Common use of BILLING AND TERMS OF PAYMENT Clause in Contracts

BILLING AND TERMS OF PAYMENT. 6.1 Purchaser will pay the monthly scheduled Service Fee and the Materials, including electrical power consumed during the preceding calendar month in arrears for the prior calendar month by Electronic Funds Transfer (EFT) no later than ten days after the date of a supporting invoice submitted by Elenac. 6.2 Late payments will bear interest at the Prime Rate (as posted as of the date the payment was due) plus three percentage points (3%). 6.3 In addition to, and without limiting any of its rights pursuant to paragraph 16, Purchaser will have the right, in good faith, to question any calculations presented by Elenac pursuant to paragraphs 5 or 6 and request reasonable documentary justification.