Settlement of Payments. 5.1 Both parties agree that payments owed to Party B shall be ; the Statement of Account issued by Party B shall be audited by Party A’s financial department; and Party B shall provide corresponding collection vouchers. All of the said vouchers are required and they shall be consistent with each other. 5.2 Where Party A fails to duly pay Party B for materials due to Party B’s failure to provide invoices and other settlement data in time, Party A is not obliged to take responsibility for delay of payment. 5.3 If Party B changes its company name or changes or cancels its account, Party B shall settle all businesses and payments with Party A before the said circumstances occur. Where Party A fails to pay Party B payments for materials or other payments for reasons ascribable to Party B, Party A shall not take any responsibility. 5.4 In the event of any problem in the service, delivery time, quality, etc. on the part of Party B, Party A shall have the right to refuse or suspend payment until the said problem is settled through negotiation between the two parties. 5.5 In the event of any compensation for breach of contract, compensation for poor quality and other compensations that shall be borne by Party B, Party A shall send a Claim Application to the Supplier to notify Party B; and such compensations shall be made by deduction of payments for materials or quality guarantee deposits or by telegraphic transfer, etc.
Appears in 2 contracts
Sources: Purchase Agreement (Kimree, Inc.), Purchase Agreement (Kimree, Inc.)
Settlement of Payments. 5.1 Both parties agree that payments owed to Party B shall be made in the current month; the Statement of Account issued by Party B shall be audited by Party A’s financial department; and Party B shall provide corresponding collection vouchers. All of the said vouchers are required and they shall be consistent with each other.
5.2 Where Party A fails to duly pay Party B for materials due to Party B’s failure to provide invoices and other settlement data in time, Party A is not obliged to take responsibility for delay of payment.
5.3 If Party B changes its company name or changes or cancels its account, Party B shall settle all businesses and payments with Party A before the said circumstances occur. Where Party A fails to pay Party B payments for materials or other payments for such reasons ascribable to Party B, Party A shall not take any responsibility.
5.4 In the event of any problem in the service, delivery time, quality, etc. on the part of Party B, Party A shall have the right to refuse or suspend payment until the said problem is settled through negotiation between the two parties.
5.5 In the event of any compensation for breach of contract, compensation for poor quality and other compensations that shall be borne by Party B, Party A shall send a Claim Application to the Supplier to notify Party B; and such compensations shall be made by deduction of payments for materials or quality guarantee deposits or by telegraphic transfer, etc.
Appears in 2 contracts
Sources: Purchase Agreement (Kimree, Inc.), Purchase Agreement (Kimree, Inc.)