Payment of Total Compensation. Total Compensation for each Parcel shall be paid by Buyer in two stages as follows:
(a) Buyer shall make a provisional payment of 90 per cent of the Provisional Invoice value (the “Provisional Payment”) no later than 25 Business Days after each Parcel’s xxxx of lading date against presentation of the following documents (“Shipping Documents”):
(i) Seller’s original Provisional Invoice the amount of which shall be calculated in accordance with Section 8.3;
(ii) full set (3/3) of original, clean on board ocean bills of lading blank endorsed marked ‘freight prepaid’ or ‘payable as per Charter Party’;
(iii) original insurance certificate drawn in accordance with Article 6;
(iv) Seller’s Provisional Weight, Moisture and Assay Certificate; and
(v) Seller’s certificate of origin.
(b) Buyer shall make a final payment equal to the amount, if any, by which Total Compensation exceeds the amount of the Provisional Payment on or before the fifth Business Day after receipt by Buyer of Seller’s Final Invoice by facsimile or e-mail as contemplated in Section 8.4 (the “Final Payment”).
Payment of Total Compensation. The Total Compensation for each Parcel sold to the Buyer hereunder shall be paid by the Buyer as follows:
(i) if the Seller *[Redacted]* in respect of such Parcel, the Buyer shall make a provisional payment equal to 90% of the estimated Total Compensation (the “Provisional Payment”) to be paid promptly upon shipment of the Parcel from the Port of Loading (the “Provisional Payment Date”) against the Seller’s Provisional Invoice, subject to receipt by the Buyer in respect of such Parcel of the clean on-board xxxx of lading; or
(ii) [Redacted]*.
(iii) a final payment equal to the amount, if any, by which the Total Compensation as set out in the Final Invoice exceeds the sum of the net payments made pursuant to Section 8.02(i) or Section 8.02(ii) (the “Final Payment”), to be paid on or before the third Banking Day after receipt by the Buyer of the Final Invoice. Additionally, interest on payments made pursuant to Section 8.02(ii) and 8.03 (b) shall be included in the Final Invoice. Should the Total Compensation as set out in the Final Invoice be less than the sum of the net payments made pursuant to Section 8.02(i) or Section 8.02(ii) (the “Final Payment”), Seller shall make payment to Buyer of such difference on or before the third Banking Day after receipt by the Buyer of the Final Invoice.
Payment of Total Compensation. Total Compensation for each Parcel shall be paid by Buyer in two stages as follows:
(a) Buyer shall make a provisional payment of 90 per cent of the Provisional Invoice value (the “Provisional Payment”) no later than the third Business Day after the Date of Arrival against the following documents (“Shipping Documents”:
Payment of Total Compensation. (a) The Total Compensation for each Parcel sold to the Buyer hereunder shall be paid by the Buyer as follows:
(i) if the Seller has not exercised its Advance Payment Option in respect of such Parcel, the Buyer shall make a provisional payment equal to 90% of the estimated Total Compensation (the “Provisional Payment”) to be paid promptly upon shipment of the Parcel from the Port of Loading (the “Provisional Payment Date”) against the Seller’s Provisional Invoice, subject to receipt by the Buyer in respect of such Parcel of the clean on-board xxxx of lading; or
(ii) if the Seller has exercised its Advance Payment Option in respect of such Parcel, the Buyer shall make: (A) an advance provisional payment equal to 90% of the estimated Total Compensation (the “Advance Provisional Payment”) to be paid not later than the date that is seven days before the date of arrival of the relevant nominated vessel at the Port of Loading (“Advance Provisional Payment Date”) against the Seller’s Advance Provisional Invoice, subject to receipt by the Buyer in respect of such Parcel of a holding certificate in a form and wording reasonably acceptable to the Buyer and such other documents as the Buyer may reasonably require; (B) a payment equal to the amount, if any, by which the estimated Total Compensation, as set out in the Seller’s Provisional Invoice, exceeds the amount of the Advance Provisional Payment, to be paid on the Provisional Payment Date against the Seller’s Provisional Invoice, subject to receipt by the Buyer in respect of such Parcel of the clean on-board xxxx of lading; and
(iii) a final payment equal to the amount, if any, by which the Total Compensation as set out in the Final Invoice exceeds the sum of the net payments made pursuant to Section 8.02(a)(i) and Section 8.02(a)(ii) (the “Final Payment”), to be paid on or before the third Banking Day after receipt by the Buyer of the Final Invoice. Additionally, interest on payments made pursuant to Sections 8.02(a)(ii) and 8.03(b) shall be included in the Final Invoice. [**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.
(b) If the Advance Provisional Payment is more than the Seller’s Provisional Invoice, the Seller shall make payment to the Buyer of such difference on or before the third Banking Day after receipt by Buyer of the Provisional Invoice.
