Payment and Default Clause Samples
The PAYMENT AND DEFAULT clause outlines the obligations of parties regarding the timing, method, and conditions of payment, as well as the consequences of failing to meet these obligations. Typically, it specifies when payments are due, acceptable forms of payment, and what constitutes a default, such as late or missed payments. If a default occurs, the clause may detail remedies like late fees, interest charges, or the right to terminate the agreement. Its core function is to ensure clarity and predictability in financial transactions, while providing mechanisms to address and resolve payment failures.
Payment and Default. 7.1. Unless otherwise expressly agreed in writing, one third of the purchase price and other monies shall be payable upon conclusion of the contract, another third upon commencement of manufacture and the rest not later than at the date of submission or upon delivery. Irrespective thereof, value added tax contained in the respective bill shall in either case be payable within 30 days after receipt of invoice. The eligibility to cash discount deduction is subject to an express written agreement.
7.2. The customer is not entitled to retain due payment because of possible counterclaims (e.g., guarantee, warranty, or indemnity claims). Moreover, the customer shall only be entitled to offset counterclaims against pecuniary claims by EMCO if ascertained by court or expressly acknowledged in writing by EMCO.
7.3. Should the customer fall behind with his payments, with advance performance or secondary obligation, he is obligated to effect all or part, EMCO shall have the right to cancel a contract by granting reasonable days of grace or to insist on fulfillment of the contract and to immediately make mature the total purchase price. In such case, EMCO shall also be entitled to refuse supply of EMCO´s services or partial services, until performance of complete settlement of the purchase price including all interest and fees and to retain all merchandise in EMCO´s custody or to technically shut down the goods already in the custody of the customer by remote shutdown.
7.4. Upon occurrence of the default EMCO shall be entitled to debit the customer with default interest in the amount of 8 % above base rate.
7.5. In case of default of payment, the customer undertakes to replace all of EMCO´s costs, fees and cash expenditures resulting from whatsoever writ and the ones resulting from a prosecution of EMCO´s legitimate claims, especially also charges for interventions of a licensed debt collecting agency.
7.6. In case where part-delivery has been agreed upon and the customers defaults in respect to payment of a part-delivery, EMCO shall have the right to cancel a contract regarding both, the respective part-delivery and also regarding all outstanding services.
7.7. The failure to meet contractual obligations, which when considered from an economical point of view would not have been concluded without the conclusion of another, shall entitle EMCO to withdraw from both contracts.
7.8. EMCO´s cancellation entails complete restitution of the work performed and entitles EMCO ...
Payment and Default. (a) Subject to sub-clause 10(c) hereof, and unless otherwise agreed in writing all accounts shall be payable within 20 days of delivery, or as otherwise identified on any statement of account issued by ▇▇▇▇▇▇▇▇▇▇▇.
(b) If any of the events set out in (i) to (v) below occur, ▇▇▇▇▇▇▇▇▇▇▇ may at its option withhold further deliveries or cancel the Contract without notice to the Buyer and without prejudice to any other action or remedy which ▇▇▇▇▇▇▇▇▇▇▇ has or might otherwise have had and all moneys owing and outstanding to ▇▇▇▇▇▇▇▇▇▇▇ on any account whatsoever and irrespective of whether the due date on any statement of account has occurred or passed shall become immediately due and payable:
(i) the Buyer makes default in any payments or is unable or states that it is unable to pay its debts as and when they fall due;
(ii) the Buyer being an individual commits an act of bankruptcy or enters into a creditors proposal or otherwise compounds or compromises with the Buyer’s creditors;
(iii) the Buyer being a company goes into liquidation by voluntary or Court appointment of a liquidator or an application for appointment of a liquidator to the Buyer is filed in the High Court.
(iv) a receiver, receiver and manager, controller or voluntary administrator is appointed over any part of the property or assets of the Buyer;
(v) the Buyer experiences any analogous event having substantially similar effect to any of the events specified above.
(c) Notwithstanding sub-clause 10(a) hereof ▇▇▇▇▇▇▇▇▇▇▇ may at all times in its sole and unfettered discretion and without being under any duty or obligation to assign reasons therefore review, alter or terminate the Buyer’s credit limit or payment terms without notice. Without limiting the generality of the foregoing, the decision of ▇▇▇▇▇▇▇▇▇▇▇ shall be final and ▇▇▇▇▇▇▇▇▇▇▇ accepts no liability or responsibility for any loss, howsoever arising, incurred by the Buyer due to the operation of this condition.
