Common use of Credit and Payment Clause in Contracts

Credit and Payment. 5.1 At Seller’s request, Xxxxx shall submit financial performance data of Buyer and its guarantors and, prior to any assignment or novation, of any proposed assignees or novatees of Buyer. Xxxxx agrees to dialogue with Xxxxxx in sufficient detail as is necessary for Seller to form a clear judgment on the financial health of Xxxxx, its guarantors and any proposed assignee or novatee. 5.2 If Buyer’s ability to pay is or may be impaired or should Buyer fail to promptly provide requested data or dialogue with Seller or the creditworthiness or financial capability of Buyer (or its guarantors or other providers of security where applicable) becomes unsatisfactory in the judgment of Seller (including but not limited to as a result of Change of Control), Buyer shall upon Seller’s request provide advance cash payments or security for payment in the form requested by and satisfactory to Seller at Buyer’s expense. Such security shall not constitute a change to the payment terms of this Contract and implementation of any requested security shall be a pre-condition to any assignment or novation by Buyer. If Buyer is unable or unwilling to implement the security requirements within 5 (five) days of written request of Seller, Seller may at its discretion postpone or withhold supply of Product or terminate this Contract with immediate effect without prejudice to its other rights and remedies. 5.3 Buyer shall pay each invoice when due in accordance with the prices and terms thereof. All payments shall be net of bank charges and without deduction, withholding or setoff. Where the last day for Buyer’s payment falls on any day which is not a banking day in the place designated by Seller for payment, then any such payment shall be made on the nearest preceding banking day. Any late payment shall bear simple interest of 0.05% per day from the due date until the date of receipt of payment, but such rate shall be capped at the maximum rate allowed by the law governing this Contract. 5.4 If Buyer fails to pay any indebtedness to Seller in accordance with the terms for such indebtedness (whether or not under this Contract), Seller may, in addition to any other remedies, upon written notice to Buyer, immediately postpone or withhold the supply of Product, withhold any discounts, rebate, credit and/or price allowance (notwithstanding any other provision of this Contract), change payment terms and/or terminate this Contract. Buyer shall reimburse Seller for all costs and expenses related to Seller’s claim for such failure (including any demurrage and/or deadfreight, reasonable attorney or other legal fees, costs and expenses related thereto).

Credit and Payment. 5.1 At Seller’s request13.8.1 We will be responsible for the preparation of a statement of account, Xxxxx which shall submit financial performance data be the basis of Buyer Our accounting transactions with You and its guarantors andwill be rendered to You in written form, prior on disk, tape, direct on-line communication to a computer terminal, or any assignment or novationother form of communication we may agree between Us. You must reconcile the statement and return it to Us, together with a remittance in settlement of any proposed assignees or novatees of Buyerthe account. Xxxxx agrees to dialogue with Xxxxxx in sufficient detail as is necessary The Premium for Seller to form a clear judgment an individual item on the financial health statement of Xxxxx, its guarantors and account must be paid to Us no later than 30 calendar days after the inception date/adjustment date of the policy in question. In certain circumstances there will be alternatives in place but only where these have been agreed between the parties to this Agreement. You must also bring to Our attention any proposed assignee or novateeitems not appearing on the statement for which You have collected Premium. We/the insurer will send/transmit this statement of account to You each calendar month. 5.2 13.8.2 You are responsible for payment of all Net Premiums due to Us. These payments must be paid to Our credit and forwarded to Us within the settlement period defined in 13.8.1 above. 13.8.3 In all circumstances in which You have issued cover on Our behalf to a policyholder, You will be responsible to Us for payment of the Net Premium. Your obligations shall be unaffected by: (a) any credit arrangement You have allowed to the policyholder. Any extension of credit by You to a policyholder beyond Our standard settlement period will be at Your expense and risk. (b) any delay in crediting Us with monies received or due from the policyholder because of delays within Your accounting system; (c) Your inability to obtain monies from the policyholder; or (d) any rules of statutory trust which prevent advances of credit. In accordance with this Sub-Section, and CASS 5.3.3G where the Premium has not been received by You such payments must be paid from Your own funds. 