Common use of PAYMENTS AND DISCOUNTS Clause in Contracts

PAYMENTS AND DISCOUNTS. All articles shall be subject to final inspection for acceptance or rejection by Purchaser after delivery, notwithstanding prior payment., it being understood that payment shall not create any presumption as to final inspection nor constitute acceptance. Payment is contingent upon delivery and upon receipt of invoice in duplicate. The basis for cash discount calculation is the date articles are delivered or the date an acceptable invoice is received, whichever is later.