Common use of COST PAYMENTS Clause in Contracts

COST PAYMENTS. 7.1. INTERCONNECTION CUSTOMER shall reimburse NATIONAL GRID for any cost or expense actually and reasonably incurred by NATIONAL GRID pursuant to this AGREEMENT for the construction, and installation of the INTERCONNECTION FACILITY and SYSTEM FACILITIES in accordance with the terms of this Article 7.3. 7.2. INTERCONNECTION CUSTOMER agrees to pay NATIONAL GRID twenty six thousand dollars ($26,000) a year as total compensation for the operation, maintenance and repair of the INTERCONNECTION FACILITY and SYSTEM FACILITIES by NATIONAL GRID. 7.3. INTERCONNECTION CUSTOMER agrees to pay all invoices within thirty (30) days from date of the invoice. In accordance with NATIONAL GRID's P.S.C. No. 220 Schedule for Electric Service (“PSC No. 220 Electricity Tariff"), if any invoice remains unpaid thirty (30) days from the invoice date, NATIONAL GRID shall apply to the unpaid balance, and INTERCONNECTION CUSTOMER shall pay, a finance charge at the rate of one and one-half percent (1.5%) per month, but in no event more than the maximum allowed by law.