Common use of Term & Payment Clause in Contracts

Term & Payment. 3.1 This Agreement shall come into force on the date of execution of this Agreement and its duration shall be one (01) year, extendable for a similar term on same terms and conditions by mutual agreement between parties. 3.2 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. Penalties for delay shall be imposed in accordance with Appendix C. 3.3 In consideration of the satisfactory provision of Services and related services which shall be judged from a reasonable person standard, PSDF shall pay an amount (inclusive of all applicable taxes) of in accordance with Appendix C of this Agreement. 3.4 All payments made hereunder shall be made subject to applicable tax deductions.