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

Modalities for Billing, Claims and Payment. 12.5.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal(or Base GCV of coal in case of Cost Plus source) 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(or Analyzed GCV of coal in case of Cost Plus source) of Coal in accordance with Clause 9. 12.5.2 Credit/debit note, as the case may be, shall be raised by the concerned coal company towards the difference between the original price and the revised price computed as illustrated in Clause 9.2 as per the third party/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.

Modalities for Billing, Claims and Payment. 12.5.1 The Seller shall raise and the Purchaser shall pay the bills for Coal supplies on the Contracted Grade of Coal(or Base GCV of coal in case of Cost Plus source) 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(or Analyzed GCV of coal in case of Cost Plus source) of Coal in accordance with Clause 9. 12.5.2 Credit/debit note, as the case may be, shall be raised by the concerned coal company towards the difference between the original price and the revised price computed as illustrated in Clause 9.2 as per the third party/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 or refundable by the Seller shall be settled within 30