Common use of License Fee and Payment Clause in Contracts

License Fee and Payment. EIU (or its nominee) may render an invoice annually in advance to the Client for the amounts due, plus applicable taxes. The Client shall remit all amounts due within thirty (30) days of the invoice date. Payments made after the due date shall be subject to liquidated damages at a rate of equal to the lesser of: (i) prime/base rate + 4%; or the maximum allowed by law. Without prejudice to EIU's other remedies, it shall have the right to suspend the provision of Licensed Products with immediate effect in the case of any overdue payment.