Common use of Rebate Clause in Contracts

Rebate. 9.2.1 For payment of any Bill on or before Due Date of Payment, MSEDCL shall be allowed by the SPV, a rebate on the Invoice (“Rebate”) equivalent to: (a) 2% (two percent) – for the payments made through a revolving and valid Letter of Credit upon presentation of Invoice for the Tariff along with required supporting documents at MSEDCL office; or (b) 1% (one percent) – for the payments made within a period of 7 (seven) days of the presentation of Invoice for the Tariff along with required supporting documents at MSEDCL office. 9.2.2 No Rebate shall be applicable for any payments beyond 7 (seven) days of the presentation of Invoice for Tariff. For the above purpose, the date of presentation of the Bill shall be the next Business Day of delivery of the Invoice for Tariff at MSEDCL. 9.2.3 No Rebate shall be payable on the Bills raised on account of taxes, duties, cess etc. 9.2.4 For the above purpose, date of presentation of a Bill shall be considered as the same day on which the online copy is delivered to MSEDCL. However, for the purposes of consideration of Rebate, the Bill will be considered to have been submitted to MSEDCL on the next Business Day of the date of presentation of the online copy of the Bill.

Rebate. 9.2.1 For payment of any Bill on or before Due Date of Payment, MSEDCL shall be allowed by the SPV, a rebate on the Invoice (“Rebate”) equivalent to: (a) 2% (two percent) – for the payments made through a revolving and valid Letter of Credit upon presentation of Invoice for the Tariff along with required supporting documents at MSEDCL office; or (b) 1% (one percent) – for the payments made within a period of 7 (seven) days of the presentation of Invoice for the Tariff along with required supporting documents at MSEDCL office. 9.2.2 No Rebate shall be applicable for any payments beyond 7 (seven) days of the presentation of Invoice for Tariff. For the above purpose, the date of presentation of the Bill shall be the next Business Day of delivery of the Invoice for Tariff at MSEDCL. 9.2.3 No Rebate shall be payable on the Bills raised on account of taxes, duties, cess etc. 9.2.4 . For the above this purpose, date of presentation of a Bill shall be considered as the same day on which the online copy is delivered to MSEDCL. However, for the purposes of consideration of Rebate, the Bill will be considered to have been submitted to MSEDCL on the next Business Day of the date of presentation of the online copy of the Bill.