Payment Contracts Clause Samples
A Payment Contracts clause defines the terms and conditions under which payments are to be made between parties in a contractual agreement. It typically outlines the payment schedule, accepted methods of payment, invoicing procedures, and any penalties for late payments. For example, it may specify that payments are due within 30 days of invoice receipt and detail acceptable forms such as bank transfer or check. The core function of this clause is to ensure both parties have a clear understanding of their financial obligations, reducing the risk of disputes and facilitating smooth financial transactions.
Payment Contracts. Any Payment Contracts constitute regulated business under the Regulations. As a result, the regulatory protections available under the Regulations and any applicable FCA Rules will apply to those transactions.
Payment Contracts. When Proceeds become payable under a Payment Option, a Payment Contract will be issued to the payee in exchange for this Policy. The effective date of a Payment Contract will be the Option Date. Payment Contracts may not be assigned. A change in payment may be made only if it is provided for in the Payment Contract. WITHDRAWALS OF PROCEEDS UNDER PAYMENT CONTRACT. Proceeds may be withdrawn under a Payment Option if provided in the Payment Contract. Under Payment for a Designated Number of Years, the sum of the remaining guaranteed payments discounted at an interest rate of 4% compounded annually may be withdrawn. Under Payment of a Designated Amount and Proceeds Left at Interest, all or part of the remaining proceeds and any interest earned but not paid may be withdrawn. Proceeds may not be withdrawn from any of the Payment of Life Income Options. We may postpone payment of any withdrawal for not more than 6 months from the date we receive the written request.
Payment Contracts. Except as disclosed on Schedule 9.13, the Companies are not a party to, and none of the Oil and Gas Properties included in the Borrowing Base is the subject of, any Advance Payment Contract.
Payment Contracts. Except as described on Schedule 9.13, the Borrower will not, and will not permit any of its Subsidiaries to, enter into or be a party to any Advance Payment Contract with respect to any Oil and Gas Properties included in the Borrowing Base.