Common use of METHOD AND TIME Clause in Contracts

METHOD AND TIME. Unless otherwise agreed on a case-by-case basis, Company --------------- will make payment of all amounts due to STERLING COMMERCE pursuant to this Agreement either (i) by certified or cashier's check or wire transfer or (ii) by irrevocable letter of credit against shipment of the EC Products as mutually agreed. If Company fails to make payment within the payment period, STERLING COMMERCE may, at its sole election and option, require that Company Customers remit payment directly to STERLING COMMERCE and any amount due to Company as the net amount less any applicable discount shall be paid to Company as commission. The foregoing does not negate STERLING COMMERCE's termination rights under Section 11.3(a) of this Agreement. Company will bear all banking and similar charges incurred in connection with any of these payments. All letters of credit must (i) be issued on terms acceptable to STERLING COMMERCE, (ii) be confirmed by the issuing bank at least fifteen (15) calendar days before the initial scheduled shipment date or commencement of services, and (iii) be payable at such bank by sight draft to STERLING COMMERCE's order.