Common use of Payment of Amounts Owed Clause in Contracts

Payment of Amounts Owed. (a) Each Party shall by the twentieth (20th) day of each month, or if such day is not a Business Day, the next Business Day, (the “Settlement Date”) render to the other Party by wire transfer payment in immediately available funds the positive difference due under the Monthly Settlement Statement for the Billing Period in which the relevant Services were rendered. (b) If a Party fails to pay the entire amount shown to be due on any Monthly Settlement Statement when this amount becomes due (other than amounts disputed in good faith by such Party), it shall pay a late charge on the unpaid balance that shall accrue on each calendar day from the due date at the Interest Rate. (c) If either Party, in good faith, disputes any part of any Monthly Settlement Statement, such Party shall provide a written explanation of the basis for the dispute and pay the portion of such Monthly Settlement Statement conceded to be correct no later than the due date as calculated pursuant to this Section. If any amount disputed by such Party is determined to be due to the other Party either by agreement between the Parties or as a result of litigation, such amount shall be paid on the next payment date for a Monthly Settlement Statement or if there is no next scheduled payment date for a Monthly Settlement Statement then within ten (10) days of such determination, along with interest calculated at the Interest Rate from the original due date until the date paid.