Common use of INVOICES AND TERMS OF PAYMENT Clause in Contracts

INVOICES AND TERMS OF PAYMENT. (a) Payment for Products, Licensed Materials and Services (including transportation charges and taxes, if applicable) will be due in accordance with the payment schedule described below. Upon acceptance of the purchase order and initial payment required below, Seller will commence the order fulfillment process. Seller shall notify Customer when the Products and/or Licensed Materials are ready for shipment. Upon such notification, Customer shall arrange the electronic transfer of funds for the second payment in accordance with subsection (c) below. Upon receipt of the second scheduled payment, Seller will release the shipment for delivery to Customer. Seller will provide Customer a "record only" invoice after receipt of the second payment. Such invoice will reflect the amount due and payments received through the date of the invoice. If Seller is responsible for installation, the final payment will be invoiced upon Turnover or as soon thereafter as practical. For furnish only orders the final payment will be invoiced upon shipment or as soon as practical thereafter. In either case the payment is due for receipt by Seller within thirty (30) days of the date of the invoice. ---------------------------------------------------------------------------------------------- Payment Milestone Schedule Percent of Total Amount of Purchase Order Due ---------------------------------------------------------------------------------------------- To Accompany Purchase Order (Initial [***]% Payment) ---------------------------------------------------------------------------------------------- Prior to Shipment of Products (Second [***]% Payment) ---------------------------------------------------------------------------------------------- Due to Seller within thirty (30) days of date of [***]% invoice (Final Payment) ----------------------------------------------------------------------------------------------

INVOICES AND TERMS OF PAYMENT. (a) Payment for Products, Licensed Materials and Services (including transportation charges and taxes, if applicable) will be due in accordance with the payment schedule described below. Upon acceptance of the purchase order and initial payment required below, Seller will commence the order fulfillment process. Seller shall notify Customer when the Products and/or Licensed Materials are ready for shipment. Upon such notification, Customer shall arrange the electronic transfer of funds for the second payment in accordance with subsection (c) below. Upon receipt of the second scheduled payment, Seller will release the shipment for delivery to Customer. Seller will provide Customer a "record only" invoice after receipt of the second payment. Such invoice will reflect the amount due and payments received through the date of the invoice. If Seller is responsible for installation, the final payment will be invoiced upon Turnover or as soon thereafter as practical. For furnish only orders the third and final payment payments will be invoiced upon shipment or as soon as practical thereafter. In either case the payment is due for receipt by Seller within thirty (30) days of the date of the invoice. ---------------------------------------------------------------------------------------------- With respect to the payment for Products, Licensed Materials and Services specified in this General Agreement, in the event that Customer enters into a loan agreement with a third party lender to finance the procurement of the Products, Licensed Materials and Services, under this Agreement, the "Loan Agreement" between Customer and lender may authorize lender to pay proceeds directly to Seller. Seller agrees to accept payment from lender in satisfaction of Customer's payment obligation hereunder; however, that the Terms of Payment set forth in this Section shall be complied with in full. ---------------------------------------------------------------------------------------------------------------------- Payment Milestone Schedule Percent of Total Amount of Purchase Order Due ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- To Accompany Purchase Order (Initial [***]% Payment) ---------------------------------------------------------------------------------------------- 15% ---------------------------------------------------------------------------------------------------------------------- Prior to Shipment of Products (Second [***]% Payment) ---------------------------------------------------------------------------------------------- 40% ---------------------------------------------------------------------------------------------------------------------- Due to Seller within thirty (30) days of Shipment of 30% Products (Third Payment) ---------------------------------------------------------------------------------------------------------------------- Due to Seller within thirty (30) days of date of [***]invoice 15% invoice (Final Payment) --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

INVOICES AND TERMS OF PAYMENT. (a) Payment for Products, Licensed Materials and Services (including transportation charges and taxes, if applicable) will be due in accordance with the payment schedule described below. Upon Seller's acceptance of the a Customer purchase order, Seller shall issue to Customer a written notice of purchase order acceptance and initial payment required belowrequest for payment, and Customer thereafter shall have five (5) business days to pay to Seller, by EFT, twenty percent (20%) of the value of such purchase order. Subject to Seller's right to discontinue processing such order in the event Customer fails to timely pay such twenty percent (20%) amount, Seller will commence the order fulfillment processprocess with respect to such purchase order. Seller shall notify issue notice of readiness for shipment and request for payment to Customer when not more than two (2) weeks prior to the date on which the Products and/or Licensed Materials are ready for shipment. Upon will be shipped by Seller, and Customer thereafter shall have five (5) business days to pay Seller, by EFT, sixty percent (60%) of the value of such notification, Customer shall arrange the electronic transfer of funds for the second payment in accordance with subsection (c) belowpurchase order. Upon receipt of the second scheduled payment, Seller will release the shipment for delivery to Customer. Seller Customer and will provide to Customer a "record only" invoice after receipt of the second payment. payment Such invoice will reflect the amount due and payments received through the date of the invoice. If Seller is responsible for installation, the For switch Products: (i) final payment will be invoiced upon Turnover or as soon thereafter as practicalthe earlier of: (x) Cutover; and (y) sixty (60) days after Turnover, provided that there are no identified deficiencies, in which case the sixty (60) day period shall be extended, on a day-by-day basis, until there are no outstanding deficiencies; and (ii) payment shall be made by Customer by EFT within five (5) days of receipt of such invoice by Customer. For furnish only orders orders, the final payment will be invoiced upon shipment or as soon as practical thereafter. In either case the , and payment is due for receipt by Seller within thirty (30) days of the date of the invoice. ---------------------------------------------------------------------------------------------- Payment Milestone Schedule Percent A sample invoice is provided in EXHIBIT 1 for informational purposes only. --------------------------------------------------------------- ---------------------------------------------------------- 5ESS(R)-2000 PRODUCTS PERCENT OF TOTAL AMOUNT OF PAYMENT MILESTONE SCHEDULE PURCHASE ORDER DUE --------------------------------------------------------------- ---------------------------------------------------------- Seller's Receipt and Acceptance of Total Amount of Purchase Order Due ---------------------------------------------------------------------------------------------- To Accompany Purchase Order (Initial [***]20% Payment) ---------------------------------------------------------------------------------------------- Prior to --------------------------------------------------------------- ---------------------------------------------------------- Upon Shipment of Products (Second [***]% Payment) ---------------------------------------------------------------------------------------------- Due to Seller within thirty (30) days of date of [***]60% invoice --------------------------------------------------------------- ---------------------------------------------------------- Upon Cutover (Final Payment) ----------------------------------------------------------------------------------------------20% --------------------------------------------------------------- ---------------------------------------------------------- -------------------------------------------------------------- ------------------------------------------------------------- TRANSMISSION/ACCESS PRODUCTS PERCENT OF TOTAL AMOUNT OF PAYMENTS MILESTONE SCHEDULE PURCHASE ORDER DUE -------------------------------------------------------------- ------------------------------------------------------------- Seller's Receipt and Acceptance of Purchase Order (Initial 25% Payment) -------------------------------------------------------------- ------------------------------------------------------------- Upon Shipment of Products 75% -------------------------------------------------------------- -------------------------------------------------------------