Common use of PAYMENT AND NOTICE Clause in Contracts

PAYMENT AND NOTICE. 1. Payments will be made within sixty (60) days from when a correct invoice is received. A correct invoice will contain the contract and purchase order numbers as indicated in section 39. Any invoice to which tax has been added will not be considered a correct invoice, as the State of Utah is tax-exempt as indicated in section 21. After sixty (60) days from the date a correct invoice is received by the appropriate State official, the Contractor may assess interest on overdue, undisputed account charges up to a maximum of the interest rate paid by the IRS on taxpayer refund claims, plus two percent, computed similarly as the requirements of Section 15-6-3, Utah Prompt Payment Act of Utah Code, as amended. The IRS interest rate is adjusted quarterly, and is applied on a per annum basis, on the invoice amount that is overdue.

PAYMENT AND NOTICE. 1. Payments will be made within sixty thirty (60) days from when a correct invoice is received. A correct invoice will contain the contract and purchase order numbers as indicated in section 39. Any invoice to which tax has been added will not be considered a correct invoice, as the State of Utah is tax-exempt as indicated in section 21. After sixty (60) days from the date a correct invoice is received by the appropriate State official, the Contractor may assess interest on overdue, undisputed account charges up to a maximum of the interest rate paid by the IRS on taxpayer refund claims, plus two percent, computed similarly as the requirements of Section 15-6-3, Utah Prompt Payment Act of Utah Code, as amended. The IRS interest rate is adjusted quarterly, and is applied on a per annum basis, on the invoice amount that is overdue.