13.8.4 You shall not enter, or permit others to enter, into Premium finance arrangements in Our name or that of the Insurer or on our respective behalves. We/the Insurers will not accept any responsibility for any such Premium finance arrangements. 13.8.5 If Buyer’s ability there is any dispute over the Net Premium due to Us for an insurance policy, We will require a copy of Your Net Premium calculation and an explanation as to why You disagree with the Net Premium that We have indicated is due under the policy. 13.8.6 In the event of dispute, You must pay Us the Net Premium We consider due and showing on the statement until the dispute is or resolved. Any balance will be adjusted once the Premium has been agreed between Us and You. 13.8.7 Failure to adhere to the terms of payment will lead to interest being charged at Bank of England base rate plus 4% on the outstanding balance. Repeated failure to settle accounts in accordance with Sub-Section 13.8.1 will be considered to be a material breach of this Agreement which may be impaired or should Buyer fail result in termination in accordance with Section 27. In addition, We reserve the right to promptly provide requested data or dialogue with Seller or the creditworthiness or reduce/withhold Your commission and/or recover from You any financial capability of Buyer (or its guarantors or other providers of security where applicable) becomes unsatisfactory in the judgment of Seller (including but not limited to loss incurred by Us as a result of Change of Control), Buyer shall upon Seller’s request provide advance cash payments or security for payment in the form requested by and satisfactory to Seller at Buyer’s expense. Such security shall not constitute a change to the payment terms of this Contract and implementation of any requested security shall be a pre-condition to any assignment or novation by Buyer. If Buyer is unable or unwilling to implement the security requirements within 5 (five) days of written request of Seller, Seller may at its discretion postpone or withhold supply of Product or terminate this Contract with immediate effect without prejudice to its other rights and remedies. 5.3 Buyer shall pay each invoice when due in accordance with the prices and terms thereof. All payments shall be net of bank charges and without deduction, withholding or setoff. Where the last day for Buyer’s payment falls on any day which is not a banking day in the place designated by Seller for payment, then any such payment shall be made on the nearest preceding banking day. Any late payment shall bear simple interest of 0.05% per day from the due date until the date of receipt of payment, but such rate shall be capped at the maximum rate allowed by the law governing this Contractfailings. 5.4 If Buyer fails to pay any indebtedness to Seller in accordance with the terms for such indebtedness (whether or not under this Contract), Seller may, in addition to any other remedies, upon written notice to Buyer, immediately postpone or withhold the supply of Product, withhold any discounts, rebate, credit and/or price allowance (notwithstanding any other provision of this Contract), change payment terms and/or terminate this Contract. Buyer shall reimburse Seller for all costs and expenses related to Seller’s claim for such failure (including any demurrage and/or deadfreight, reasonable attorney or other legal fees, costs and expenses related thereto).

Credit and Payment. 5.1 At Seller’s request9.1 We will be responsible for the preparation of a statement of account which will, Xxxxx unless otherwise agreed between us, be in writing (and which may be contained on paper, disk, tape, direct on-line communication to a computer terminal, or any other method of record agreed between us). The statement of account shall submit financial performance data be the basis of Buyer accounting transactions between us. 9.2 The Intermediary shall comply with any credit limits and its guarantors andterms of credit that ARISTA may specify from time to time. 9.3 The statement of account will be rendered by us to you on a monthly basis and payment of all monies due to us must be received by us in cleared funds within your agreed terms of credit. 