Common use of Payment and interest on late payment Clause in Contracts

Payment and interest on late payment. 29.1 Payments will be made in accordance with the following the option: 1 Maximum pre-financing payment1 <Maximum 40 % of the contract value> <Month/ year number> [If applicable: Interim payment ] <X % of the contract value> <Month/ year number> Balance <Maximum 60 % of the contract value> Total <Total contract value> By derogation, the payments to the contractor of the amounts due under interim and final payments shall be made within 90 days after receipt by the contracting authority of an invoice and of the reports, subject to approval of those reports in accordance with Article 27 of the general conditions. 29.3 By derogation from Article 29.3 of the general conditions, once the deadline set in Article 29.1 has expired, the contractor will, upon demand, be entitled to late-payment interest at the rate and for the period mentioned in the general conditions submitted The demand must be submitted within two months of receiving late payment.