Common use of Payment of Demurrage Clause in Contracts

Payment of Demurrage. Tampa Electric and United agree to settle any demurrage payment due from Tampa Electric on a calendar quarterly basis. In computing the amount of demurrage due, if any, Tampa Electric and United shall credit the number of Days of despatch experienced by the barges during the quarter against the number of Days of demurrage. If the completion of loading of a barge falls outside of the quarter in question, the barge will be included in the subsequent quarter. If the number of demurrage Days exceeds the number of despatch Days, Tampa Electric shall pay United at the rate of [...***...] ($[...***...]) per barge per Day of demurrage, as adjusted by the terms of Attachment J. If the number of Days of despatch exceeds the number of Days of demurrage, neither of Tampa Electric nor United shall make a payment to the other. Within thirty (30) Days following the end of each calendar quarter, United shall determine any net demurrage payment or net despatch credit and shall provide Tampa Electric with an invoice and a proposed calculation with sufficient detail and documentation to enable Tampa Electric to review and independently verify such amount. Tampa Electric shall pay any undisputed amount of demurrage within thirty (30) Days following the date on which such invoice, calculation and supporting documents are received by Tampa Electric. Tampa Electric and United shall make good faith efforts to reconcile any disputed amount, or refer the same to Dispute Resolution pursuant to Section 14, with any payment ultimately due to be paid together with interest at the Interest Rate.

Payment of Demurrage. Tampa Electric and United agree to settle any demurrage payment due from Tampa Electric on a calendar quarterly basis. In computing the amount of demurrage due, if any, Tampa Electric and United shall credit the number of Days of despatch experienced by the barges during the quarter against the number of Days of demurrage. If the completion of loading of a barge falls outside of the quarter in question, the barge will be included in the subsequent quarter. If the number of demurrage Days exceeds the number of despatch Days, Tampa Electric shall pay United at the rate of [...***...] ($[...***...]) per barge per Day of demurrage, as adjusted by the terms of Attachment J. If the number of Days of despatch exceeds the number of Days of demurrage, neither of Tampa Electric nor United shall make a payment to the other. Within thirty (30) Days following the end of each calendar quarter, United shall determine any net demurrage payment or net despatch credit and shall provide Tampa Electric with an invoice and a proposed calculation with sufficient detail and documentation to enable Tampa Electric to review and independently verify such amount. Tampa Electric shall pay any undisputed amount of demurrage within thirty (30) Days following the date on which such invoice, calculation and supporting documents are received by Tampa Electric. Tampa Electric and United shall make good faith efforts to reconcile any disputed amount, or refer the same to Dispute Resolution pursuant to Section 14, with any payment ultimately due to be paid together with interest at the Interest Rate.