Common use of Payment to the Company Clause in Contracts

Payment to the Company. Subject to Section 6.4, the City and the County shall pay to the Company their respective portion of the compensation amount due and owing under this Article 6 and invoiced by the Company with respect to the City and the County within thirty (30) days after the date of receipt by the Jurisdictions of a properly formatted invoice, consistent with Schedule 3 containing the required documentation and free of errors. If the due date for payment is not a business day, payment is due on the next business day following that date. If the Jurisdictions fail to remit the full amount payable (less any disputed portion) by the Jurisdictions when due, interest on the unpaid portion of the respective Jurisdiction’s invoice shall accrue at the rate provided in Section 6.3.