Common use of Invoicing and Payment Terms Clause in Contracts

Invoicing and Payment Terms. If not otherwise agreed in the Agreement, the prices for Products are invoiced and need to be received by the Supplier prior to the delivery of Products. Invoices are payable within thirty (30) days from the date of the invoice. Any overdue payment shall be subject to an overdue interest at the rate of ten percent (10 %) per annum, or at the maximum rate allowed by law whichever is lower.