Common use of PAYMENT AND DEFAULT Clause in Contracts

PAYMENT AND DEFAULT. Payment must be received within 60 days of issuance of a payment notice by the Consortium Manager. A Member may be deemed in Default if it fails to pay an invoice or payment notice within 15 days after its due date. The Steering Committee shall notify in writing any Member not having paid an invoice or payment notice after its due date. The defaulting Member shall then have 30 days to cure the Default by paying the amount due during such period. A Member who has failed to make payment within 45 days after due date shall automatically cease to be a Member without the necessity of further Steering Committee action. However, due to the urgent nature of this application for Authorisation, Members are encouraged to pay within 30 days wherever possible.