Settlement Cycle for Services Sample Clauses
The Settlement Cycle for Services clause defines the timeframe and process by which payments for services rendered are to be completed between parties. Typically, this clause specifies when invoices must be issued, the period within which payment must be made (such as 30 days after receipt of invoice), and any conditions that might affect the timing of settlement, like acceptance of deliverables. Its core function is to ensure both parties have a clear understanding of payment expectations, reducing disputes and promoting timely financial transactions.
Settlement Cycle for Services. Furnished On and After January 1, 2009 2.7.4.2.1 ISO Corrections or Adjustments and Transmission Customer Challenges to the Accuracy of Settlement Information
(i) A Supplier or meter authority may review, comment on, and challenge Generator, tie-line, and sub-zone Load metering data for fifty-five (55) days from the date of the initial invoice for the month in which service is rendered. Following this review period, the ISO shall then have five (5) days to process and correct Generator, tie-line, and sub-zone Load metering data, after which time it shall be finalized.
(ii) The meter authority shall provide to the ISO all LSE bus metering data then available within seventy (70) days from the date of the initial invoice and shall provide any necessary updates to the LSE bus metering data as soon as possible thereafter. The ISO shall post all available LSE bus metering data within approximately seventy-five (75) days from the date of the initial invoice and shall continue to post incoming LSE bus metering data as soon as practicable after it is received.
(iii) The ISO shall post advisory settlement information, including available LSE bus metering data, within ninety (90) days from the date of the initial invoice. Transmission Customers may review, comment on, and challenge this settlement information, except for Generator, tie-line, and sub-zone Load metering data, after which the ISO shall process and correct the data and issue a corrected invoice with the regular monthly invoice issued on or about one hundred twenty (120) days from the date of the initial invoice. Following the ISO’s issuance of a corrected invoice, Transmission Customers may continue to review, comment on, and challenge their settlement information, excepting Generator, tie-line, and sub- zone Load metering data, until the end of the five-month review period.
(iv) The meter authority shall provide to the ISO any final updates or corrections to LSE bus metering data within one hundred thirty (130) days from the date of the initial invoice. The ISO shall then post any updated and corrected LSE bus metering data within one hundred thirty-five (135) days from the date of the initial invoice. Transmission Customers may then review, comment on, and challenge the LSE bus metering data for an additional ten (10) days. Following this review period, the ISO shall have five (5) days to process and correct the LSE bus metering data, after which it shall be finalized. The ISO shall use reasonable mean...
Settlement Cycle for Services. Furnished On and After January 1, 2009 7.2A.2a ISO Corrections or Adjustments and Transmission Customer Challenges to the Accuracy of Settlement Information 2.7.4.3.1 ISO Corrections or Adjustments and Transmission Customer Challenges to the Accuracy of Settlement Information 7.2A.2b Review and Correction of Challenged Invoices 2.7.4.3.2 Review and Correction of Challenged Invoices
Settlement Cycle for Services. Furnished On and After January 1, 2009 2.7.4.3