Common use of Project Payment Clause in Contracts

Project Payment. BLP will invoice ISTA for each project, as follows: (1) For BLP's performance of the Technology Transfer Activities, BLP shall invoice ISTA for (i) [*] of the fee for such activities upon the commencement of the Technology Transfer Activities, (ii) [*] of the fee for such activities upon ISTA's acceptance of the last Submission Batch, and (iii) [*] upon ISTA's acceptance of the completed report of the stability study for NDA submission. Invoices for the Technology Transfer activities shall be due and payable within [*] of the date of BLP's invoice. In the event that any undisputed invoice is not paid when due, BLP will stop the project activities and ISTA agrees to pay a "late charge" on the unpaid delinquent balance at an interest rate of [*], but in no event more than the maximum rate permitted by law. (2) For BLP's performance of the Validation Activities, BLP shall invoice ISTA for [*] of the fee for such activities upon the commencement of the Validation Activities and [*] upon ISTA's acceptance of the process validation report.