Common use of Invoice and Payment Terms Clause in Contracts

Invoice and Payment Terms. 11.1 Solectron will invoice Zhone upon shipment of Product. Solectron and Zhone agree to payment terms of net ten (10) days from the date of invoice or delivery of Product, whichever occurs later. If Zhone fails to make timely payment or satisfy credit arrangements, it shall be deemed a Material Breach of this Agreement as more fully set forth in Section 16.1. In this event, Solectron may, in addition to any other rights and remedies provided at law or in equity, suspend its performance under this Agreement and withhold shipment of Products, refuse to accept further orders, change credit and payment terms, request other assurances and/or take any other action that Solectron, in its sole discretion, deems appropriate until Zhone makes other arrangements satisfactory to Solectron. In the event Zhone does not cure the Material Breach or make alternative arrangements satisfactory to Solectron, Solectron may terminate this Agreement and exercise any and all rights and remedies provided at law or in equity or in this Agreement, including this Section 11.1. 11.2 Currency will be in U.S. Dollars unless specifically negotiated otherwise and reflected in a Statement of Work. 11.3 Except for the net value added taxes, prices are exclusive of all taxes, duties, customs or similar charges and are subject to an increase equal in amount to any charge Solectron may be required to collect or pay upon shipment of the Product.