Common use of Payment Settlement Clause in Contracts

Payment Settlement. (a) Buyer shall make a provisional payment to Seller equal to [***] of Seller’s provisional invoice value based on Seller’s weight, assays and average metal prices during the month preceding the month of Concentrate Delivery, within seven days after Delivery of the Concentrate at the Warehouse, against presentation of the following documents to Buyer: · Original Warehouse Certificate satisfactory to Buyer and Seller, putting the Concentrate conforming to this Agreement at Buyer’s disposal in the Warehouse without prejudice to the Seller’s delivery obligations and the Buyer’s payment obligations, as per Appendix No. 1. · The Seller’s provisional invoice based on the Warehouse Certificate weight, the provisional assays certificate or Seller’s assays certificate if the assays certificate from ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Manzanillo, Mexico is not available, and the average metal prices during the month preceding the month of Delivery. · Final Weight Certificate of the delivered Concentrate issued by the independent supervision company appointed jointly by Buyer and Seller. (b) Buyer shall make the second provisional payment to Seller against Seller’s provisional invoice bringing the total provisional payment to [***] of the provisional invoice within 60 days after Delivery of the Concentrate. (c) Final settlement of accounts either by Buyer or Seller shall be made within 10 business days upon receipt of all relevant information for such purpose. If on the final settlement date for the specific Concentrate being final settled, Seller is indebted to Buyer by reason of having received provisional payments in excess of the amount due pursuant to final settlement, then Seller will refund such excess amount to Buyer upon Buyer’s first request. (d) All amounts due by Buyer to Seller or by Seller to Buyer under or in relation to this Agreement not paid when due shall bear interest at a rate per annum equal to the London Interbank Fixing (One Month) money rate as published in the London Financial Times under the column entitled “World Interest Rate”, plus [***] per annum calculated daily. (e) All payments on account of the Sale Price must be made by wire transfer to the bank, branch and account number provided by Seller to Buyer in writing from time to time.