METHODS OF SETTLEMENT Clause Samples
The "Methods of Settlement" clause defines the procedures and options available for resolving financial obligations or disputes under an agreement. It typically outlines whether payments or settlements can be made in cash, by delivery of assets, or through other specified means, and may detail the timing and process for each method. By clearly specifying how settlements are to be conducted, this clause helps prevent misunderstandings and disputes regarding the fulfillment of contractual obligations.
METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him, a monthly statement of all transactions effected. The nonreceipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder:
i) Payment in full of the amount due, or
ii) Mandatory minimum payment as shown on the cardholder’s statement
iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures.
11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed.
11.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he has sufficient funds standing to the credit of his credit card account, or that the transaction is within the credit limit set by SBM.
11.4 Payments made to the cardholder or for his account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.
METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him/her, a monthly statement of all transactions effected. The non- receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder:
(i) Payment in full of the amount due, or
(ii) Mandatory minimum payment as shown on the cardholder’s statement
(iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures.
METHODS OF SETTLEMENT. ☒Advance Payment 1. The Company shall pay to Zhima Credit an advance payment of RMB[REDACTED]62 20 Days before the earliest expiration of the free periods for any types of service or sub-service selected by the Company hereunder; for each subsequent Month, Zhima Credit will deduct from the advance payment of the Company the amount of service fee for services actually provided in accordance with Appendix 1 hereto in a real-time manner, and issue a settlement sheet and a VAT special invoice with an amount equivalent to that deducted for the Month in the following Month.
METHODS OF SETTLEMENT. ☒To be Paid in Advance 1. The Company shall pay to Zhima Credit an advance payment of RMB[REDACTED]20 20 Days before the earliest expiration of the trial periods for any types of service or sub-service selected by the Company hereunder; for each subsequent Month, Zhima Credit shall deduct from the advance payment of the Company the amount of information inquiry fees for services actually provided in accordance with Appendix 1 hereto, and issue a settlement sheet and a compliant invoice with an amount equivalent to that deducted for the Month in the following Month. ☐To be Paid in Arrears 1. Zhima Credit shall provide the Company with information on the ▇▇▇▇ and information inquiry fees payable for each month 10 Business Days after the end of such month/each quarter, and the Company shall complete its check of the ▇▇▇▇ and provide feedback to Zhima Credit about whether it has any objection thereto within 3 Business Days from its receipt of the same. If the Company has no objection, Zhima Credit shall issue to the Company a lawful and compliant invoice with an amount equivalent to that of the ▇▇▇▇ within 10 Business Days from its receipt of feedback from the Company, and the Company shall complete its payment within 10 Business Days from its receipt of such invoice. 20 Confidential treatment requested
METHODS OF SETTLEMENT. All amount payable by Party A to Party B, including but not limited to the purchase price of the Product, shall be remitted to following account of Party B before tax and other deductions. Any and all amount payable by Party A to Party B shall be paid up within 15 days from the invoicing date.