Data Charges. LICENSEE shall pay the applicable Data Charges shown in the Charges Schedule which are expressed as annual Data Charges and are payable quarterly in advance. All charges are subject to Value Added Tax at the prescribed rate, and any other tax, duty or levy imposed by legislation. Data Charges are payable by LICENSEE within thirty (30) days of the date of the Licensor’s invoice, and time of payment shall be of the essence . Any overdue amounts may, in Licensor’s reasonable discretion, accrue an interest equal to 1% (one percent) per calendar month or any part thereof. Furthermore, all judicial and extra judicial costs will be entirely for the account of the Licensee. Any outstanding amounts owed by the Licensee at the default date will become immediately payable, regardless of the method of payment. The Licensor may not amend the Data Charges for the first twelve (12) months following the Commencement Date. Thereafter, the Licensor may change the Data Charges on three (3) months written notice to LICENSEE. Where such increase in Data Charges constitutes an increase of 15% (fifteen per cent) or more for the period, LICENSEE may terminate the Agreement with written notice to the Licensor, such termination being effective the day such Data Charges increase was to be effective.
Appears in 2 contracts
Sources: Derived Data Product Licence Agreement, Derived Data Product Licence Agreement