Common use of Disputed Amount Clause in Contracts

Disputed Amount. If the Buyer disputes any amount, quantity, value or sum in the Payment Statement, debit note or credit note, Take or Pay Statement (“the Disputed item”), the Buyer shall notify the Seller within seven (7) days of receiving either of the Statements. The notice shall specify the Disputed item and the reasons why the Buyer disputes that item. The Seller and the Buyer shall resolve the dispute relating to the disputed item as provided for in Article 11. The amount agreed or determined to be due in relation to the Disputed item shall be paid to or paid by the Buyer. (a) Within three (3) days from the date the dispute is resolved: (i) By the Parties under Article 11.1 (ii) By the sole expert under Article 11.2 In addition, interest shall be payable at the rate of SBI Base Rate plus 6.25% on the amount agreed or determined to be due in relation to the Disputed item from the date that amount was due until the date the whole of that amount is paid. Such interest shall compound annually. or (b) As provided for in the decision in Article 11.6 (unresolved dispute) as the case may be.