Texas Prompt Payment Act Clause Samples
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Texas Prompt Payment Act. The City of Houston’s standard payment term is to pay 30 days after receipt of invoice or receipt of goods or services, whichever is later, according to the requirements of the Texas Prompt Payment Act (Tex. Gov’t Code, Ch. 2251).
Texas Prompt Payment Act. In accordance with the Texas Prompt Payment Act, if you qualify as a governmental entity (See Texas Government Code, Chapter 2251), payment is due Champion thirty
Texas Prompt Payment Act. Payment for goods and services shall be governed by Chapter 2251 of the Texas Government Code. An invoice shall be deemed overdue the 31st day after the later of (1) the date CLIENT receives the goods under the contract; (2) the date the performance of the service under the contract is completed; or (3) the date CLIENT receives an invoice for the goods or services. Interest charges for any overdue payments shall be paid by CLIENT in accordance with Texas Government Code Section 2251.025. More specifically, the rate of interest that shall accrue on a late payment is the rate in effect on September 1 of CLIENT’s fiscal year in which the payment becomes due. The said rate in effect on September 1 shall be equal to the sum of one percent (1%); and (2) the prime rate published in the Wall Street Journal on the first day of July of the preceding fiscal year that does not fall on a Saturday or Sunday.
Texas Prompt Payment Act. Customer will process payments in accordance with the Texas Prompt Payment Act (“Prompt Payment Act”), Chapter 2251, Texas Government Code. Interest charges will be paid in accordance with the Prompt Payment Act.
Texas Prompt Payment Act. Terms Net 30 with a maximum past due interest of 1% per month, unless there is a bona fide dispute per the law.