Common use of Standard Payment Terms Clause in Contracts

Standard Payment Terms. Unless otherwise agreed to between Buyer and Seller, Seller shall Invoice Buyer upon actual delivery of the Goods. Buyer’s standard terms of settlement shall be payment of the invoiced amount within sixty (60) days of Buyer's receipt of a correct Invoice. Settlement and invoicing may be paperless, and in a format acceptable to Buyer. Seller must provide banking information to establish electronic funds transfer for U.S. Sellers and wire transfer for non-U.S. Sellers. Payment shall be deemed to have been made as of the date of electronic funds transfer or wire transfer initiation.