Common use of Payment Condition Clause in Contracts

Payment Condition. The Company shall provide to Panasonic invoices on a monthly basis for the Products delivered with the applicable Purchase Price and other charges pursuant to this Agreement. Panasonic shall pay the invoices to the Company fifteen (15) days from the date of receipt of the invoice by Panasonic. Such invoices shall be paid in yen. In the event that Panasonic fails to pay the amounts, in whole or in part, within the payment date mentioned above, the Company shall have the right, without prejudice to any other rights and remedies hereunder, to claim an interest at the rate of 15% per annum on the overdue sum from the due date of the payment until the date on which its obligation to pay the sum is discharged.