9.4 Failure to settle accounts on time will be considered to be a material breach of this Agreement. In addition, prior and whether or not any material breach is relied upon by us for any other purpose, such a failure shall render you liable to any assignment or novation, of any proposed assignees or novatees of Buyer. Xxxxx agrees to dialogue with Xxxxxx in sufficient detail as is necessary for Seller to form a clear judgment pay interest on the financial health sum outstanding to us at the rate applicable from time to time under the Late Payment of Xxxxx, its guarantors and any proposed assignee or novateeCommercial Debts (Interest) Xxx 0000. 5.2 9.5 We reserve the right to modify the credit period at any time, subject to thirty days notice. 9.6 If Buyer’s ability there is any premium dispute we require payment of the amount considered by us to pay is or be due with any balance adjusted once the item has been clarified. 9.7 When acting as our agent, monies you receive from the insured client will be deemed as paid to us when you receive them and monies due to the insured client from us will be deemed as paid to the insured client when received by them from you. Monies due to the insured client, but not yet paid by us to you, may be impaired or should Buyer fail offset against monies held by you on our behalf. All premiums must be held in trust for us in a designated client money bank account and may be co-mingled with other insurer/client monies for as long as the Financial Services Authority rules permit. You must have suitable systems in place to promptly provide requested data or dialogue enable you to identify the amount of money that you hold in trust for us in any designated client money bank account at any time. Where premiums are co-mingled with Seller or the creditworthiness or financial capability of Buyer (or its guarantors or other providers of security where applicable) becomes unsatisfactory insurer/client monies in the judgment of Seller (including but not limited to as a result of Change of Control)designated client money bank account, Buyer shall upon Seller’s request provide advance cash payments or security for payment in the form requested by and satisfactory to Seller at Buyer’s expense. Such security shall not constitute a change to the payment terms of this Contract and implementation of any requested security shall which must be a pre-condition to any assignment or novation by Buyer. If Buyer is unable or unwilling to implement the security requirements within 5 (five) days of written request of Seller, Seller may at its discretion postpone or withhold supply of Product or terminate this Contract with immediate effect without prejudice to its other rights and remedies. 5.3 Buyer shall pay each invoice when due held under trust in accordance with Financial Service Authority requirements, our interests are subordinated to the prices and terms thereof. All payments shall be net interests of bank charges and without deduction, withholding or setoff. Where the last day for Buyer’s payment falls on any day which is not a banking day in the place designated by Seller for payment, then any such payment your clients (other than insurance undertakings). 9.8 Settlements shall be made on the nearest preceding banking day. Any late payment shall bear simple interest of 0.05% per day from the due date until the date of receipt of payment, but such rate shall be capped at the maximum rate allowed by the law governing this Contract. 5.4 If Buyer fails to pay any indebtedness to Seller in accordance with section 9.3. For the avoidance of doubt, your obligations shall be unaffected by: 9.8.1 any failure to obtain monies from the insured client, (subject to section 9.1); 9.8.2 any delay in crediting us with monies received or due from the insured client because of delays within your accounting system; or 9.8.3 any arrangement whereby you have allowed credit to the insured client. 9.9 You will be entitled to retain any interest earned on premiums held by you on our behalf. 9.10 In the event that the credit terms for such indebtedness (whether specified under clauses 9.1 or 9.2 are not under this Contract)complied with, Seller may, in addition ARISTA reserves the right to any withhold renewal or other remedies, upon written notice policy documentation and to Buyer, immediately postpone or withhold correspond with Insureds without reference to the supply of Product, withhold any discounts, rebate, credit Intermediary and/or price allowance (notwithstanding any other provision of this Contract), change payment terms and/or to terminate this Contract. Buyer shall reimburse Seller for all costs and expenses related to Seller’s claim for such failure (including any demurrage and/or deadfreight, reasonable attorney or other legal fees, costs and expenses related thereto)Agreement.

