Specific Payment Terms Sample Clauses
The Specific Payment Terms clause defines the exact conditions and schedule under which payments must be made between parties in a contract. It typically outlines due dates, accepted payment methods, invoicing procedures, and any penalties for late payments. By clearly establishing when and how payments are to be made, this clause helps prevent misunderstandings and disputes over financial obligations, ensuring both parties have a mutual understanding of their payment responsibilities.
Specific Payment Terms. 7.2.1 Advance Payment Customer agrees to remit, a non-refundable advance payment of 10% of the total amount of each Initial System's Purchase Order, on the same date such Purchase Order is placed. The start date for the Implementation Schedule shall be the date of receipt of this payment. Each advance payment shall be made by wire/telegraphic transfer to the following address: Citibank, New York Routing No.: ▇▇▇▇▇▇▇▇▇ Account No.: ▇▇▇▇▇▇▇▇ In the event Customer does not proceed with its obligations set forth in 7.1.1, under this Agreement (subject to Section 18) in a timely manner, and such failure continues for thirty (30) days following written notice by Motorola to Customer that Motorola intends to proceed under this Section, Motorola shall promptly document its non-recoverable costs directly incurred in the performance of this Agreement, such as, but not limited to staff hours, travel expenses, equipment re-stocking charges, etc. In the event such non-recoverable costs exceed the amount of the advance payment, Customer will pay Motorola the difference.
7.2.2 Payment of Balance Due Customer shall be invoiced seventy percent (70%) of the Commercial invoice gross value of Equipment on shipment. Fifteen percent (15%) of the commercial invoice gross value of Equipment is due upon Conditional Acceptance and the five percent (5%) balance due upon Final Acceptance. Services and Training balances are invoiced upon completion.
Specific Payment Terms. Quest Diagnostics shall pay MedPlus only for Transactions completed, as follows:
(a) Quest Diagnostics will not owe any fee to MedPlus for any Transactions (i) not in accordance with the Performance Standards or (ii) that did not meet the Transaction Specifications.
(b) Quest Diagnostics will owe a Transaction fee to MedPlus for any Transaction rejected solely by Quest Diagnostics as a result of Quest Diagnostics own act or omission, so long as the Transaction meets the Performance Standards and the Transaction Specifications.
(c) MedPlus will provide reports and invoices in hard copy, to Quest Diagnostics for all deliverables under this Agreement at the end of each calendar month and shall provide all supporting documentation (transaction detail) to Quest Diagnostics in electronic format with the level of detail agreed to by the parties from time to time.
(d) Quest Diagnostics will use commercially reasonable efforts to provide written notice to MedPlus of any disputed amounts within ninety (90) days of Quest Diagnostics receipt of MedPlus' invoice.
Specific Payment Terms