Common use of Term & Payment Clause in Contracts

Term & Payment. 2.1. This Agreement shall come into force on effective date of this agreement and its duration shall be one (01) year. 2.2. PSDF may extend the duration of this Agreement for another term with the mutual consent of both the Parties, on the same terms and conditions. 2.3. Time is of the essence in this Agreement and, whenever a date or time is set forth in this Agreement, the same has entered into and formed a part of the consideration for this Agreement. In case of any delay in delivery of Services as per agreed time frame will be subject to a penalty of @1% per day, up to a maximum 10% of the quarterly invoice value. 2.4. In consideration of the satisfactory provision of Services and related services, PSDF shall pay an amount (inclusive of all applicable taxes & out of pocket expenses) of PKR [add]. 2.5. All payments made hereunder shall be made subject to applicable tax deductions.