Payment Terms & Method Sample Clauses
The Payment Terms/Method clause defines how and when payments are to be made between parties under a contract. It typically specifies the amount due, the schedule or deadlines for payment, and the acceptable methods of payment, such as bank transfer, check, or credit card. By clearly outlining these details, the clause helps prevent misunderstandings and disputes over payment, ensuring both parties are aware of their financial obligations and the process for fulfilling them.
Payment Terms & Method. The Owner shall pay DASV according to the installment terms listed below. Final installment of payment shall be due after the Agreement has been signed-off. In the case of existing machines, where the Agreement has not been purchased before the Factory Startup, the machine needs to be inspected by a DASV technician for an additional fee, and any deficiencies identified by the DASV Technician in the equipment fixed and then approved for the Agreement.
Payment Terms & Method. A. Invoices
1. The FSMC shall invoice the SFA monthly for amounts due based on on-site records. The SFA shall make payments within 45 days of the invoiced date.
2. Invoices must be itemized by cost categories such as food, including commodities, labor, supplies, rebates, discounts, credits, etc. Detailed (itemized) cost documentation must be submitted monthly to support what the SFA is charged for each cost, charge, or expense. This documentation must be retained on-site by the SFA.
3. The FSMC is required to identify the amount of each discount, rebate, and other applicable credits on bills and invoices presented to the SFA for payment as required by Title 7 CFR §210.21(f)(iv). An example of the invoice, identifying commodities (USDA entitlement balances), discounts, rebates and credits must be included with the proposal.
4. Costs, charges, and expenses must be mutually agreeable to the SFA and the FSMC and be allowed by federal regulations.
5. The FSMC must submit a monthly reconciliation to the SFA comparing the invoice and revenue against the projected revenue and expenses. (Used in the Attachment CR3, Projected Operating Costs of the proposal.)
6. DFN may randomly request SFAs to submit copies of invoices for compliance with the above items.
7. The payment of interest and late fees from the non-profit school food service account fund is prohibited.
8. Upon termination of the Agreement, all outstanding amounts shall immediately become due and payable.