Common use of Modalities for Billing, Claims and Payment Clause in Contracts

Modalities for Billing, Claims and Payment. 12.4.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal in accordance with Clause 12.1 and Clause 12.2 above. Necessary reconciliations shall be done between the Parties on the basis of the analyzed Grade of Coal in accordance with Clause 9. 12.4.2 The Seller or the Purchaser, as the case may be, shall raise their respective claims arising out of quality determination of Coal through sampling and analysis by a Third Party Agency forthwith. In the event of any such claim being made, the revised price computed as per the formula set out in Clause 9.2 shall be payable by the Purchaser or refunded by the Seller. The credit or debit bill due to grade variation, as the case may be, shall be raised within 5 (five) working days to the Purchaser / Seller after the finalization of grades as per the joint sampling protocol / third party sampling carried out at Delivery Point. The Purchaser has to make the payment within 5 working days from the date of receipt of above bill, otherwise the Interest Rate will be charged for the delayed payment. In case of Seller, the credit notes will be raised and the amount will be adjusted in the subsequent bills / sale orders. 12.4.3 The Parties shall jointly reconcile all payments made for the monthly Coal supplies and for third party sampling during the Year by end of April of the following Year. The Parties shall, forthwith, give credit/debit for the amounts falling due, if any, as assessed during such joint reconciliation. The annual reconciliation statement shall be jointly signed by the authorised representative of the Seller and the Purchaser, which shall be final and binding. 12.4.4 In the event of the due date of any payment obligation under this Agreement falling on Sunday or a gazetted holiday, the next first working day shall be the effective due date for the purpose of making the payment.

Modalities for Billing, Claims and Payment. 12.4.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal in accordance with Clause 12.1 and Clause 12.2 above. Necessary reconciliations shall be done between the Parties on the basis of the analyzed Grade of Coal in accordance with Clause 9. 12.4.2 The Seller or the Purchaser, as the case may be, shall raise their respective claims arising out of quality determination of Coal through sampling and analysis by a Third Party Agency forthwith. In the event of any such claim being made, the revised price computed as per the formula set out in Clause 9.2 shall be payable by the Purchaser or refunded by the Seller. The credit or debit bill xxxx due to grade variation, as the case may be, shall be raised within 5 (five) working days to the Purchaser / Seller after the finalization of grades as per the joint sampling protocol / third party sampling carried out at Delivery Point. The Purchaser has to make the payment within 5 working days from the date of receipt of above billxxxx, otherwise the Interest Rate will be charged for the delayed payment. In case of Seller, the credit notes will be raised and the amount will be adjusted in the subsequent bills / sale orders. 12.4.3 The Parties shall jointly reconcile all payments made for the monthly Coal supplies and for third party sampling during the Year by end of April of the following Year. The Parties shall, forthwith, give credit/debit for the amounts falling due, if any, as assessed during such joint reconciliation. The annual reconciliation statement shall be jointly signed by the authorised representative of the Seller and the Purchaser, which shall be final and binding. 12.4.4 In the event of the due date of any payment obligation under this Agreement falling on Sunday or a gazetted holiday, the next first working day shall be the effective due date for the purpose of making the payment.

Modalities for Billing, Claims and Payment. 12.4.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal in accordance with Clause 12.1 and Clause 12.2 above. Necessary reconciliations shall be done between the Parties on the basis of the analyzed Grade of Coal in accordance with Clause 9. 12.4.2 The Seller or the Purchaser, as the case may be, shall raise their respective claims arising out of quality determination of Coal through sampling and analysis by a Third Party Agency forthwith. In the event of any such claim being made, the revised price computed as per the formula set out in Clause 9.2 shall be payable by the Purchaser or refunded by the Seller. The credit or debit bill xxxx due to grade variation, as the case may be, shall be raised within 5 (five) working days to the Purchaser / Seller after the finalization of grades as per the joint sampling protocol / third party sampling carried out at Delivery Point. The Purchaser has to make the payment within 5 working days from the date of receipt of above billxxxx, otherwise the Interest Rate will be charged for the delayed payment. In case of Seller, the credit notes will be raised and the amount will be adjusted in the subsequent bills / sale orders. 12.4.3 The Parties shall jointly reconcile all payments made for the monthly Coal supplies and for third party sampling during the Year by end of April of the following Year. The Parties shall, forthwith, give credit/debit for the amounts falling due, if any, as assessed during such joint reconciliation. The annual reconciliation statement shall be jointly signed by the authorised representative of the Seller and the Purchaser, which shall be final and binding. 12.4.4 In the event of the due date of any payment obligation under this Agreement falling on Sunday or a gazetted gazette holiday, the next first working day shall be the effective due date for the purpose of making the payment.

