Common use of Payment Guidelines Clause in Contracts

Payment Guidelines. (a) Any payment to be made pursuant to this Agreement by Purchaser shall be made to Supplier’s Bank Account in the Currency, without any deduction of transmission fees, bank charges or early payment discounts or rebates (unless otherwise agreed by the Parties in writing). (b) Payment under Section 5.03(a) shall be in immediately available funds by electronic transfer by the due date for payment. Receipt of the amount due shall be an effective discharge of the relevant payment obligation. (c) If any sum due for payment in accordance with this Agreement is not paid by the due date for payment (and such payment is not the subject of a good faith dispute), the Party in default shall pay Default Interest on that sum from but excluding the due date to and including the date of actual payment calculated on a daily basis until such payment is settled.