Common use of 2Payment Clause in Contracts

2Payment. Unless otherwise specified herein, undisputed payments shall be payable by check or electronic funds transfer, as designated by the owed Party, on or before the 15th Business Day following receipt of the invoice. Remittances received by mail will be considered to have been paid when due if the postmark indicates the payment was mailed on or before the 15th Business Day following receipt of the billing invoice. (a) If a payment is late, a late payment charge shall be applied to the unpaid balance for the number of Days payment was late and shall be added to the next billing statement. Late payment charges shall include interest calculated using an annual rate of interest equal to one percent (1%) plus the prime rate as published on the date of the invoice in The Wall Street Journal (or, if unavailable, an equivalent publication on or about that date). (b) Each Party at any time may offset against any and all undisputed amounts that may be due and owed to the other Party under this PPA, any and all undisputed amounts, including damages and other payments, that are owed pursuant to this PPA. (c) Seller and Company shall net their obligations to each other under this PPA, and payment of the net amount will discharge all mutual undisputed obligations between the Parties.