Common use of Payment Terms and Funding Clause in Contracts

Payment Terms and Funding. Out Clause 1 Payment Terms: TIPS or TIPS members shall not be liable for interest or late payment fees on past due balances at a rate higher tha n permitted by the laws or regulations of the jurisdiction of the TIPS Member. Funding Out Clause: Vendor agrees to abide by the laws and regulations, including Texas Local Government Code § 271.903, or any sta tutory or regulatory limitations of the jurisdiction of any TIPS Member which governs contracts entered into by the V endor and TIPS or a TIPS Member that requires all contracts approved by TIPS or a TIPS Member are subject to th e budgeting and appropriation of currently available funds by the entity or its governing body. See statute(s) for specifics or consult your legal counsel. Yes Not a negotiable term. Failure to agree will render your proposal non-responsive and it will not be considered. Do you agree to these terms?

Payment Terms and Funding. Out Clause 1 Payment Terms: TIPS or TIPS members shall not be liable for interest or late payment fees on past due balances at a rate higher tha n than permitted by the laws or regulations of the jurisdiction of the TIPS Member. Funding Out Clause: Vendor agrees to abide by the laws and regulations, including Texas Local Government Code § 271.903, or any sta tutory stat utory or regulatory limitations of the jurisdiction of any TIPS Member which governs contracts entered into by the V endor Ven dor and TIPS or a TIPS Member that requires all contracts approved by TIPS or a TIPS Member are subject to th e budgeting the bu dgeting and appropriation of currently available funds by the entity or its governing body. See statute(s) for specifics or consult your legal counsel. Yes Not a negotiable term. Failure to agree will render your proposal non-responsive and it will not be considered. Do you agree to these terms?