Common use of Payment terms and supplementary provisions Clause in Contracts

Payment terms and supplementary provisions. 7.1.1 The aggregate of any and all sums for which each party is liable under this Schedule in relation to Planned Services which were Planned to depart from their point of origin during a Period shall be set off against each other and the balance, if any, shall be invoiced by the CVL IM to the Train Operator or, as the case may be, shall be the subject of a credit note issued by the CVL IM to the Train Operator within 14 days after the end of the Period and shall be payable within 28 days after the end of the Period. 7.1.2 In respect of any Financial Year, the aggregate liability of the CVL IM to make balance payments to the Train Operator under paragraph 7.1.1 shall not exceed the CVL IM Annual Cap. 7.1.3 In respect of any Financial Year, the aggregate liability of the Train Operator to make balance payments to the CVL IM under paragraph 7.1.1 shall not exceed the Train Operator Annual Cap. 7.1.4 Where any amount which is the subject of this Schedule is in dispute: (a) the undisputed amount shall be accounted for in accordance with paragraph 7.1.1 (and shall be subject to set off accordingly); (b) the disputed balance ("disputed balance") shall be accounted for in the calculations made under paragraph 7.1.1 for the Period in which the dispute is resolved or otherwise determined (and shall be subject to set off accordingly); and

Payment terms and supplementary provisions. 7.1.1 The aggregate of any and all sums for which each party is liable under this Schedule in relation to Planned Services which were Planned to depart from their point of origin during a Period shall be set off against each other and the balance, if any, shall be invoiced by the CVL IM to the Train Operator or, as the case may be, shall be the subject of a credit note issued by the CVL IM to the Train Operator within 14 days after the end of the Period and shall be payable within 28 days after the end of the Period. 7.1.2 In respect of any Financial Year, the aggregate liability of the CVL IM to make balance payments to the Train Operator under paragraph 7.1.1 shall not exceed the CVL IM Annual Cap. 7.1.3 In respect of any Financial Year, the aggregate liability of the Train Operator to make balance payments to the CVL IM under paragraph 7.1.1 shall not exceed the Train Operator Annual Cap. 7.1.4 Where any amount which is the subject of this Schedule is in dispute: (a) the undisputed amount shall be accounted for in accordance with paragraph 7.1.1 (and shall be subject to set off accordingly); (b) the disputed balance ("disputed balance") shall be accounted for in the calculations made under paragraph 7.1.1 for the Period in which the dispute is resolved or otherwise determined (and shall be subject to set off accordingly); and