Common use of Payment Terms; Delivery Terms; Freight Terms Clause in Contracts

Payment Terms; Delivery Terms; Freight Terms. (a) MEMC shall issue an invoice to Suntech for each shipment of Wafers. All invoices will be in Dollars. Payment of invoices by Suntech shall be in Dollars, by wire transfer, check or by other means mutually agreed on by the Parties. Payment is due thirty (30) days from the date of the invoice. MEMC reserves the right to assess a late payment charge of one-half percent (0.5%) per month on the unpaid balance of any past due amount, unless prohibited by Law. If Suntech fails to pay the purchase price when due for any shipment, MEMC may, but need not, require receipt of payment in full prior to manufacturing the balance of any outstanding or subsequent order. Payment of sums due from Suntech shall be made upon terms set forth above. MEMC may recover for each delivery hereunder as a separate transaction, without reference to any other delivery. If Suntech has been failing to pay the purchase price when due for one or more shipments, and MEMC reasonably concludes that Suntech is in unsound financial condition and has notified Suntech of such conclusion, and the Parties have then negotiated in good faith for at least ten (10) Business Days to remedy such conclusion, or if Suntech is in default with respect to any of the material terms and conditions of this or any other agreement with MEMC, MEMC shall forthwith have the right to demand cash payment in advance or additional financial assurance until such time as said credit has been reestablished or default cured to MEMC’s satisfaction. If Suntech fails to pay the purchase price when due for any shipment, MEMC may also, but need not, (i) immediately offset any late payments against the Loan/Security Deposit and/or the Letter of Credit required by Section 3.1(c) and (ii) prior to any further shipments of Wafers, require that Suntech replenish the Loan/Security Deposit and/or the Letter of Credit required by Section 3.1(c) in accordance with the terms of this Agreement.

Payment Terms; Delivery Terms; Freight Terms. (a) MEMC shall issue an invoice to Suntech Gintech for each shipment of Wafers. All invoices will be in Dollars. Payment of invoices by Suntech Gintech shall be in Dollars, by wire transfer, check or by other means mutually agreed on by the Parties. Payment is due thirty (30) days from the date of the invoice. MEMC reserves the right to assess a late payment charge of one and one-half percent (0.51.5%) per month on the unpaid balance of any past due amount, unless prohibited by Law. If Suntech Gintech fails to pay the purchase price when due for any shipment, MEMC may, but need not, require receipt of payment in full prior to manufacturing the balance of any outstanding or subsequent order. Payment of sums due from Suntech Gintech shall be made upon terms set forth above. MEMC may recover for each delivery hereunder as a separate transaction, without reference to any other delivery. If Suntech Gintech has been failing to pay the purchase price when due for one or more shipments, and MEMC reasonably concludes that Suntech Gintech is in unsound financial condition and has notified Suntech Gintech of such conclusion, and the Parties have then negotiated in good faith for at least ten (10) Business Days to remedy such conclusion, or if Suntech Gintech is in default with respect to any of the material terms and conditions of this or any other agreement with MEMC, MEMC shall forthwith have the right to demand cash payment in advance or additional financial assurance until such time as said credit has been reestablished or default cured to MEMC’s satisfaction. If Suntech Gintech fails to pay the purchase price when due for any shipment, MEMC may also, but need not, (i) immediately offset any late payments against the Loan/Security Deposit and/or the Letter of Credit required by Section 3.1(c) and (ii) prior to any further shipments of Wafers, require that Suntech Gintech replenish the Loan/Security Deposit and/or the Letter of Credit required by Section 3.1(c) in accordance with the terms of this Agreement.