DELAY IN INVOICE PAYMENT Sample Clauses
The 'Delay in Invoice Payment' clause sets out the consequences and procedures that apply when a party fails to pay an invoice on time. Typically, this clause will specify any interest charges, penalties, or additional fees that accrue if payment is late, and may outline steps for notifying the debtor or escalating the issue. Its core function is to incentivize timely payment and provide a clear framework for addressing late payments, thereby reducing disputes and financial uncertainty between parties.
DELAY IN INVOICE PAYMENT. The CONTRACTOR obliges itself to pay the service invoices on the due date, crediting the amount in the bank current account stated in item 8.3 above. The invoices not paid up to the date due will suffer and increase of interest at the rate of 1% (one percent) per month or pra rata, without onus to the other deemable penalties,