Common use of Financial and Payment Conditions Clause in Contracts

Financial and Payment Conditions. 12.1. As remuneration for the Licensed Data usage covered by this Agreement, and after submission of the corresponding invoices issued by BMEMD payable by the company/companies appointed for that purpose by the Contracting Party under the Particular Conditions Section of this Agreement (the invoiced company), the Contracting Party shall be responsible for settling the amounts resulting from the application of the fees stated in Annex 4 hereto. The Contracting Party shall be responsible for settling BMEMD the invoices issued in accordance with the provisions of the previous paragraph hereto within thirty (30) days from BMEMD’s invoice submission. The Contracting Party shall be responsible and accepts liability for any current or future taxes, fees or levies that may be applicable in the execution of the services constituting the purpose of this Agreement. 12.2. The current fees, and their respective terms and conditions, for this financial year are set forth in Annex 4 of this Agreement. At the start of every calendar year, or following a ninety (90) days’ notice, BMEMD shall be entitled to review the above-mentioned fees and terms in accordance with the requirements and disclosure conditions under this Agreement. Any consecutive amendments to the fees applicable to this Agreement shall replace the fees in force as of that date, and be automatically included in this Agreement as a new Annex 4 that shall replace the previous one. The Contracting Party shall be entitled to terminate this Agreement should it object to any eventual review of the fees under Annex 4 of this Agreement. A prior notice to BMEMD in accordance with the provisions governing the termination of this Agreement shall be required for such purpose.