Common use of Remuneration and terms of payment Clause in Contracts

Remuneration and terms of payment. 8.1 The remuneration and the terms of payment (payment dates) are stated in the offer. The agreed upon remuneration in return for services and deliverables provided by thinkstep and other amounts invoiced by thinkstep are due upon receipt of invoice by the client and are payable within 10 (ten) days without discounts excluding the statutory VAT. The remuneration owed for temporary license contracts, (including but not limited to subscription and web hosting) or maintenance contracts is to be paid annually in advance or pro rata temporis. The value date on the receiving account determines the punctuality of a payment. 8.2 thinkstep has a right to have expenses refunded, especially expenses for appropri- ate travelling and overnight costs. 8.3 For contracts that are invoiced according to hourly or daily rate, travel time will be charged with 50% (fifty percent) of the respective rate. 8.4 If long-term contracts are invoiced according to expense, thinkstep’s current price- list at this point of time applies. When contracts are concluded in the final quarter of a year, the agreed upon prices apply for the following year. 8.5 thinkstep reserves the right to adjust the agreed upon remuneration of a continuing obligation as well as the price list after the Initial Term, provided thinkstep has in- formed the client about alteration of the remuneration at least 3 (three) months in advance in writing. If remuneration is increased by more than 5% (five percent) the client is entitled to terminate the continuing obligation within a period of 3 (three) months after receipt of the demand for increment effective at the end of the current price period.