Payment to Engineer. Monthly invoices will be issued by Engineer for all work performed under this Agreement. Invoices are due and payable on receipt. Interest at the rate of 1-1/2 percent per month, or that permitted by law if lesser, will be charged on all past-due amounts starting 30 days after date of invoice. Payments will first be credited to interest and then to principal. In the event of a disputed or contested billing, only that portion so contested will be withheld from payment, and the undisputed portion will be paid. The Owner will exercise reasonableness in contesting any ▇▇▇▇ or portion thereof. No interest will accrue on any contested portion of the billing until mutually resolved.
Appears in 2 contracts
Sources: Engineering Services Agreement, Engineering Services Agreement