Common use of Invoice Payment Date Clause in Contracts

Invoice Payment Date. 2.1 Subject to Clause 5.3, within ten (10) Business Days after the receipt by either Party (the "Paying Party") of an Invoice from the other Party (the "Invoicing Party"), the Paying Party shall pay to the Invoicing Party the sum due in respect of the Invoice by electronic transfer of funds to such bank account as may be specified in Schedule 6 or Schedule 7 or otherwise communicated in writing to the Paying Party, quoting the invoice number against which payment is made. 2.2 Subject to Section 3 of this Schedule, if any amount included in the Invoice remains unpaid after the time period stated in Section 2.1, then the Invoicing Party shall be entitled to charge interest on the amount unpaid, including interest on any Value Added Tax unpaid, in accordance with the European Communities (Late Payments in Commercial Transactions) Regulations 2012.