Invoices and Payment Schedules. 7.1.1 On or before the tenth (10th) Day of each month (or if the tenth (10th) Day is not a Business Day, then the next Business Day), Seller shall prepare and deliver to Buyer a statement detailing the amounts owed by Buyer to Seller pursuant to this Agreement for the immediately preceding calendar month. The statement shall include a summary of Purchased Energy delivered to Buyer in each hour of the preceding calendar month and Seller’s calculation of the payments due Seller for each facility. All payments shall be due and payable on or before the later of the twenty-fifth (25th) Day of each month, or the fifteenth (15th) Day after receipt of the invoice. If such Day is not a Business Day, then the payment shall be due on the next Business Day. 7.1.2 Each Party will make payments by wire transfer of funds, or by other mutually agreeable method(s), to the account designated by the other Party. Any amounts not paid by the due date will be deemed delinquent and will accrue interest in accordance with the Texas Prompt Payment Act, Texas Government code ▇▇▇▇.▇▇ seq.
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