Common use of P ayment Clause in Contracts

P ayment. You must enter into a payment agreement acceptable to Peace Power, which may include Pre-Authorized Debit (PAD) withdrawals, and your billing statement will advise you when payment will be taken pursuant to that payment agreement. Payment under this Agreement will be governed by the following terms: (a) By providing Peace Power with your banking information, you authorize Peace Power to draw or deposit on your account with the branch of the financial institution where you maintain an account. This authorization cannot be cancelled if there is an outstanding billing balance due and payable to Peace Power; (b) You acknowledge this authorization is provided for the benefit of Peace Power and your bank, and is provided in consideration of your bank agreeing to process payments and credits against your account in accordance with the rules of the Canadian Payments Association; (c) You acknowledge and agree that Peace Power may use your account and PAD details to pay any outstanding amounts owed relating to you as a Customer, or your specific Site(s). For greater certainty, you hereby authorize Peace Power to utilize the account and PAD issued under this Agreement to pay outstanding amounts under another agreement for another site, linked to you as a Customer, or another agreement for the same Site, linked to you as a Customer; (d) You undertake to inform Peace Power, in writing, of any change in the account information provided in this authorization at least 10 days prior to the next due date of the PAD; (e) You acknowledge that your bank is not required to verify that a PAD has been issued in accordance with the particulars of your authorization including, but not limited to, the amount and further acknowledge that your bank is not required to verify that any purpose of payment for which the PAD was issued has been fulfilled by Peace Power as a condition to honoring a PAD issued or caused to be issued by Peace Power on your account; and (f) Revocation of this authorization does not terminate any agreement for goods or services that exists between you and Peace Power. Your authorization applies only to the method of payment and does not otherwise have any bearing on the agreement for goods or service.

P ayment. You must enter into a a) 100% payment agreement acceptable to Peace Power, which may include Pre-Authorized Debit (PADshall be made on receipt of goods in satisfactory conditions and submission of bill with the material/challan. b) withdrawals, and your billing statement will advise you when payment Payment will be taken pursuant made on 30th day from the date of submission of bill, with early Payment option facility to that be enumerated in the supply order. i) If you allow 4% trade discount, payment agreement. Payment under this Agreement will shall be governed by made within (03) working days from its submission date. ii) If you allow 2% trade discount, payment shall be made within (07) working days from its submission date. iii) If you do not wish to avail the following terms:opportunity of early payments, payments shall be made on 30th day on its submission. (aiv) By providing Peace Power with your banking information, you authorize Peace Power to draw or deposit on your account with Early payment options are applicable against 100% supplies. c) On consignment / Utilization basis- Fortnightly payment would be released against the branch item consumed and settled bills of the financial institution where you maintain an account. This authorization canpatients. d) Bills not be cancelled if there is an outstanding billing balance due and payable to Peace Power; (b) You acknowledge this authorization is provided for the benefit of Peace Power and your bank, and is provided in consideration of your bank agreeing to process payments and credits against your account received in accordance with the rules instructions as required on challan / bill (Mentioned above) will not be entertained / processed for payment by the Institute. e) The part supplies are accepted for the sake of convenience of Procurement cell only. The remaining order shall be treated as cancelled only after last date of supply as per supply order. In case of Part Supply and procurement being done from RC2 or other sources, the cost difference account shall be deducted from the forthcoming bills of the Canadian Payments Association;RC1 (L1)/Billing Agency as appointed by the ▇▇ ▇▇▇▇▇▇. f) The Institute retains the right of returning (cto the supplier/s) any item in any quantity that helps to manage the inventory in most economical manner. The value of returned goods would be adjusted in any possible manner that suits the need of the Institute. g) Bill in quadruplicate and pre-receipted payment must be submitted along with copy of challan at the time of supply of the material at Procurement cell. You acknowledge are advised to comply this point very strictly to avoid any delay in release of the dues. Further you must ensure uninterrupted supply and agree that Peace Power may use your account and PAD details to pay any outstanding amounts owed relating to you as a Customerchange of billing agency, or your specific Site(s). For greater certainty, you hereby authorize Peace Power to utilize will in no way affect the account and PAD issued under this Agreement to pay outstanding amounts under another agreement for another site, linked to you as a Customer, or another agreement for the same Site, linked to you as a Customer;supply schedule. (dh) You undertake to inform Peace Power, in writing, of any change Any variation in the account information provided in this authorization prices detected at least 10 days prior to any point of time, the next due date of the PAD; (e) You acknowledge that your bank is not required to verify that a PAD has been issued in accordance sole responsibility would rest with the particulars of your firm and shall invite necessary action such as recovery/Administrative action as deemed proper. i) Billing agency may collect payment in its own name for supplies made under written authorization including, but not limited to, from the amount and further acknowledge that your bank is not required to verify that any purpose of payment for which the PAD was issued has been fulfilled by Peace Power as a condition to honoring a PAD issued or caused to be issued by Peace Power on your account; and (f) Revocation of this authorization does not terminate any agreement for goods or services that exists between you and Peace Power. Your authorization applies only to the method of payment and does not otherwise have any bearing on the agreement for goods or servicemanufacturer/importer.