Common use of EARLY PAYMENT OPTION Clause in Contracts

EARLY PAYMENT OPTION. At the request of the Seller the Buyer is entitled to pay a part of the funds in advance, even in the event of the Seller’s delay with delivery of partial deliverables to which the funds are actually pertaining. This option available to the Buyer may be exercised at his discretion, and in doing so the Buyer shall take into account (i) the value of the completed part of the Object of Purchase and the course of the handover procedure; (ii) the Seller’s plan submitted to the Buyer describing the Seller’s steps for prompt completion of the partial deliverables with which he may be in delay, as well as other follow-on deliveries as well as any risks associated with late payments in relation to the follow-on deliveries. The purpose of this Buyer’s option is to enable the Seller to proceed with his performance in order to fulfil his obligation to deliver the Object of Purchase while maintaining the appropriate standard of public funds management entrusted to the Buyer in accordance with the so-called “private debtor/creditor” principle. A payment of the amounts invoiced shall be understood to be effected on the day on which it was remitted to the Seller’s account, i.e. the invoice shall be considered to be paid for on the day when the invoiced amount is deducted from the Buyer’s account on behalf of the Seller’s account. The invoice issued by the Seller as a tax document must contain all information required by the applicable laws of the Czech Republic. Invoices issued by the Seller pursuant to this Contract shall, in accordance with relevant legislation, contain particularly the following data: business name / name and registered office of the Buyer; tax identification number of the Buyer; business name / name and registered office of the Seller; tax identification number of the Seller; serial number of the tax document; scope and subject-matter of the performance, i.e. quantity (extent) and nature of performance supplied or services rendered (including the reference to this Contract); date of issue of the tax document; date of the supply of goods or services or date of receipt of the payment on account, whichever comes sooner, in so far as they differ from the date of issue of the tax document – invoice; due date (payment deadline); price of the performance provided; number of the Buyer’s order; and a declaration that the invoiced performance is provided for the purposes of the project “Facility for Antiproton and Ion Research - participation of the Czech Republic – OP II”, Reg. No. CZ.02.1.01/0.0/0.0/18_046/0016066; and, furthermore, the tax documents – invoices shall also be in compliance with agreements on avoidance of double taxation, if applicable in particular cases. The last invoice in each calendar year must be delivered by the Seller to the Buyer no later than on 15th of December of that calendar year. The Buyer shall not be obliged to effect payments based on incorrectly issued tax documents – invoices. If the tax document – invoice is not issued in accordance with the payment terms stipulated in the Contract or will not meet the required legal requirements or if it is not delivered to the Buyer by the date specified above, the Buyer is entitled to return the tax document – invoice as incomplete or incorrectly issued to the Seller for completion or for new issue within ten (10) business days after its delivery to the Buyer. In such a case, the Buyer shall not be deemed to be in delay with payment of the Purchase Price or its part, and the Seller shall issue a corrected invoice with a new identical payment deadline (due date), which shall commence running upon the delivery of the corrected or newly issued tax document – invoice to the Buyer. The Buyer’s invoicing data are provided in Article 1.1 hereof.

EARLY PAYMENT OPTION. At the request of the Seller the Buyer is entitled to pay a part of the funds in advance, even in the event of the Seller’s delay with delivery of partial deliverables to which the funds are actually pertaining. This option available to the Buyer may be exercised at his discretion, and in doing so the Buyer shall take into account (i) the value of the completed part of the Object of Purchase and the course of the handover procedure; (ii) the Seller’s plan submitted to the Buyer describing the Seller’s steps for prompt completion of the partial deliverables with which he may be in delay, as well as other follow-on deliveries as well as any risks associated with late payments in relation to the follow-on deliveries. The purpose of this Buyer’s option is to enable the Seller to proceed with his performance in order to fulfil his obligation to deliver the Object of Purchase while maintaining the appropriate standard of public funds management entrusted to the Buyer in accordance with the so-called “private debtor/creditor” principle. A payment of the amounts invoiced shall be understood to be effected on the day on which it was remitted to the Seller’s account, i.e. the invoice shall be considered to be paid for on the day when the invoiced amount is deducted from the Buyer’s account on behalf of the Seller’s account. The invoice issued by the Seller as a tax document must contain all information required by the applicable laws of the Czech Republic. Invoices issued by the Seller pursuant to this Contract shall, in accordance with relevant legislation, contain particularly the following data: business name / name and registered office of the Buyer; tax identification number of the Buyer; business name / name and registered office of the Seller; tax identification number of the Seller; serial number of the tax document; scope and subject-matter of the performance, i.e. quantity (extent) and nature of performance supplied or services rendered (including the reference to this Contract); date of issue of the tax document; date of the supply of goods or services or date of receipt of the payment on account, whichever comes sooner, in so far as they differ from the date of issue of the tax document – invoice; due date (payment deadline); price of the performance provided; number of the Buyer’s order; and a declaration that the invoiced performance is provided for the purposes of the project “Facility for Antiproton and Ion Research - participation of the Czech Republic – OP IIIII.”, Reg. No. CZ.02.1.01/0.0/0.0/18_046/0016066CZ.02.01.01/00/23_015/0008181; and, furthermore, the tax documents – invoices shall also be in compliance with agreements on avoidance of double taxation, if applicable in particular cases. The last invoice in each calendar year must be delivered by the Seller to the Buyer no later than on 15th of December of that calendar year. The Buyer shall not be obliged to effect payments based on incorrectly issued tax documents – invoices. If the tax document – invoice is not issued in accordance with the payment terms stipulated in the Contract or will not meet the required legal requirements or if it is not delivered to the Buyer by the date specified above, the Buyer is entitled to return the tax document – invoice as incomplete or incorrectly issued to the Seller for completion or for new issue within ten (10) business days after its delivery to the Buyer. In such a case, the Buyer shall not be deemed to be in delay with payment of the Purchase Price or its part, and the Seller shall issue a corrected invoice with a new identical payment deadline (due date), which shall commence running upon the delivery of the corrected or newly issued tax document – invoice to the Buyer. The Buyer’s invoicing data are provided in Article 1.1 hereof.