(d) If the Buyer fails to pay any amount which may become due and payable by the Buyer to ▇▇▇▇▇▇▇▇▇▇▇ under any clause within these conditions of sale, including any sum which may become due and payable by virtue of the provisions of clause 10(b) hereof, the Buyer shall be liable for and hereby agrees to indemnify ▇▇▇▇▇▇▇▇▇▇▇ in respect of all costs and expenses which ▇▇▇▇▇▇▇▇▇▇▇ may incur as a result of such default, including legal costs and expenses incurred on a solicitor/own client basis. The costs and expenses that may be ...
Payment and Default. Payment must be received within 60 days of issuance of a payment notice by the Consortium Manager. A Member may be deemed in Default if it fails to pay an invoice or payment notice within 15 days after its due date. The Steering Committee shall notify in writing any Member not having paid an invoice or payment notice after its due date. The defaulting Member shall then have 30 days to cure the Default by paying the amount due during such period. A Member who has failed to make payment within 45 days after due date shall automatically cease to be a Member without the necessity of further Steering Committee action. However, due to the urgent nature of this application for Authorisation, Members are encouraged to pay within 30 days wherever possible.
Payment and Default. 3.1 Payment terms for account holders are by the 20th of the following month; for casual hires upon return of the plant.
3.2 When in default of any monies payable under the Contract, without prejudice to the Owner’s other remedies under these conditions at law or otherwise, the Hirer will pay default interest at the rate of 2% per calendar month on all outstanding until all monies have been paid in full.
3.3 The Hirer shall pay to the Owner all costs and expenses incurred by the Owner in recovering money or in connection with the exercise or an attempted exercise of any of its rights or remedies under the Contract, including commissions and legal costs on a solicitor and client basis.
3.4 The Hirer must make all payments due under the Contract without set-off or deduction of any kind.
Payment and Default. 8.1 Payment will be made to the Pharmacy on a per harm reduction visit basis. The payment schedule will be as follows:
Payment and Default. 9.1. Unless the Customer has an account with the Seller, Goods will only be released when payment terms in 3.6 are met. Unless otherwise agreed in writing, account holders must pay their invoice in full within 30 days of delivery of the Goods.
9.2. The Seller reserves the right to charge interest on any overdue amount at a rate of 2.5% per month from the due date until payment is made in full.
9.3. If:
(a) the Customer defaults on any payments or is unable or states that it is unable to pay its debts as and when they fall due:
(b) (where the Customer is an individual) the Customer commits an act of bankruptcy or has a controller or trustee appointed in respect of its estate or any part of its property or assets;
(c) (where the Customer is a company) the Customer passes a resolution for the winding up or enters into liquidation or has an application for winding up filed against it;
(d) a receiver, receiver and manager, controller or voluntary administrator is appointed over any part of the Customer's property or assets;
(e) the Customer experiences any analogous event having substantially similar effect to any of the events specified in this clause, then the Seller may, at its option , withhold further deliveries or cancel any Order without notice and without prejudice to any other action or remedy. In such circumstances, all moneys owning and outstanding to the Seller on any invoice, irrespective of whether the due date on the invoice has occurred or passed shall become immediately due and payable, and additionally, the Seller reserves the right to charge the Customer all reasonable expenses incurred by it in order to recover the outstanding monies owed pursuant to this clause.
Payment and Default. 18.1 The Other Party shall pay invoices in accordance with the terms of payment given in the invoice. If no specific conditions are stated in the invoice, the Other Party shall pay within thirty days of the given date of invoice. The Other Party is not entitled to offset or delay payment. The date on the Supplier’s bank or giro statement when the payment is recorded as received applies as the date on which the payment has occurred.
18.2 Any payment by the Other Party shall – if applicable – go in the first place towards settlement of any interest he owes and towards any costs of collection and administrative costs owed to the Supplier, and then towards settlement of the outstanding claims in order of age, therefore commencing with the oldest outstanding claim.
18.3 If the Other Party does not settle sums owed to the Supplier punctually, the Other Party shall without a warning or declaration of default being necessary also owe the outstanding amount of statutory interest. If following reminder to pay, warning or declaration of default the Other Party still fails to fulfill his payment obligations within a reasonable period he shall by rights be in default. From that moment the Supplier may pass the claim on for collection. Once the claim is passed on the Other Party is obliged besides the rightfully established costs to reimburse the Supplier for the actual legal costs of the Supplier and the actual extra-judicial costs including the costs charged by external experts.
Payment and Default. 4.1 Unless ASAP Laboratory requests the Purchaser to pay in advance or unless alternate payment terms are expressly agreed in writing between the parties, the Purchaser shall pay the full amount specified on the invoice from ASAP Laboratory strictly within twenty one (21) days from the date of ASAP Laboratory’ invoice for the Goods and/or Services.
4.2 All payments shall be made by cheque or electronic funds transfer (wire transfer) into ASAP Laboratory’ account: ANZ Bank BSB Number 013-304 Account Number 487507134 Account Name ASAP Laboratory Corporation Pty Ltd.
