Common use of Term of Payment Clause in Contracts

Term of Payment. The Implementation Charge set forth on the attached Schedule(s) shall be payable in two equal monthly installments commencing on the Effective Date. The Monthly Service Charges will be payable by the Customer commencing sixty days after the Effective Date. Pilot will submit to Customer an invoice for services provided at the beginning of each monthly period payable upon receipt of invoice. A monthly service charge of 1.5% of the unpaid balance will be payable on past due balances.