PAYMENT TERMS/DISCOUNTS Clause Samples
The PAYMENT TERMS/DISCOUNTS clause defines the conditions under which payments must be made and any discounts that may apply for early or prompt payment. Typically, this clause specifies the payment schedule, such as net 30 days from the invoice date, and may outline percentage discounts available if payment is received within a shorter period, like 2% off if paid within 10 days. Its core practical function is to set clear expectations for payment timing and incentivize timely payments, thereby improving cash flow predictability and reducing the risk of late payments.
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PAYMENT TERMS/DISCOUNTS. (a) Supplier shall invoice PAR within 30 days of delivery of the Goods in accordance with the Purchase Order.
(b) Unless otherwise provided in the Purchase Order, invoiced amounts will be due and payable within 60 days of PAR’s receipt of a correct and an undisputed invoice submitted in conformance with these Terms; provided that, if, in PAR’s sole election, PAR remits payment within 10 days of PAR's receipt of a correct and undisputed invoice, PAR shall receive a 2% cash discount on the invoice amount and PAR's payment shall reflect such reduced amount.
(c) PAR is not obligated to pay any invoice received from Supplier more than 120 days after PAR accepts the Goods or Services. (d) Payment of an invoice will not constitute acceptance under the Purchase Order, and is subject to adjustment for errors, shortages, defects, or other failure of Supplier to meet the requirements of the Purchase Order. (e) Payment will be in U.S. dollars. PAR will determine the local currency exchange as of the date of payment. (f) PAR may, at any time, set-off any amounts Supplier owes PAR against any amounts PAR owes to Supplier or any of its affiliated companies.
PAYMENT TERMS/DISCOUNTS. The County’s payment terms are in accordance with Florida Statute 218, Local Government Prompt Payment Act. Cash discounts for prompt payment shall not be considered in determining the lowest net cost for bid evaluation purposes.
PAYMENT TERMS/DISCOUNTS. The County’s payment terms are in accordance with Florida Statute 218, Local Government Prompt Payment Act. Cash discounts for prompt payment will be considered in determining the lowest net cost for quote evaluation purposes. Notwithstanding the above, discount payment terms shall not be less than net 30 calendar days from receipt of correct invoice.