4.3 Where the purchase price is not paid in full on the due date, ASAP Laboratory has the right to charge interest on the balance outstanding calculated from the due date until the date of payment at a rate 5% higher than the rate of interest charged by ASAP Laboratory’ bankers on ASAP Laboratory’ overdraft from time to time. Such interest shall accrue from day to day on the amount of the purchase price remaining unpaid up to the date of payment and shall be payable on demand.
4.4 The Purchaser shall indemnify ASAP Laboratory against all costs and disbursements which ASAP Laboratory may incur in recovering any sums due to be paid by the Purchaser to ASAP Laboratory under any Contract, including but not limited to any debt recovery agency fees, court fees or legal fees.
4.5 ASAP Laboratory has the right to cancel the remainder of the Contract or to suspend deliveries of Goods and/or Services if the Purchaser does not strictly observe the terms of payment. ASAP Laboratory also has the right to sell or otherwise dispose of Goods or the results of the Services that are the subject of the contract and to apply the proceeds of any such sale to the overdue account.
4.6 Payment of the purchase price shall become immediately due if:
(a) the Purchaser makes default in any payments or is unable or states that it is unable to pay its debts as and when they fall due;
(b) the Purchaser, being an individual, commits an act of bankruptcy or has a controller or trustee appointed in respect of the Purchaser’s estate or any part of the Purchaser’s property or assets;
(c) the Purchaser, being a company, passes a resolution for its winding up or enters into liquidation or has an application for winding up fled against it;
(d) a receiver, receiver and manager, controller or voluntary administrator is appointed over any part of the property or assets of the Purchaser;
(e) ASAP Laboratory reasonably apprehends that any ...
Payment and Default. Invoices with the requisite purchase order number will be sent by e-mail to the Client. ▇▇▇▇▇▇▇ returned for insufficient funds will be assessed a return charge of £50 and the Client's account will immediately be considered to be in default until full payment is received. Clients with accounts in default agree to pay OCB Publishing’s expenses, including, but not limited to, legal fees, court costs and collection agency fees, incurred by OCB Publishing in enforcing these Terms and Conditions. If a project is not completed by OCB Publishing by the agreed project completion deadline, as defined in the project schedule, OCB Publishing will be subject to a penalty of 1% of the total invoice due for each day (or part of) that the project is delayed beyond the deadline, up to a maximum of 20%. This penalty to be deducted from the total invoice amount prior to the invoice being submitted to the Client.
Payment and Default a) The Lessee must pay the Rental Instalments and any Fees as set out in the Schedule at the amount and in the frequency as set out in the Schedule. Rental Instalments are paid in advance. The date of the first Rental Instalment is set out in the Schedule.
b) The Rental Instalments are fixed for the Term of the Rental Agreement.
c) The Lessee may pay the Rental Instalments by:
i. setting up a direct debit from the Lessee’s nominated account and executed the direct debit service agreement with the Owner; or
ii. setting up a direct deduction from the Lessee’s Centrelink/Centrepay account; or
iii. any other means as agreed with the Owner from time to time.
d) The Lessee may change the method of payment under this Rental Agreement but must advise the Owner of the change. Failure to advise the Owner of the change of payment mechanism is a breach of this Agreement.
e) Each of the following constitutes an event of default under this Agreement entitling the Owner to terminate this Agreement following a notice of default and failure of the Lessee to remedy the default;
i. If the Lessee fails to make the Rental Instalment as set out in the Schedule;
ii. If the Lessee is in breach of any obligation under this Agreement other than payment obligation and such a breach continues for 7 days after the Lessee was advised to remedy the breach;
iii. If the Lessee advises the Owner that he has an insurance policy that covers the Goods and the Lessee cancels the policy or does not renew the policy when it falls due;
iv. If the Lessee enters into any arrangement with the Lessee’s creditors or is bankrupt, unless the owner agrees otherwise, the Lessee must return all goods to the owner prior to entering into any form of bankruptcy; or
v. If the Lessee tempers with or attempt to temper with the Enabling Technology.
f) The Owner may, at its absolute discretion, require the Lessee to pay the Bond. The Bond is a security deposit with the purpose of ensuring the return of the Goods at the end of the Rental Agreement in a reasonably working order Fair Wear and Tear excluded.
g) The Owner reserves the right to use the Bond if the Goods are returned not in a reasonable working order or the Goods are dirty.
h) The Lessee must pay to the Owner the Fees and Charges as set out in the Schedule including any dishonour or late fees. The Fees and Charges are fixed for the Term of the Rental Agreement except for any government duties and levies. If a government duty or levy (such as stamp duty o...