Common use of Disputed amounts repayment and interest rate Clause in Contracts

Disputed amounts repayment and interest rate. (a) Where a party wishes to contest any invoice issued to it under this Schedule 7 (including any invoice in respect of Track Charges) it shall, within 14 days of receipt of the invoice, notify the other party in writing of the amount which is in dispute but shall pay the full amount of the invoice, including the disputed amount, in accordance with the terms of the invoice. (b) Where a party has given notice under paragraph 10.5(a) that it disputes part of any invoiced amount: (i) payment of such sum shall be without prejudice to the determination of whether such sum is properly due or not; and (ii) if it is subsequently determined that the disputed sum, or part of it, was not properly due the payee shall repay the disputed sum, or relevant part, to the payer together with interest (to accrue daily and be compounded monthly) at the Default Interest Rate from the date of payment until the actual date of repayment. Part 3 (Not used) Part 3A (Not used) Part 4 (Not used) Part 5 (Not used)‌‌‌‌‌‌‌ Each invoice or credit note issued by the CVL IM or its nominee to the Train Operator shall contain or be accompanied by separate itemisation of the following charges and other information (as relevant) in respect of the period covered by the invoice or credit note: (a) not used; and (b) the rate of Variable Usage Charge and any VUC Default Charge and the relevant number of Vehicle Miles applicable to vehicles for each service so charged.