Common use of Payments to the Architect Clause in Contracts

Payments to the Architect. Payments on account of the agreed compensation in Article 4 shall be made upon presentation of Architect's monthly Invoice and Statement which will detail services rendered and expenses incurred by the Architect during the previous month's work. Payments to the Architect are due upon receipt and payable within 30 calendar days from the date of the invoice. If unpaid after 30 days, interest at 7% will accrue on any unpaid balance.