Payments Schedule. Payments for the full, three-year term of the Contract will be made annually, in three (3) separate installments, in accordance with the City’s General Contract Terms and Provisions. The initial installment shall be invoiced upon commencement of the Contract Term for one-third of the total annual commitment, which is anticipated to be invoiced in December 2020. Contractor shall issue subsequent invoices on an annual basis, accordingly. Payments for ad hoc purchases made throughout the year will be paid under standard Net 30 terms. If option years are exercised, payments will follow the same process.
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Sources: Contract Resulting From Invitation to Bid, Contract Resulting From Invitation to Bid