particularly useful in transactions where the parties have not established a long-term credit relationship.
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COD Payment. Within five (5) days after the Project achieves COD, CEP II shall pay to PSI an amount equal to $1,000,000.00 (the “COD Payment”); provided, however, that from this amount CEP II shall deduct all claims, damages, costs and reasonable expenses (including its attorney’s fees) that it has then incurred to date in connection with the Carlyle Capital Matter and otherwise in accordance with Article VI below. For purposes of this Agreement, “COD” shall have the meaning ascribed to such term in the Renewable Power Purchase Agreement by and between Project Company and Duke Energy Progress, Inc., dated as of November 10, 2014 (the “PPA”).