Common use of Payment Method and Term Clause in Contracts

Payment Method and Term. i. Net 15 days or less- Institution utilizes an electronic payment method leveraging unique and secure cardless payment accounts which allows for placement of funds for approved payment transactions on a Visa Single Use Account (“SUA”) administered through U.S. Bank via the Payment Plus program. ii. Net 45 days - Institution utilizes Automatic Clearing House (“ACH”) as a method to pay suppliers. This requires completion of a form indicating Bank routing and account number information authorizing Institution to deposit funds into Company Bank account. iii. Net 60 days – Institution will issue traditional checks to suppliers unable to accept one of the preferred electronic methods.