Credit and Payment. 5.1 At Seller’s request13.8.1 Our Service Provider will be responsible for the preparation of a statement of account, Xxxxx which shall submit financial performance data be the basis of Buyer Our accounting transactions with You and its guarantors andwill be rendered to You in written form, prior on disk, tape, direct on-line communication to a computer terminal, or any assignment or novationother form of communication we may agree between us. You must reconcile the statement and return it to Us, together with a remittance in settlement of any proposed assignees or novatees of Buyer. Xxxxx agrees to dialogue with Xxxxxx in sufficient detail as is necessary for Seller to form a clear judgment the account, no later than 25 calendar days after the date that appears on the financial health statement. In certain circumstances there will be alternatives in place but only where these have been agreed between us. You must also bring to Our attention any items not appearing on the statement for which You have collected premium. Our Service Provider will send / transmit this statement of Xxxxx, its guarantors and any proposed assignee or novateeaccount to You each calendar month. 5.2 If Buyer’s ability 13.8.2 You are responsible for payment of all Net Premiums due to pay is Us. These payments must be paid to the credit of Markerstudy Insurance Company Limited and forwarded to Our Service Provider. 13.8.3 Our Credit Terms are strictly 25 days from the end of the month to which the statement of account relates. 13.8.4 In all circumstances in which You have issued cover on Our behalf to a policyholder, You will be responsible to Us for payment of the Net Premium. Your obligations shall be unaffected by: (a) any credit arrangement You have allowed to the policyholder. Any extension of credit by You to a policyholder beyond that allowed under the insurance policy will be at Your expense and risk. (b) any delay in crediting Us with monies received or may due from the policyholder because of delays within Your accounting system; (c) Your inability to obtain monies from the policyholder; or (d) any rules of statutory trust which prevent advances of credit. In accordance with this Sub-Section, and CASS 5.3.3G where the Premium has not been received by You such payments must be impaired paid from Your own funds. 13.8.5 You shall not enter, or should Buyer fail permit others to promptly provide requested data or dialogue with Seller or the creditworthiness or financial capability of Buyer (or its guarantors or other providers of security where applicable) becomes unsatisfactory enter, into Premium finance arrangements in the judgment name of, or on behalf of Seller (including but Markerstudy Insurance Company Limited or any other company within Our group. We will not limited accept responsibility for any such Premium finance agreements. 13.8.6 If there is any dispute over the Net Premium due to Us for an insurance policy, Our Service Provider will resolve this with You on Our behalf. They will require a copy of Your Net Premium calculation and an explanation as to why You disagree with the Net Premium. 13.8.7 In the event of dispute, You must pay Us the Net Premium We consider due and showing on the statement until the dispute is resolved. Any balance will be adjusted once the Premium has been agreed between Us and You. 13.8.8 Failure to adhere to the terms of payment will lead to interest being charged at Bank of England base rate plus 4% on the outstanding balance. Repeated failure to settle accounts in accordance with Section 13.8.3 will be considered to be a material breach of this Agreement which may result in termination in accordance with Section 27. In addition, We reserve the right to reduce / not pay Your commission and / or recover from You any financial loss incurred by Us as a result of Change of Control), Buyer shall upon Seller’s request provide advance cash payments or security for payment in the form requested by and satisfactory to Seller at Buyer’s expense. Such security shall not constitute a change to the payment terms of this Contract and implementation of any requested security shall be a pre-condition to any assignment or novation by Buyer. If Buyer is unable or unwilling to implement the security requirements within 5 (five) days of written request of Seller, Seller may at its discretion postpone or withhold supply of Product or terminate this Contract with immediate effect without prejudice to its other rights and remedies. 5.3 Buyer shall pay each invoice when due in accordance with the prices and terms thereof. All payments shall be net of bank charges and without deduction, withholding or setoff. Where the last day for Buyer’s payment falls on any day which is not a banking day in the place designated by Seller for payment, then any such payment shall be made on the nearest preceding banking day. Any late payment shall bear simple interest of 0.05% per day from the due date until the date of receipt of payment, but such rate shall be capped at the maximum rate allowed by the law governing this Contractfailings. 5.4 If Buyer fails to pay any indebtedness to Seller in accordance with the terms for such indebtedness (whether or not under this Contract), Seller may, in addition to any other remedies, upon written notice to Buyer, immediately postpone or withhold the supply of Product, withhold any discounts, rebate, credit and/or price allowance (notwithstanding any other provision of this Contract), change payment terms and/or terminate this Contract. Buyer shall reimburse Seller for all costs and expenses related to Seller’s claim for such failure (including any demurrage and/or deadfreight, reasonable attorney or other legal fees, costs and expenses related thereto).

