Common use of PAYMENT METHOD AND PAYMENT TERMS Clause in Contracts

PAYMENT METHOD AND PAYMENT TERMS. VCU shall pay Contractor net 30 days following receipt of a proper invoice, services rendered, or goods delivered, whichever is later pursuant to and in accordance with §§ 42-45 of the Rules Governing Procurement of Goods, Services, Insurance and Construction by a Public Institution of Higher Education of the Commonwealth (similar to the Virginia Prompt Payment Act). Should VCU choose to exercise its right to Renew, the fee shall remain fixed or as agreed, pursuant to any applicable schedules or negotiated terms, during the Renewal Term. Thereafter, VCU shall pay any additional fees or payments due in accordance with this Section 4. Any payment terms DocuSign Envelope ID: 39D94ED6-1A65-4F73-8681-96D423DB9882 requiring payment in less than 30 days will be regarded as requiring payment 30 days after receipt of invoice or delivery, whichever occurs last. This shall not affect offers of discounts for payment in less than 30 days, however. Fees appearing to be incorrect will be researched and challenged, and that portion of the invoice held in abeyance until a settlement can be reached.

PAYMENT METHOD AND PAYMENT TERMS. VCU shall pay Contractor net 30 days for the Initial Term following receipt of a proper invoice, services rendered, or goods delivered, whichever is later pursuant to and in accordance with §§ 42-45 of the Rules Governing Procurement of Goods, Services, Insurance and Construction by a Public Institution of Higher Education of the Commonwealth (similar to the Virginia Prompt Payment Act). Should VCU choose to exercise its right to Renew, the fee shall remain fixed or as agreed, pursuant to any applicable schedules or negotiated terms, during the Renewal Term. Thereafter, VCU shall pay any additional fees or payments due in accordance with this Section 4. Any payment terms DocuSign Envelope ID: 39D94ED6-1A65-4F73-8681-96D423DB9882 requiring payment in less than 30 days will be regarded as requiring payment 30 days after receipt of invoice or delivery, whichever occurs last. This shall not affect offers of discounts for payment in less than 30 days, however. Fees appearing to be incorrect will be researched and challenged, and that portion of the invoice held in abeyance until a settlement can be reached.

PAYMENT METHOD AND PAYMENT TERMS. VCU shall pay Contractor net 30 35 days for the Initial Term following receipt of a proper invoice, services rendered, or goods delivered, whichever is later pursuant to and in accordance with §§ 42-45 of the Rules Governing Procurement of Goods, Services, Insurance and Construction by a Public Institution of Higher Education of the Commonwealth (similar to the Virginia Prompt Payment Act). Should VCU choose to exercise its right to Renew, the fee shall remain fixed or as agreed, pursuant to any applicable schedules or negotiated terms, during the Renewal Term. Thereafter, VCU shall pay any additional fees or payments due in accordance with this Section 4. Any payment terms DocuSign Envelope ID: 39D94ED6-1A65-4F73-8681-96D423DB9882 requiring payment in less than 30 days will be regarded as requiring payment 30 days after receipt of invoice or delivery, whichever occurs last. This shall not affect offers of discounts for payment in less than 30 days, however. Fees appearing to be incorrect will be researched and challenged, and that portion of the invoice held in abeyance until a settlement can be reached.

PAYMENT METHOD AND PAYMENT TERMS. VCU shall pay Contractor net 30 days following receipt of a proper invoice, services rendered, or goods delivered, whichever is later pursuant to and in accordance with §§ 42-45 of the Rules Governing Procurement of Goods, Services, Insurance and Construction by a Public Institution of Higher Education of the Commonwealth (similar to the Virginia Prompt Payment Act). Should VCU choose to exercise its right to Renew, the fee shall remain fixed or as agreed, pursuant to any applicable schedules or negotiated terms, during the Renewal Term. Thereafter, VCU shall pay any additional fees or payments due in accordance with this Section 4. Any payment terms DocuSign Envelope ID: 39D94ED6-1A65-4F73-8681-96D423DB9882 requiring payment in less than 30 days will be regarded as requiring payment 30 days after receipt of invoice or delivery, whichever occurs last. This shall not affect offers of discounts for payment in less than 30 days, however. Fees appearing to be incorrect will be researched and challenged, and that portion of the invoice held in abeyance until a settlement can be reached.