PROMPT PAYMENT PROVISION Clause Samples
A Prompt Payment Provision requires that payments for goods or services be made within a specified timeframe after receipt of an invoice or completion of work. Typically, this clause outlines the exact number of days within which payment must be rendered and may include consequences for late payment, such as interest charges or penalties. Its core practical function is to ensure timely cash flow for the party providing goods or services, reducing the risk of delayed payments and financial uncertainty.
PROMPT PAYMENT PROVISION. That all payments of principal and interest (or any part thereof) not made when due shall bear interest from due date to the date of payment thereof by maker or assumptor at the default rate which is equal to eighteen percent (18%) per annum. All advances made by the holder hereof shall be secured by and under this Deed of Trust and Security Agreement and shall be payable with interest from the date each advance is made until paid by maker or assumptor at the default rate.
PROMPT PAYMENT PROVISION. That all payments of principal and interest (or any part thereof not made when due sham bear interest form due date to the date of payment thereof by maker or assumptor at the default rate which is equal to eighteen percent (18%) per annum. All advances made by the holder hereof shall be secured by and under this Deed of Trust and Security Agreement and shall be payable with interest from the date each advance is made until paid by maker or assumptor at a rate which will be agreed upon at the time the advance is made. Should repayment not be made by the maker or assumptor, the default interest rate of this note shall be fixed at the time legal proceedings of whatever character are instituted or at the time the indebtedness thereby created is matured or reinstated.
PROMPT PAYMENT PROVISION. CONSULTANT must pay all subconsultants for satisfactory performance of their contracts no later than thirty (30) days from the receipt of payment made to CONSULTANT by RTC. Prompt return of retainage payments from CONSULTANT to the subconsultants will be made within fifteen (15) days after each subconsultant’s work is satisfactorily completed. Any delay or postponement of payment among the parties may take place only for good cause and with RTC’s prior written approval. If CONSULTANT determines the work of the subconsultant to be unsatisfactory, it must notify RTC’s project manager immediately in writing and state the reasons. The failure by CONSULTANT to comply with this requirement will be construed to be a breach of the Contract and may be subject to sanctions as specified in the Contract or any other options listed in 49 C.F.R. 26.29.