Common use of Payments and Settlement Clause in Contracts

Payments and Settlement. 1. The costs of payment transactions shall be borne by the buyer. 2. The buyer shall only be entitled to a retention right and a right to offset counterclaims inasmuch as his rights are undisputed or have been determined finally and conclusively. 3. If the buyer is in default of payment, we may charge interest in the amount of nine percent over the base interest rate (§ 288 BGB [German Civil Code]), unless lower damages are proved to us by the buyer. In addition, we may demand the payment of a lump sum in the amount of € 40. We reserve the right to assert further damages, in particular those that arise as a result of extra expenses in connection with exchange rate differences and securities.