Payment Obligations 1 Clause Samples
The 'Payment Obligations' clause defines the responsibilities of one or more parties to make specified payments under the agreement. It typically outlines when payments are due, the acceptable methods of payment, and any conditions or documentation required for payment processing. For example, it may require payment within 30 days of receiving an invoice or stipulate that payments must be made via bank transfer. This clause ensures that both parties have a clear understanding of their financial commitments, reducing the risk of disputes over payment terms and helping to maintain smooth business operations.
Payment Obligations 1. 1. If none of the tea inventory that was removed from the Mamaki Defendants’ facility in April 2016 is returned to the Mamaki Defendants by January 31, 2017, Mamaki Tea, Inc., Mamaki of Hawaii, Inc., and Hawaiian Beverages, Inc. shall pay UMED by check made payable to UMED Holdings, Inc. (a) $400,000 if the payment is made in full by January 31, 2017; (b) $425,000 if the payment is made in full by February 28, 2017; or (c) $450,000 if the payment is made in full by March 31, 2017.