Common use of Claims and Payment Clause in Contracts

Claims and Payment. 3.1 A payment to be made by the Seller under paragraph 2 of this Part shall be made in cleared and immediately available funds within ten Business Days from the date the Purchaser notifies the Seller that such payment is due. 3.2 If the Seller defaults in making any payment when due of any sum payable under this Schedule 7, it shall pay simple interest on that sum at a rate of LIBOR plus two per cent (2%) per annum computed based on a 365‑day year, from and including the date on which payment is due, to, but excluding, the date of actual payment (after as well as before judgment).