Payment & Interest Sample Clauses

Payment & Interest. (a) The State shall pay the Contractor, after the submission of proper invoices or vouchers, the prices stipulated in this contract for supplies delivered and accepted or services rendered and accepted, less any deductions provided in this contract. Unless otherwise specified herein, including the purchase order, payment shall not be made on partial deliveries accepted by the Government. (b) Unless otherwise provided herein, including the purchase order, payment will be made by check. (c) Notwithstanding any other provision, payment shall be made in accordance with S.C. Code Section 11-35-45, which provides the Contractor’s exclusive means of recovering any type of interest from the Owner. Contractor waives imposition of an interest penalty unless the invoice submitted specifies that the late penalty is applicable. Except as set forth in this paragraph, the State shall not be liable for the payment of interest on any debt or claim arising out of or related to this contract for any reason. (d) Amounts due to the State shall bear interest at the rate of interest established by the South Carolina Comptroller General pursuant to Section 11-35- 45 (“an amount not to exceed fifteen percent each year”), as amended. (e) Any other basis for interest, including but not limited to general (pre- and post-judgment) or specific interest statutes, including S.C. Code ▇▇▇. Section 34-31-20, are expressly waived by both parties. If a court, despite this agreement and waiver, requires that interest be paid on any debt by either party other than as provided by items (c) and (d) above, the parties further agree that the applicable interest rate for any given calendar year shall be the lowest prime rate as listed in the first edition of the Wall Street Journal published for each year, applied as simple interest without compounding.

Payment & Interest. 6.1 The mode of payment will be either advance or through the Letter of Credit, with all Bank charges on openers’ account. 6.2 Wherever the mode of payment through L. C. is also acceptable, the Buyer will open a confirmed irrevocable letter of credit with 30 days credit with any Nationalised Bank/ a bank acceptable to MOIL payable at Nagpur to MOIL for 100% of the FOR value of the “Parcel” as a condition precedent for issue of parcel permitting payment of 100% of the FOR value of a ‘parcel’ plus royalty, sales tax, VAT, excise duty, Madhya Pradesh Gramin Avsanrachna ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 2005 Tax, sampling charges, extra transport charges wherever applicable and other levies as may be applicable. MOIL will provide additional credit period over 30 days i.e. upto 90 days (30 days free credit plus 60 days additional credit period with interest) MOIL will charge an interest @ 1.25% per month for additional 30 days credit on gross value of ore. There will be cash discount of 0.5% on advance payment for all grades of Manganese Ore. 6.3 The buyer shall deposit 5% of the value of contracted quantity,based on the Basic Price as ▇▇▇▇▇▇▇ Money Deposit in the form of a Bank Guarantee as per the Proforma prescribed by MOIL or through Demand Draft of a nationalized Bank or of a Bank acceptable to MOIL drawn in favour of MOIL LIMITED., payable at Nagpur, or in lieu of the payment or Bank Guarantee, a Cheque for the amount together with the undertaking as per the proforma provided by MOIL within 20 days of signing the contract/ issue of D.O., whichever is earlier. The Seller shall have the right to forfeit the ▇▇▇▇▇▇▇ money deposited in full or in part on pro-rata basis based on the quantity lifted, in case the actual quantity lifted during the contract period falls short of the contracted quantity by more than five percent. Example :- a) Contractd quantity :1000 T b) Basic Price :Rs.2000/- per tonne. c) Value of EMD :Rs.2000 x 1000 x 5%=Rs.100000 d) Quantity lifted during contract period:800 Tonnes e) Minimum quantity which should have :950 Tonnes been lifted to avoid forfeiture of EMD f) Quantity attracting forfeiture of EMD :150 Tonnes g) Value of 150 Tonnes :Rs.300000/- h)5% value of above :Rs.300000 x 5% =Rs.15000/- For calculating the above, the Basic price will be taken as the price, applicable on the date of signing of the contract. However, any controversy if arose regarding the lifting of quantity shall not affect the right of MOIL to encash the Cheque ag...

