Common use of Payments and Statements Clause in Contracts

Payments and Statements. Each Monday or next subsequent business day if Monday is a Banking or Company holiday, for the preceding seven-day period Sunday through Saturday AE Supply shall notify AP via email of the amount to be prepaid based on the transactions Scheduled or a reasonable estimate for the pertinent period ("Prepayments"). AP shall pay the requested prepaid amount within twenty-four (24) hours of notification. On or before the eighth working day of each calendar month, AE Supply shall calculate the amount due for the actual deliveries to AP for the previous calendar month. That amount shall then be reconciled with the total prepaid amounts received from AP during the previous calendar month. Any payment or credit due as the result of such reconciliation shall be made by the end of the twentieth (20th) calendar day of the month. Payment shall be made to the account designated by Seller in Section 18.3 by wire transfer.