CHARGES AND SETTLEMENT Clause Samples

CHARGES AND SETTLEMENT. 8.1 Each Party shall prepare a monthly invoice for each Service provided under this Agreement and in accordance with the terms of the Billing Procedures defined under Annex C. Each Party shall forward such monthly invoices to the other Party after the calendar month to which the invoice relates. 8.2 All invoices shall be paid in full within 30 days of the invoice date, subject to the provisions of Clause 9 in relation to disputed invoices. 8.3 The Parties shall implement and observe the provisions in respect of billing and payment of charges set out in Annex C and the Charges for the Services as described in Annex B. 8.4 The primary responsibility for traffic measurement shall reside with the Invoicing Party for any particular Interconnect Service. However, both Parties shall ensure that they each record measurements of traffic in sufficient detail to meet their obligations as set out herein. 8.5 The currency of settlement shall be Euro or as defined in any related agreement. The Charges as described in Annex B refer to charges excluding VAT. All tariffs, rates, charges and any other payment as may be applied to the amounts under this Agreement are quoted exclusive of all taxes and duties levied in any jurisdiction on the Services of the Parties (including but not limited to Value Added Tax and any Sales or Turnover tax). All such taxes and duties shall be borne and paid by the Party at the rate and in the manner prescribed by law in the Party’s country. 8.6 The invoice shall be sent by email and shall be deemed received after the fifth (5) day sent if no other evidence of receipt is available. 8.7 After expiry of not less than seven (7) days’ notice stating a Party’s intention to claim interest on sums not paid in accordance with the Agreement, the Party claiming interest shall be entitled to charge and receive interest in respect of any amount due or deemed to be payable under this Agreement (which shall be subject to a separate invoice containing the information set out in Section 1.3 of Annex C) at a rate of 5% per annum over the base lending rate of the ECB from the date due until payment. Interest shall accrue daily but shall not be compounded. 8.8 All payments shall be either made directly via wire transfer or by direct debit as specified on the Supplemental Agreement. 8.9 Either Party shall be entitled to deduct from or set off against any money due by it to the other Party any sums which are due by the other Party to it.