Payment & Interest. The State shall pay the Contractor, after the submission of proper invoices or vouchers, the prices stipulated in this contract for supplies delivered and accepted or services rendered and accepted, less any deductions provided in this contract. Unless otherwise specified herein, including the purchase order, payment shall not be made on partial deliveries accepted.

Payment & Interest. The Indemnifying Party shall make any payment required to be made under this Article in cash and on demand. Any payments required to be paid by an Indemnifying Party under this Article which are not paid within five business days of receipt by the Indemnifying Party of the Indemnified Party's demand therefor shall thereafter be deemed delinquent, and the Indemnifying Party shall pay to the Indemnified Party immediately upon demand interest at the rate of 12% per annum, not to exceed the maximum nonusurious rate allowed by applicable law, from the date such payment becomes delinquent to the date of payment of such delinquent sums.

Payment & Interest. The City shall pay the Contractor, after the submission of proper invoices or vouchers, the prices stipulated in this contract for supplies delivered and accepted or services rendered and accepted, less any deductions provided in this contract. Unless otherwise specified herein, including the purchase order, payment shall not be made on partial deliveries accepted.

Payment & Interest. Interest shall accrue on the Loan in accordance with the provisions of the Note. Borrower shall repay the Loan, together with interest thereon, in accordance with the provisions of the Note. The principal balance outstanding under the Note, together with interest thereon and all other fees and expenses owed pursuant to the Loan Documents, shall be due and payable in full on the Maturity Date.

Payment & Interest. 5.13.1 All payments to be made by a Party to the other Party under this Agreement shall be made in United States dollars by wire transfer in immediately available funds to such bank account designated in writing by the receiving Party from time to time. Payments shall be free and clear of any taxes (other than withholding and other taxes imposed on the receiving Party, which shall be for the account of such Party), fees or charges, to the extent applicable. With respect to payments in currencies other than United States dollars, payments shall be calculated based on currency exchange rates for the month in which the invoice is received. For each month and each currency, such exchange rate shall equal the arithmetic average of the daily exchange rates for such month listed in The Wall Street Journal, Eastern United States Edition, or, if not so available, as otherwise agreed by the Parties. 5.13.2 Any payments or portions thereof due hereunder which are not paid on the date such payments are due under this Agreement will bear interest at the prime rate, as published in The ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Edition, on the last Business Day preceding such date.

Payment & Interest. Interest shall be payable at each of the following ---------------- times: (a) if at the Prime Rate or the As-Offered Fixed Rate, on the first day of each month, payable in arrears, beginning June 1, 1996 until the end of the As-Offered Fixed Rate Period specified in each Notification or May 29, 2000, the maturity date; and (b) if at the LIBOR Rate, at the end of each LIBOR Rate Period specified in each Notification. Undersigned understands and agrees that any payments of principal, interest or other sums required under this Note may be deducted on the due date, without notice by Bank, from any deposit account maintained by Undersigned with Bank.

Payment & Interest. 1.1 The outstanding principal amount of this Note shall bear interest (computed on the basis of a 365 day year, as the case may be) accruing daily at a rate equal to five percent (5%) per annum from (but excluding) the date hereof to (and including) the date on which the principal amount of this Note is paid in full, regardless of the commencement of any bankruptcy or insolvency proceedings against the Company. Accrued and unpaid interest shall compound annually in arrears on each anniversary of the date hereof. Subject to Section 5 of this Note, such interest shall be payable annually in arrears on each anniversary of the issuance of this Note and on the Maturity Date. 1.2 Subject to Section 5 of this Note, the Company shall pay one-half of the original principal amount of this Note to the Holder on the first anniversary of the date of this Note, and all remaining outstanding principal, accrued and unpaid interest, and other amounts due hereunder to the Holder on the Maturity Date. 1.3 Whenever payment of principal of, or interest on, this Note shall be due on a date that is not a Business Day, the date for payment thereof shall be the next succeeding Business Day and interest due on the unpaid principal and any other amounts payable hereunder shall accrue during such extension and shall be payable on such succeeding Business Day.