Modalities for Billing, Claims and Payment. 12.4.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal in accordance with Clause 12.1 and Clause 12.2 above. Necessary reconciliations shall be done between the Parties on the basis of the analyzed Grade of Coal in accordance with Clause 9. 12.4.2 . The Seller or the Purchaser, as the case may be, shall raise their respective claims arising out of quality determination of Coal through sampling and analysis by a Third Party Agency forthwith. In the event of any such claim being made, the revised price computed as per the formula set out in Clause 9.2 shall be payable by the Purchaser or refunded by the Seller. The credit or debit bill xxxx due to grade variation, as the case may be, shall be raised within 5 (five) working days to the Purchaser / Seller after the finalization of grades as per the joint sampling protocol / third party sampling carried out at Delivery Point. The Purchaser has to make the payment within 5 working days from the date of receipt of above billxxxx, otherwise the Interest Rate will be charged for the delayed payment. In case of Seller, the credit notes will be raised and the amount will be adjusted in the subsequent bills / sale orders. 12.4.3 . The Parties shall jointly reconcile all payments made for the monthly Coal supplies and for third party sampling during the Year by end of April of the following Year. The Parties shall, forthwith, give credit/debit for the amounts falling due, if any, as assessed during such joint reconciliation. The annual reconciliation statement shall be jointly signed by the authorised representative of the Seller and the Purchaser, which shall be final and binding. 12.4.4 . In the event of the due date of any payment obligation under this Agreement falling on Sunday or a gazetted holiday, the next first working day shall be the effective due date for the purpose of making the payment.

Modalities for Billing, Claims and Payment. 12.4.1 12.3.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal in accordance with Clause 12.1 and Clause 12.2 above. Necessary reconciliations shall be done between the Parties on the basis of the analyzed Grade of Coal in accordance with Clause 9. 12.4.2 12.3.2 The Seller or the Purchaser, as the case may be, shall raise their respective claims arising out of quality determination of Coal through sampling and analysis by a Third Party Agency forthwith. In the event of any such claim being made, the revised price computed as per the formula set out in Clause 9.2 0 shall be payable by the Purchaser or refunded by the Seller. The credit or debit bill due to grade variation, as the case may be, shall be raised within 5 (five) working days to the Purchaser / Seller after the finalization of grades as per the joint sampling protocol / third party sampling carried out at Delivery Point. The Purchaser has to make the payment within 5 working days from the date of receipt of above bill, otherwise the Interest Rate will be charged for the delayed payment. In case of Seller, the credit notes will be raised and the amount will be adjusted in the subsequent bills / sale orders. 12.4.3 12.3.3 The Parties shall jointly reconcile all payments made for the monthly Coal supplies and for third party sampling during the Year by end of April of the following Year. The Parties shall, forthwith, give credit/debit for the amounts falling due, if any, as assessed during such joint reconciliation. The annual reconciliation statement shall be jointly signed by the authorised representative of the Seller and the Purchaser, which shall be final and binding. 12.4.4 12.3.4 In the event of the due date of any payment obligation under this Agreement falling on Sunday or a gazetted gazette holiday, the next first working day shall be the effective due date for the purpose of making the payment.

