Common use of Payment Period Clause in Contracts

Payment Period. 4.4.1. The authorising department undertakes to pay sums due pursuant to this contract within a maximum of 30 calendar days from the date on which it receives the invoice, established in accordance with the instructions in Article 4.2 above. Payment shall be deemed to have been effected on the day on which the Translation Centre’s account is debited. 4.4.2. This payment period may be suspended by the authorising department if it informs the Contractor, at any time within the period of 30 calendar days from the date of receipt of the invoice, that the corresponding invoice is not admissible either because the amount is not due or because the necessary supporting documents (e.g. VAT exemption) have not been produced or if the authorising department considers that further checks are necessary (e.g. in the case of discrepancies between invoice and order form). The payment period shall continue to run from the date on which the properly established invoices are registered. 4.4.3. The authorising department shall be bound to comply with payment periods only if invoices are properly presented and sent to the correct address. 4.4.4. In the event of late payment the Contractor shall be entitled to interest, provided the calculated interest exceeds EUR 200. If interest does not exceed EUR 200, the Contractor may claim interest within two months of receiving the payment. Interest shall be calculated at the rate applied by the European Central Bank to its most recent main refinancing operations (‘the reference rate’) plus eight percentage points (‘the margin’). The reference rate in force on the first day of the month in which the payment is due shall apply. That interest rate is published in the C series of the Official Journal of the European Union. Interest shall be payable for the period elapsing from the calendar day following expiry of the time-limit for payment up to the day of payment. Suspension of payment by the Translation Centre may not be deemed to constitute late payment. 4.4.5. The Translation Centre reserves the right to apply liquidated damages relating to quality problems, as set out in Article 5.6.3, on invoices already paid if the standard assessment sheet was not submitted.

Payment Period. ‌ 4.4.1. The authorising department undertakes to pay sums due pursuant to this contract within a maximum of 30 calendar days from the date on which it receives the invoice, established in accordance with the instructions in Article 4.2 above. Payment shall be deemed to have been effected on the day on which the Translation Centre’s account is debited. 4.4.2. This payment period may be suspended by the authorising department if it informs the Contractor, at any time within the period of 30 calendar days from the date of receipt of the invoice, that the corresponding invoice is not admissible either because the amount is not due or because the necessary supporting documents (e.g. VAT exemption) have not been produced or if the authorising department considers that further checks are necessary (e.g. in the case of discrepancies between invoice and order form). The payment period shall continue to run from the date on which the properly established invoices are registered. 4.4.3. The authorising department shall be bound to comply with payment periods only if invoices are properly presented and sent to the correct address. 4.4.4. In the event of late payment the Contractor shall be entitled to interest, provided the calculated interest exceeds EUR 200. If interest does not exceed EUR 200, the Contractor may claim interest within two months of receiving the payment. Interest shall be calculated at the rate applied by the European Central Bank to its most recent main refinancing operations (‘the reference rate’) plus eight percentage points (‘the margin’). The reference rate in force on the first day of the month in which the payment is due shall apply. That interest rate is published in the C series of the Official Journal of the European Union. Interest shall be payable for the period elapsing from the calendar day following expiry of the time-limit for payment up to the day of payment. Suspension of payment by the Translation Centre may not be deemed to constitute late payment. 4.4.5. The Translation Centre reserves the right to apply liquidated damages relating to quality problems, as set out in Article 5.6.3, on invoices already paid if the standard assessment sheet was not submitted.