Common use of Fair Payment Clause in Contracts

Fair Payment. (a) Where the value of the Agreement is less than $3.0 million, the Authority will, on demand by the Contractor, pay simple interest on a daily basis on any overdue amount, at the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983 (Vic).‌ (b) For the purposes of clause 6.4(a), overdue amount means an amount (or part thereof) that: (i) is not, or is no longer, disputed in accordance with this Agreement; (ii) is due and owing under a Tax Invoice properly rendered by the Contractor in accordance with this Agreement; and (iii) has been outstanding for more than 30 days from the date of receipt of the invoice or the date that the amount ceased to be disputed, as the case may be.

Fair Payment. (a) Where the value of the this Agreement is less than $3.0 million, the Authority School Council will, on demand by the ContractorSupplier, pay simple interest on a daily basis on any overdue amount, at the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983 (Vic).‌Vic). (b) For the purposes of clause 6.4(a7.4(a), overdue amount means an amount (or part thereof) that: (i) is not, or is no longer, disputed in accordance with this Agreement; (ii) is due and owing under a Tax Invoice properly rendered by the Contractor Supplier in accordance with this Agreement; and (iii) has been outstanding for more than 30 days from the date of receipt of the invoice (or, in accordance with clause 7.2(b), from the commencement of the next Victorian School Term) or the date that the amount ceased to be disputed, as the case may be.

Fair Payment. (a) Where the value of the this Agreement is less than $3.0 3 million, the Authority Organisation will, on demand by the ContractorSupplier, pay simple interest on a daily basis on any overdue amount, at the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983 (Vic).‌Vic). (b) For the purposes of clause 6.4(a10.3(a), overdue amount means an amount (or part thereof) that: (i) is not, or is no longer, disputed in accordance with this Agreement; (ii) is due and owing under a Tax Invoice properly rendered by the Contractor Supplier in accordance with this Agreement; and (iii) has been outstanding for more than 30 days from the date of receipt of the invoice or the date that the amount ceased to be disputed, as the case may be.