Common use of Processing and Payments Clause in Contracts

Processing and Payments. Supplier shall calculate the amount payable by it for Restock Items in accordance with the provisions of this Section 2.14, and shall authorize Applied to charge Supplier for the Restock Item by issuing the Reconciliation Form and related NRM BOM. Applied shall review the Reconciliation Form and NRM BOM and shall charge and collect from Supplier the calculated amount payable to Applied for the Restock Item by debit memo or other offset against amounts otherwise payable by Applied to Supplier. If Applied believes that additional amounts are properly payable by Supplier in excess of the calculated amount, it shall promptly advise Supplier of such claim and the parties shall review the determination of the amount payable by Supplier for the affected Restock Item. If the parties do not agree on the proper charge to be made within 30 days after the dispute arises, the parties shall proceed under the Business Review Process as defined in Section 7 below to attempt resolution of the dispute. Applied shall not effect a debit or other offset (in excess of the amount initially calculated by Supplier) until the parties have failed to reach agreement and have failed to reach a resolution within the time allowed for the Business Review Process.