Common use of Settlement for daily auctions Clause in Contracts

Settlement for daily auctions. Settlement for daily auctions is performed directly after the publication of the auction results. The System Operator is paid from deposit sub account appertaining to the Auction Participant in the entire amount of liabilities arising from the auction in question. Invoices are sent on the monthly basis for information/accounting purpose only. Auction Participant, who provided Bank Guarantee as an alternative to the use of deposit sub account, shall be invoiced on a monthly basis. The copy of the invoice will be sent by fax and subsequently by post. Invoices have to be paid no later than eight (8) days upon issuing. After the payment of the invoice the value of the Bank Guarantee will be increased for the paid value.

Settlement for daily auctions. Settlement for daily auctions is performed directly after the publication of the auction results. The System Operator is paid from deposit sub account appertaining to the Auction Participant in the entire amount of liabilities arising from the daily auction in question. Invoices are sent on the monthly basis for information/accounting purpose only. Auction Participant, who provided Bank Guarantee as an alternative to the use of deposit sub account, shall be invoiced on a monthly basis. The copy of the invoice will be sent by fax and subsequently by post. Invoices have to be paid no later than eight (8) days upon issuing. After the payment of the invoice the value of the Bank Guarantee in the Auction Tool will be increased for the paid value.