Common use of Prompt Payment Discounts – Terms of Payment Clause in Contracts

Prompt Payment Discounts – Terms of Payment. The Prompt Payment discount period will start upon date of completion of delivery of all items on any Purchaser Order or other authorization certified by the City’s Controller, or upon date of receipt of properly prepared invoices covering such deliveries, whichever is later. Payment is deemed to be made, for the purpose of earning the discount, on the date of mailing the City’s check. No additional charge shall accrue against City in the event City does not make payment within any time specified by Contractor. The prompt payment period must be at least 30 days. Example: “1%/30 Net31.”

Prompt Payment Discounts – Terms of Payment. The Prompt Payment discount period will start upon date of completion of delivery of all items on any Purchaser Purchase Order or other authorization certified by the City’s Controller, or upon date of receipt of properly prepared invoices covering such deliveries, whichever is later. Payment is deemed to be made, for the purpose of earning the discount, on the date of mailing the City’s check. No additional charge shall accrue against City in the event City does not make payment within any time specified by Contractor. The prompt payment period must be at least 30 days. Example: “1%/30 Net31.”