Common use of REFUND CALCULATION Clause in Contracts

REFUND CALCULATION. This example is intended to illustrate the methodology for the calculation of a subsequent refund of a late payment. This example and the numbers used in this example are purely illustrative and are in no way intended to supersede any part of the Agreement, including Section 13.3.  Interest Rate = 12 percent per annum (compounded monthly) Invoice Amount $1,000 Date of Invoice June 1, 2023 Due Date June 15, 2023 Payment Date July 1, 2023 The total amount due on the date of payment is $1,005, which amount is computed by adding $1,000 (the original amount invoiced) and $5 (the ½ month late interest fee).

REFUND CALCULATION. This example is intended to illustrate the methodology for the calculation of a subsequent refund of a late payment. This example and the numbers used in this example are purely illustrative and are in no way intended to supersede any part of the Agreement, including Section 13.3.  • Interest Rate = 12 percent per annum (compounded monthly) Invoice Amount $1,000 Date of Invoice June 1, 2023 Due Date June 15, 2023 Payment Date July 1, 2023 The total amount due on the date of payment is $1,005, which amount is computed by adding $1,000 (the original amount invoiced) and $5 (the ½ month late interest fee).

REFUND CALCULATION. This example is intended to illustrate the methodology for the calculation of a subsequent refund of a late payment. This example and the numbers used in this example are purely illustrative and are in no way intended to supersede any part of the Agreement, including Section 13.3.  • Interest Rate = 12 percent per annum (compounded monthly) Invoice Amount $1,000 Date of Invoice June 1, 2023 2043 Due Date June 15, 2023 2043 Payment Date July 1, 2023 2043 The total amount due on the date of payment is $1,005, which amount is computed by adding $1,000 (the original amount invoiced) and $5 (the ½ month late interest fee).