Common use of Compensation Scheme and Payment Modality Clause in Contracts

Compensation Scheme and Payment Modality. The Contractor shall charge a service fee for each flight ticket. For the other services mentioned in this Agreement, the Contractor shall generate its income on a transaction basis. Payments under the Call-off orders shall be executed on an order basis, upon receipt and confirmation of the draft master invoice. In the case that the invoice is not electronic, the Contractor shall submit to RYCO the original invoices (including fiscal bill) at the end of each month, specifying the services performed within the duration of one month. XXXX shall execute the payment of the invoice(s) within 30 (thirty) days upon its submission by the Contractor. XXXX shall execute the payment in EUR currency, to the following bank account of the Contractor: Bank account holder name: [insert the full name of the bank account holder] Bank name: [insert the bank name] IBAN/Bank account no: [insert the IBAN/bank account number] SWIFT: [insert SWIFT] Currency: EUR If RYCO cannot accept an invoice it shall inform the Contractor of its non-acceptance within 10 (ten) days from its receipt. RYCO may at any point suspend the payment deadline if the request for payment cannot be processed because it does not comply with the Agreement’s provisions. RYCO must formally notify the Contractor of the suspension and the reasons for it within 10 (ten) days from the invoice receipt. The suspension takes effect on the day the notification is sent by RYCO. If the condition for suspending the payment deadline as referred to is no longer met, the suspension will be lifted and the remaining period will resume. If the payment deadline has been suspended due to the non-compliance of the provided services the Contractor must take all measures to provide any services at the required standard within 5 (five) working days upon notification, otherwise RYCO may also terminate the Agreement. RYCO may reject parts of or reduce the payment if the Contractor is in breach of any of the obligations under this Agreement.