Common use of Due date for payment Clause in Contracts

Due date for payment. The settlement date for each Tax Invoice issued by the Distributor will be the 20th day of the month in which the Tax Invoice is received, or if the 20th day of the month is not a Working Day, the first Working Day after the 20th day. In the event the 20th day of the month falls on a local anniversary day in the city specified for the Retailer’s street address at the start of this agreement, the settlement date will be the 20th day of the month or the last Working Day preceding the 20th day of the month. However, if the Distributor fails to send a Tax Invoice to the Retailer within 10 Working Days after the last day of the month to which the Tax Invoice relates, the due date for payment will be extended by 1 Working Day for each Working Day that the Tax Invoice is late.