Common use of Payment and Tax Clause in Contracts

Payment and Tax. C2.1 ▇▇▇ shall pay the undisputed sums due to the Contractor in accordance with the terms set out in the Form of Agreement. C2.2 Each invoice shall contain all appropriate references and a detailed breakdown of the Services and shall be supported by any other documentation required by the Contract Manager to substantiate the invoice. C2.3 Where the Contractor enters into a sub-contract with a supplier or contractor for the purpose of performing the Contract, it shall cause a term to be included in such a sub-contract which requires payment to be made of undisputed sums by the Contractor to the sub-contractor within a specified period not exceeding 30 days from the receipt of a valid invoice, as defined by the sub-contract requirements. C2.4 Tax, where applicable, shall be shown separately on all invoices as a strictly net extra charge. C2.5 ▇▇▇ may reduce payment in respect of any Services, which the Contractor has either failed to provide or has provided inadequately, without prejudice to any other rights or remedies of ▇▇▇. C2.6 The Contractor shall not suspend the supply of the Services unless the Contractor is entitled to terminate the Contract under Clause H2.3 for failure to pay undisputed charges. C2.7 If ▇▇▇ fails to pay any amount payable by it under this Contract by the due date for payment the Contractor shall be entitled but not obliged to charge ▇▇▇ interest on the overdue amount at a rate of 2% (two per cent) above the base Rate of the Bank of England per annum and such interest shall accrue on a daily basis from the day after the due date up to the date of actual payment. The parties agree that this Clause C2.7 is a substantial remedy for late payment of any sum payable under this Contract in accordance with Section 8(2) Late Payment of Commercial Debts (Interest) ▇▇▇ ▇▇▇▇.