Credit and Payment. 5.1 At Seller’s request9.1 The Intermediary will be responsible for the preparation of a statement of account which will, unless otherwise agreed between the Par- ties, be in writing (and which may be contained on paper, direct on-line communication to a computer terminal, or any other method of record agreed between the Parties). The statement of account shall be the basis of accounting transactions between the Parties. 9.2 The statement of account will be rendered by the Intermediary to Xxxxx shall submit financial performance data on a monthly basis before the end of Buyer the 5th business day of each new calender month. All monies due to Xxxxx must be received by Xxxxx in cleared funds within 5 (five) business days of the date of the statement ofaccount. 9.3 The Intermediary will undertake to promptly collect from each Customer all premiums and its guarantors andall other monies, prior including Insurance Premium Tax (IPT) due to Xxxxx. 9.4 The Intermediary will be entitled to retain any assignment or novationinterest earned on premiums held on behalf of Xxxxx. 9.5 Xxxxx will pay the Intermediary all commissions, as detailed in Scheduled 2 by direct debit to a nominated bank account by the 20th of every month. 9.6 Xxxxx reserves the right to modify the credit period mentioned in section 9.2 at any proposed assignees or novatees of Buyer. Xxxxx agrees time, subject to dialogue with Xxxxxx in sufficient detail 30 (thirty) days notice. 9.7 When acting as is necessary for Seller to form a clear judgment on the financial health an agent of Xxxxx, its guarantors monies received by the Intermediary from the insured Customer will be deemed as paid to Xxxxx when received from the insured Customer and monies due to the insured Customer from Xxxxx will be deemed as paid to the insured Customer when received by them from the Intermediary. Monies due to the insured Customer, but not yet paid by Xxxxx to the Intermediary may be offset against monies held by the Intermediary on Xxxxx’x behalf. The Intermediary may co-mingle monies held as the Insurer’s agent and Customer monies in the same account. Where the Intermediary co-mingle monies, as outlined above, monies must be held in a trust account as though it were Client Money for the purpose of the FCA’s Client Asset Sourcebook, CASS. The Intermediary will provide evi- dence to Xxxxx of the existence of such trust account before accepting any proposed assignee or novateepremium on the Insurer’s behalf. The Intermediary must have suitable systems in place to enable the identification of the amount of money that held in trust for Xxxxx in any designated Client Money bank account at any time. 5.2 If Buyer’s ability to pay is or may be impaired or should Buyer fail to promptly provide requested data or dialogue with Seller or 9.8 In the creditworthiness or financial capability event of Buyer (or its guarantors or other providers there being a return of security where applicable) becomes unsatisfactory in the judgment of Seller (including but not limited to as a result of Change of Control), Buyer shall upon Seller’s request provide advance cash payments or security for payment in the form requested by and satisfactory to Seller at Buyer’s expense. Such security shall not constitute a change premium to the payment terms Intermediary’s Customer, the Intermediary will forthwith refund to the Customer the appropriate proportion of this Contract and implementation the gross premium paid by him, including the proportionate part of any requested security commission originally deducted by the Intermediary. 9.9 Settlements shall be a pre-condition to any assignment or novation by Buyer. If Buyer is unable or unwilling to implement the security requirements within 5 (five) days of written request of Seller, Seller may at its discretion postpone or withhold supply of Product or terminate this Contract with immediate effect without prejudice to its other rights and remedies. 5.3 Buyer shall pay each invoice when due made in accordance with section 8.2. For the prices and terms thereof. All payments avoidance of doubt, the Intermediary’s obligations shall be net of bank charges and without deduction, withholding or setoff. Where the last day for Buyer’s payment falls on any day which is not a banking day in the place designated by Seller for payment, then any such payment shall be made on the nearest preceding banking day. unaffected by: 9.10 Any late payment shall bear simple interest of 0.05% per day failure to obtain monies from the insured Customer (subject to section 9.1); 9.11 Any delay in crediting Xxxxx with monies received or due date until from the date insured Customer because of receipt of payment, but such rate shall be capped at delays within the maximum rate allowed by the law governing this ContractIntermediary’s account- ing system. 5.4 If Buyer fails 9.12 Failure to pay any indebtedness settle accounts on time will be considered to Seller in accordance with the terms for such indebtedness (be a material breach of this Agreement. In addition, and whether or not under this Contract), Seller may, in addition to any mate- rial breach is relied upon by Xxxxx for any other remediespurpose, upon written notice such a failure will render the Intermediary liable to Buyer, immediately postpone or withhold pay interest on the supply sum outstanding at the rate applicable from time to time under the Late Payment of Product, withhold any discounts, rebate, credit and/or price allowance Commercial Debts (notwithstanding any other provision of this Contract), change payment terms and/or terminate this Contract. Buyer shall reimburse Seller for all costs and expenses related to Seller’s claim for such failure (including any demurrage and/or deadfreight, reasonable attorney or other legal fees, costs and expenses related thereto)Interest) Xxx 0000.