PAYMENT AND INTEREST CHARGES. i) Payment will be made by way of electronic funds transfer (EFT) as per the settlement date on the Xxxxxxxxx Statement and in any event not earlier than 30 days from the date of xxxxxxxxx, in accordance with the terms and conditions in Schedule B, payable in line with the banking details provided in writing to MEATCO by the PRODUCER or his/her/its duly authorised Agent. ii) In the event of MEATCO failing to pay the PRODUCER within the period specified in (i) above, prime interest rate less 3.75% shall accrue in favour of the PRODUCER, reckoned from the 45th day after the invoice became due and payable. The interest rate shall be worked out every three months, at the average prime interest rate charge by the Bank of Namibia.
Appears in 4 contracts
Samples: Cattle Delivery Agreement, Cattle Delivery Agreement, Cattle Delivery Agreement
