Common use of Method and Time of Payment Clause in Contracts

Method and Time of Payment. 6.1 As consideration for the performance of any Purchase Order, Customer shall pay Contractor at prices not to exceed the pricing specified in the attached Exhibit A for the actual Services rendered as specified in the applicable Statement of Work. Contractor shall keep daily records of the actual number of hours worked and of the tasks performed and shall immediately supply such records to Customer upon request. 6.2 Contractor shall submit invoices and supporting documentation electronically to Customer monthly for any month in which Services are rendered, using the processes and procedures identified by the State. Contractor shall certify that the billing is true and correct. Customer agrees to pay Contractor in accordance with Mississippi law on “Timely Payments for Purchases by Public Bodies,” Sections 31-7-301, et seq. of the 1972 Mississippi Code Annotated, as amended, which generally provides for payment of undisputed amounts by the State within forty-five (45) days of receipt of the invoice. All payments shall be in United States currency. Contractor understands and agrees that Customer is exempt from the payment of taxes. Payments by state agencies using Mississippi’s Accountability System for Government Information and Collaboration (MAGIC) shall be made and remittance information provided electronically as directed by the State. The payments by these agencies shall be deposited into the bank account of the Contractor’s choice. No payment, including final payment, shall be construed as acceptance of incomplete work, and Contractor shall remain responsible and liable for full performance in strict compliance with the contract documents specified in the Article herein titled “Entire Agreement.” 6.3 If payment of undisputed amounts is not made to Contractor within forty-five (45) days of Customer’s receipt of the invoice, Customer shall be liable to Contractor for interest at a rate of one and one-half percent (1 ½%) per month (or such lesser rate as may be the maximum permissible rate under the law) on the unpaid balance from the expiration of such forty-five (45) day period until such time as payment is made. This provision for late payments shall apply only to undisputed amounts for which payment has been authorized.

Method and Time of Payment. 6.1 As consideration for the performance of any Purchase Order, Customer shall pay Contractor Knowledge Services at prices not to exceed the pricing specified in the attached Exhibit A Knowledge Services’ VMS for the actual Services rendered by a Vendor as specified in the applicable Statement of Work. Contractor Knowledge Services shall ensure that Vendors keep daily records of the actual number of hours worked and of the tasks performed and shall immediately supply such records to Customer upon request. 6.2 Contractor Knowledge Services shall submit invoices and supporting documentation electronically to Customer monthly bi-weekly for any month period in which Services are rendered, using the processes and procedures identified by the State. Contractor Knowledge Services shall certify that the billing is true and correct. Customer agrees to pay Contractor Knowledge Services in accordance with Mississippi law on “Timely Payments for Purchases by Public Bodies,” Sections 31-7-301, et seq. of the 1972 Mississippi Code Annotated, as amended, which generally provides for payment of undisputed amounts by the State within forty-five (45) days of receipt of the invoice. All payments shall be in United States currency. Contractor Knowledge Services understands and agrees that Customer is exempt from the payment of taxes. Payments by state agencies using Mississippi’s Accountability System for Government Information and Collaboration (MAGIC) shall be made and remittance information provided electronically as directed by the State. The payments by these agencies shall be deposited into the bank account of the Contractor’s Knowledge Services’ choice. No payment, including final payment, shall be construed as acceptance of incomplete work, and Contractor Knowledge Services and the applicable Vendor shall remain responsible and liable for full performance in strict compliance with the contract documents specified in the Article herein titled “Entire Agreement.” 6.3 If payment of undisputed amounts is not made to Contractor Knowledge Services within forty-five (45) days of Customer’s receipt of the invoice, Customer shall be liable to Contractor Knowledge Services for interest at a rate of one and one-half percent (1 ½%) per month (or such lesser rate as may be the maximum permissible rate under the law) on the unpaid balance from the expiration of such forty-forty- five (45) day period until such time as payment is made. This provision for late payments shall apply only to undisputed amounts for which payment has been authorized.apply