Common use of PAYMENT AND NOTICE Clause in Contracts

PAYMENT AND NOTICE. 1. Payments will be made within sixty (60) days from when a correct invoice is received. A correct invoice will contain the contract and purchase order numbers as indicated in section 39. Any invoice to which tax has been added will not be considered a correct invoice, as the State of Utah is tax-exempt as indicated in section 21. After sixty (60) days from the date a correct invoice is received by the appropriate State official, the Contractor may assess interest on overdue, undisputed account charges up to a maximum of the interest rate paid by the IRS on taxpayer refund claims, plus two percent, computed similarly as the requirements of Section 15-6-3, Utah Prompt Payment Act of Utah Code, as amended. The IRS interest rate is adjusted quarterly, and is applied on a per annum basis, on the invoice amount that is overdue. 2. The contract total may be changed only by written amendment. Unless otherwise stated in this Contract, all payments to Contractor will be remitted by mail, by electronic funds transfer, or by the State of Utah’s purchasing card (major credit card). DTS will not allow Contractor to charge electronic payment fees of any kind. 3. The acceptance by Contractor of final payment without a written protest filed with DTS within ten (10) working days of receipt of final payment shall release DTS and the State of Utah from all claims and all liability to Contractor for fees and costs pursuant to this Contract.

PAYMENT AND NOTICE. 1. Payments will be made within sixty thirty (60) days from when a correct invoice is received. A correct invoice will contain the contract and purchase order numbers as indicated in section 39. Any invoice to which tax has been added will not be considered a correct invoice, as the State of Utah is tax-exempt as indicated in section 21. After sixty (60) days from the date a correct invoice is received by the appropriate State official, the Contractor may assess interest on overdue, undisputed account charges up to a maximum of the interest rate paid by the IRS on taxpayer refund claims, plus two percent, computed similarly as the requirements of Section 15-6-3, Utah Prompt Payment Act of Utah Code, as amended. The IRS interest rate is adjusted quarterly, and is applied on a per annum basis, on the invoice amount that is overdue. 2. The contract total may be changed only by written amendment. Unless otherwise stated in this Contract, all payments to Contractor will be remitted by mail, by electronic funds transfer, or by the State of Utah’s purchasing card (major credit card). DTS will not allow Contractor to charge electronic payment fees of any kind. 3. The acceptance by Contractor of final payment without a written protest filed with DTS within ten (10) working days of receipt of final payment shall release DTS and the State of Utah from all claims and all liability to Contractor for fees and costs pursuant to this Contract.