Invoice; Prepayment Clause Samples
The 'Invoice; Prepayment' clause establishes the requirements for billing and payment in advance of services or goods being provided. Typically, it outlines that the supplier must issue an invoice to the customer, and the customer is obligated to pay the specified amount before delivery or commencement of work. This clause ensures that the supplier receives payment upfront, reducing the risk of non-payment and providing financial security before fulfilling their obligations.
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Invoice; Prepayment. ▇▇▇ (or an affiliate of ▇▇▇ designated by ▇▇▇) shall provide an accounting to the LAL Parties at least monthly describing the amounts due to the EL Group in accordance with Section 2(a). Such amounts will be due and payable immediately. In order that no credit be extended, the LAL Parties shall at all times prepay the amounts incurred on their behalf by maintaining on deposit with ▇▇▇, sums sufficient to cover the amounts that become due pursuant to Section 2(a). It is understood and agreed that ▇▇▇ will make no payments under this Agreement at any time the amount on deposit is insufficient to covert such payment. No interest shall accrue on any amounts on deposit nor shall there be any discount for prepayment.