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. (a) Unless otherwise agreed expressly in writing the terms of payment shall be EFT prior to production.
(b) Where credit facility is provided payment shall be net monthly, ie. receipt by Megasorber on or before the last working day of the month following the month of supply. If the Customer makes default in any payment or commits any act of bankruptcy or being an incorporated company, passes a resolution for winding up (except for the purpose of reconstruction) or a petition is presented for its winding up, Megasorber may without prejudice to its own rights either suspend further deliveries, require payment in advance for all such deliveries or terminate any contract forthwith by written notice to the Customer. If any payments by the Customer under this, or any other contract with Megasorber, is overdue for more than 7 days Megasorber will be entitled to suspend further deliveries or to terminate the contract as above
(c) It shall be a condition precedent to future deliveries that all payments due to Megasorber shall have been made and if such payments shall not have been made and future deliveries are withheld accordingly, Megasorber shall not be liable to the Customer for non-delivery or otherwise howsoever.
(d) Any expenses, costs or disbursements incurred by Megasorber in recovering any outstanding monies including debt collection agency fees and solicitors costs shall be paid by the Customer providing that those fees do not exceed the charges as charged by that debt collection agency/solicitor.
(e) Megasorber shall be entitled without notice to terminate any credit arrangement with the Customer in the event of the Customer defaulting in any of the terms and conditions herein contained.
(f) Megasorber shall be entitled at any stage during the continuance of this Agreement to request such security or additional security as Megasorber shall in its discretion think fit and shall be entitled to withhold supply of any goods or credit arrangements until such security or additional security shall be obtained.
(g) Megasorber shall be at liberty at its discretion to charge interest on all overdue accounts at the rate of 14 percent per annum.
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. 5.1 All accounts shall be paid in full and without any deduction or set-off, based on payment terms agreed at the time of order placement or within 30 days from date of statement for authorised account holders. Such accounts are not subject to a settlement discount or other terms of payment unless agreed in writing between the CREDITOR and DEBTOR. The DEBTOR agrees that in the event of any portion of an invoice being disputed, the DEBTOR shall nevertheless forthwith pay the undisputed amount of such indebtedness according to the agreed terms of payment.
5.2 In the event of the DEBTOR not receiving monthly statements it is the responsibility of the DEBTOR to draw this to the attention of the CREDITOR so that statements may be provided to the DEBTOR in order for the DEBTOR to make timeous payments of the amount/s owing to the CREDITOR.
5.3 Should the DEBTOR default in paying its account strictly on due date or commit a breach of any of the terms and conditions of its contract with the CREDITOR; or being an individual, die or be provisionally or finally sequestrated or surrender or make application to surrender his estate or commit any act of insolvency; or being a partnership, the partnership is terminated; or being a company or close corporation is placed under a provisional or final order of liquidation or judicial management; or has a judgement recorded against it which remains unsatisfied for seven days; or compromises or attempts to compromise generally with any of the DEBTOR’S creditors; or enters into any transaction which has the effect of changing the beneficial ownership of the DEBTOR’S business; or if the DEBTOR as a company or close corporation enters into any transaction which has the effect of a change in the effective control of the company or close corporation; then, without prejudice to any other right, the CREDITOR is entitled, but not compelled, to elect to –
a). Treat as immediately due and payable all outstanding amounts which are not yet due and payable and to forthwith claim such amounts as well as any other amounts in arrears, and to cease performance of its obligations hereunder as well as any other contract with the DEBTOR until the DEBTOR has paid the aforesaid amounts and has remedied the breach;
b). Forthwith cancel this agreement and retake possession of any of the goods sold with full reservation of all rights to which the CREDITOR is entitled in terms of this agreement and the common law including the right to institute a clai...
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. 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. 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. 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. 15.1 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 (30) days of the given date of invoice. The Other Party is not entitled to offset or delay payment. The date on Hycult Biotech’s bank or giro statement when the payment is recorded as received applies as date on which the payment has occurred.
15.2 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 Hycult Biotech, and then towards settlement of the outstanding claims in order of age, therefore commencing with the oldest outstanding claim.
15.3 If the Other Party does not settle sums owed to Hycult Biotech punctually, the Other Party shall without a warning or declaration of default being necessary also owe the outstanding amount of 1.5% interest per month. 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 Hycult Biotech 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 Hycult Biotech for the actual legal costs of Hycult Biotech and the actual extra-judicial costs including the costs charged by external experts.
Payment and Default. If the Customer is overdue in payments, or if the Customer fails to deliver up to Fujitsu any Fujitsu property and/or Equipment pursuant to 12.3.a), Fujitsu may:
a) Enter upon the Customer’s premises or any other place where Fujitsu believes the Equipment or Fujitsu property is or may be stored, take possession of and sell the Equipment, even if Fujitsu do not have priority over other persons having a security interest in the Equipment, or Fujitsu property and sections 108, 109