Invoice Statement. Subject to Section 8.2, DP&L and the ▇▇▇▇ Supplier shall pay all amounts due to each other hereunder in accordance with the following provisions: (a) for each Billing Month, DP&L will prepare and provide an invoice to the ▇▇▇▇ Supplier, which will show (i) amounts due to the ▇▇▇▇ Supplier equal to the Price multiplied by the PMEA, (ii) the PMEA/FMEA Adjustment from such Billing Month, if any, and (iii) all Charges due to DP&L incurred during the Billing Month (the “Statement”). DP&L will determine the total amount payable by one Party to the other Party by netting the aggregate amounts due and owing to one Party against the aggregate amounts due and owing to the other Party, with the Party, if any, owing the greater aggregate amount paying the other Party the difference between the amounts owed. (b) The Statement will be sent to the ▇▇▇▇ Supplier within six (6) Business Days after the end of the Billing Month as provided in Section 13.1. (c) DP&L or the ▇▇▇▇ Supplier, as the case may be, will make payment on the first (1st) Business Day after the nineteenth (19th) day of each calendar month. (d) All payments shall be subject to adjustment for any arithmetic errors, computation errors, or other errors, provided that the errors become known within one (1) year of the earlier of (i) end of the Term or (ii) the Early Termination Date. (e) DP&L or the ▇▇▇▇ Supplier, as the case may be, shall make payments of funds by electronic transfer to a bank designated by DP&L and the ▇▇▇▇ Supplier, as applicable. (f) If a good faith dispute arises between DP&L and the ▇▇▇▇ Supplier regarding a Statement, the disputing Party shall be obligated to pay only the undisputed portion of the Statement, if any, and shall present the dispute in writing and submit supporting documentation to the non-disputing Party within one hundred twenty (120) calendar days from the date of the Statement in dispute. Statement disputes must be addressed promptly, and in accordance with the dispute resolution procedures set forth in Article 10. Upon resolution of a Statement dispute, any payments made to either Party will include simple interest on the payment at the lower of the Interest Index or six percent (6%) per annum payable from the date that notice of a Statement dispute was received by the non-disputing Party. (g) If payment is made to the ▇▇▇▇ Supplier after the due date shown on the Statement, a late fee will be added to the unpaid balance until the entire Statement is paid. This late fee will be calculated at the prime rate ▇.▇. ▇▇▇▇▇▇ Chase (or, if not available, another financial institution selected by DP&L) charges commercial borrowers. (h) In the event of a good faith dispute regarding any Statement, the ▇▇▇▇ Supplier will have the right to verify, at its sole expense, the accuracy of the Statement or the calculation of the payment due by obtaining copies of the relevant portions of the books and records of DP&L. The right of verification will survive for one (1) year following the earlier of (i) the end of the Term or (ii) the Early Termination Date.
Appears in 1 contract
Sources: Supply Agreement
Invoice Statement. Subject to Section 8.2, DP&L and the ▇▇▇▇ Supplier shall pay all amounts due to each other hereunder in accordance with the following provisions:
(a) for each Billing Month, DP&L will prepare and provide an invoice to the ▇▇▇▇ Supplier, which will show (i) amounts due to the ▇▇▇▇ Supplier equal to the Price multiplied by the PMEA, (ii) the PMEA/FMEA Adjustment from such Billing Month, if any, and (iii) all Charges due to DP&L incurred during the Billing Month (the “Statement”). DP&L will determine the total amount payable by one Party to the other Party by netting the aggregate amounts due and owing to one Party against the aggregate amounts due and owing to the other Party, with the Party, if any, owing the greater aggregate amount paying the other Party the difference between the amounts owed.
(b) The Statement will be sent to the ▇▇▇▇ Supplier within six (6) Business Days after the end of the Billing Month as provided in Section 13.1.
(c) DP&L or the ▇▇▇▇ Supplier, as the case may be, will make payment on the first (1st) Business Day after the nineteenth (19th) day of each calendar month.
(d) All payments shall be subject to adjustment for any arithmetic errors, computation errors, or other errors, provided that the errors become known within one (1) year of the earlier of (i) end of the Term or (ii) the Early Termination Date.
(e) DP&L or the ▇▇▇▇ Supplier, as the case may be, shall make payments of funds by electronic transfer to a bank designated by DP&L and the ▇▇▇▇ Supplier, as applicable.
(f) If a good faith dispute arises between DP&L and the ▇▇▇▇ Supplier regarding a Statement, the disputing Party shall be obligated to pay only the undisputed portion of the Statement, if any, and shall present the dispute in writing and submit supporting documentation to the non-disputing Party within one hundred twenty (120) calendar days from the date of the Statement in dispute. Statement disputes must be addressed promptly, and in accordance with the dispute resolution procedures set forth in Article 10. Upon resolution of a Statement dispute, any payments made to either Party will include simple interest on the payment at the lower of the Interest Index or six percent (6%) per annum payable from the date that notice of a Statement dispute was received by the non-disputing Party.
(g) If payment is made to the ▇▇▇▇ Supplier after the due date shown on the Statement, a late fee will be added to the unpaid balance until the entire Statement is paid. This late fee will be calculated at the prime rate ▇.▇. ▇▇▇▇▇▇ Chase (or, if not available, another financial institution selected by DP&L) charges commercial borrowers.
(h) In the event of a good faith dispute regarding any Statement, the ▇▇▇▇ Supplier will have the right to verify, at its sole expense, the accuracy of the Statement or the calculation of the payment due by obtaining copies of the relevant portions of the books and records of DP&L. The right of verification will survive for one (1) year following the earlier of (i) the end of the Term or (ii) the Early Termination Date.
Appears in 1 contract
Sources: Supply Agreement