Modalities for Billing, Claims and Payment. 12.4.1 12.3.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal in accordance with Clause 12.1 and Clause 12.2 0 above. Necessary reconciliations shall be done between the Parties on the basis of the analyzed Grade of Coal in accordance with Clause 9. 12.4.2 12.3.2 The Seller or the Purchaser, as the case may be, shall raise their respective claims arising out of quality determination of Coal through sampling and analysis by a Third Party Agency forthwith. In the event of any such claim being made, the revised price computed as per the formula set out in Clause 9.2 9.1 shall be payable by the Purchaser or refunded by the Seller. The credit or debit bill due to grade variation, as the case may be, shall be raised within 5 (five) working days to the Purchaser / Seller after the finalization of grades as per the joint sampling protocol / third party sampling carried out at Delivery Point. The Purchaser has to make the payment within 5 working days from the date of receipt of above bill, otherwise the Interest Rate will be charged for the delayed payment. In case of Seller, the credit notes will be raised and the amount will be adjusted in the subsequent bills / sale orders. 12.4.3 12.3.3 The Parties shall jointly reconcile all payments made for the monthly Coal supplies and for third party sampling during the Year by end of April of the following Year. The Parties shall, forthwith, give credit/debit for the amounts falling due, if any, as assessed during such joint reconciliation. The annual reconciliation statement shall be jointly signed by the authorised representative of the Seller and the Purchaser, which shall be final and binding. 12.4.4 12.3.4 In the event of the due date of any payment obligation under this Agreement falling on Sunday or a gazetted gazette holiday, the next first working day shall be the effective due date for the purpose of making the payment.

Modalities for Billing, Claims and Payment. 12.4.1 12.5.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal in accordance with Clause 12.1 and Clause 12.2 above. Necessary reconciliations shall be done between the Parties on the basis of the analyzed Grade of Coal in accordance with Clause 9. 12.4.2 The Seller or the Purchaser, as the case may be, shall raise their respective claims arising out of quality determination of Coal through sampling and analysis by a Third Party Agency forthwith. In the event of any such claim being made, the revised price computed as per the formula set out in Clause 9.2 shall be payable by the Purchaser or refunded by the Seller. The credit or 12.5.2 Credit/debit bill due to grade variationnote, as the case may be, shall be raised within 5 (five) working days to by the Purchaser / Seller after concerned coal company towards the finalization of grades difference between the original price and the revised price computed as illustrated in Clause 9.2 as per the joint sampling protocol / third party sampling carried out at Delivery Pointparty/Joint Sampling/referee lab result, as the case may be, within seven days after reconciliation of final results. In case of issue of Debit note, the differential price with all applicable taxes and levies shall be payable. In case of issue of credit note, adjustment/refund of differential price along with Goods & Services Tax (GST) shall be made as applicable. Any credit in respect of other taxes and levies, shall be adjusted/refunded if and when received by the Seller. The amount payable by the Purchaser has or refundable by the Seller shall be settled within 30 (thirty) days of the signing of the annual reconciliation statement under Clause Notwithstanding the aforesaid, in the event of termination of this Agreement pursuant to make Clause 17, the payment annual reconciliation shall be done at the time of termination and the monies shall be paid by the Purchaser or the Seller, as the case may be, within 5 working 30 (thirty) days from the date of receipt termination of above bill, otherwise the Interest Rate will be charged for the delayed payment. In case of Seller, the credit notes will be raised and the amount will be adjusted in the subsequent bills / sale ordersAgreement. 12.4.3 12.5.3 The Parties shall jointly reconcile all payments made for the monthly Coal supplies and for third party sampling during the Year by end of April of the following Year. The Parties shall, forthwith, give credit/debit for the amounts falling due, if any, as assessed during such joint reconciliation. The annual reconciliation statement shall be jointly signed by the authorised authorized representative of the Seller and the Purchaser, which shall be final and binding. 12.4.4 12.5.4 In the event of the due date of any payment obligation under this Agreement falling on Sunday or a gazetted holiday, the next first working day shall be the effective due date for the purpose of making the payment.