Common use of PAYMENT OF MASTER ACCOUNT Clause in Contracts

PAYMENT OF MASTER ACCOUNT. If FIU elects to use the direct billing option, payment shall be made in accordance with FIU Regulation FIU-2202, which states the FIU’s invoicing requirements and the Hotel’s rights as a vendor and FIU’s responsibilities concerning interest penalties and time limits for payment of invoices. Hotel should be aware of the applicable time frames. Upon receipt, FIU has five (5) business days to inspect and approve the goods or services, unless bid specifications, purchase order or contract specify otherwise. If a payment is not issued within 40 days of receipt of a proper invoice and receipt and inspection and approval of the goods and services FIU shall pay to the Hotel, in addition to the amount of the invoice, an interest penalty at the rate established pursuant to Florida Statute §55.03(1), provided, the interest penalty is in excess of one dollar ($1.00). A Vendor Ombudsman has been established within the Office of Business and Finance. The duties of this individual include acting as an advocate for vendors who may be experiencing problems in obtaining timely payment from FIU. The Vendor Ombudsman may be contacted at (000) 000-0000. FIU is not responsible for any charges made by individual Event guests.