Common use of Standard Terms Clause in Contracts

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty (150) days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty (150) twenty 120 days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty (150) days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.. 2.2

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty sixty (15060) days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of Xxxxx’s receipt of valid invoice issued by Buyer or Supplier after the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate (amount debited from Buyer’s bank account) payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty twenty (150120) days after the Payment Start Date. The “Payment Start Date” is the latest later of the required date identified on this Order, (i) the date of receipt of valid invoice by Buyer or (ii) the received date of the goods and/or services in Buyer’s receiving systemservices. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-forty eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-forty eight (48) hours of BuyerXxxxx’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-forty eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates makes payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or below, Buyer shall make payment on the Net Date. To the extent and whenever the Late Payment of Commercial Debts (Interest) Act 1998 (the “Late Payment Act”) applies, if a payment is not made by Buyer by the Net Date, then Supplier shall have the right to charge Buyer interest on the overdue amount at a rate which shall compensate for such loss as has been directly caused by the late payment and which shall not exceed a rate equal to 5% per annum above the Bank of England’s base rate from time to time. Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. Buyer shall pay the interest together with the overdue amount. The parties expressly agree that the forgoing remedy constitutes a substantial remedy for late payments for the purpose of Section 9.1 of the Late Payment Act, as amended. This compensation shall be to the exclusion of any other financial compensation for late payments unless prohibited as a matter of law.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty (150) days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates payment on an early payment discount date as described in subsection (cb) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty twenty (150120) days after the Payment Start Date. The “Payment Start Date” is the latest later of the required date identified on this Order, (i) the date of receipt of valid invoice by Buyer or (ii) the received date of the goods and/or services in Buyer’s receiving systemservices. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-forty- eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-forty eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-forty eight (48) hours of BuyerXxxxx’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-forty eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates makes payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty sixty (15060) days days, or the payment term otherwise agreed by the Parties within the Order, after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-forty- eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-BuyernonBuyer/non-customer noncustomer location to be incorporated into MSD, within forty-eight fortyeight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight fortyeight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight fortyeight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty (150) days after the last day of the month following the month with the Payment Start Date. The “Payment Start Date” is the latest later of the required date identified on this Order, (i) the date of receipt of valid invoice by Buyer or (ii) the received date of the goods and/or services in Buyer’s receiving systemservices. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-forty eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-forty eight (48) hours of BuyerXxxxx’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-forty eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates makes payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on below, Buyer shall make payment by the Net Date. If a payment is not made by Buyer by the Net Date, then Supplier shall have the right to charge Buyer interest on the overdue amount at a rate which shall compensate for such loss as has been directly caused by the late payment and which shall not exceed a rate equal to 5% per annum above the XXX XXXXX Association’s XXXXX rate from time to time, unless prohibited by Law (as defined in Section 15.1). Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. Buyer shall pay the interest together with the overdue amount. The parties expressly agree that the forgoing remedy constitutes the sole and exclusive remedies for late payments.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty eighty (150180) days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Notwithstanding the foregoing, if Xxxxx’s acceptance of the goods or services under this Order is subject to a mutually agreed upon acceptance procedure, the Net Date shall be one hundred eighty (180) days after acceptance pursuant to such procedure. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date. Unless Buyer makes payment on an early payment date as described in subsection (c) below, Buyer shall make payment on the Net Date. To the extent and whenever the Late Payment of Commercial Debts (Interest) Act 1998 (the “Late Payment Act”) applies, if a payment is not made by Buyer by the Net Date, then Supplier shall have the right to charge Buyer interest on the overdue amount at a rate which shall compensate for such loss as has been directly caused by the late payment and which shall not exceed a rate equal to 5% per annum above the Bank of England’s base rate from time to time. Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. Buyer shall pay the interest together with the overdue amount. The parties expressly agree that the forgoing remedy constitutes a substantial remedy for late payments for the purpose of Section 9.1 of the Late Payment Act, as amended. This compensation shall be to the exclusion of any other financial compensation for late payments unless prohibited as a matter of law.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty eighty (150180) days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Notwithstanding the foregoing, if Xxxxx’s acceptance of the goods or services under this Order is subject to a mutually agreed upon acceptance procedure, the Net Date shall be one hundred eighty (180) days after acceptance pursuant to such procedure. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty twenty (150120) days after the Payment Start Date. The “Payment Start Date” is the latest of the required date identified on this Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-eight (48) hours of Supplier presenting Buyer with a valid bill proof of lading delivery confirming that the goods have been shipped delivered in accordance with the terms of this Order, or in the in the case of EXW deliveries, within forty-eight (48) hours of Supplier presenting Buyer with a valid proof of shipment from Supplier’s facilitythe named point; and or (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight (48) hours of BuyerXxxxx’s receipt of written certification from the third party of Supplier’s completion of the services. Notwithstanding the foregoing, if Xxxxx’s acceptance of the goods or services under this Order is subject to a mutually agreed upon acceptance procedure, the Net Date shall be one hundred twenty (120) days after acceptance pursuant to such procedure. Unless Buyer initiates payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net Date.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty (150) twenty 120 days after the Payment Start Date, unless otherwise defined on the face of an Order. The “Payment Start Date” is the latest of the required date identified on this an Order, the date of receipt of valid invoice by Buyer or the received date of the goods and/or services in Buyer’s receiving system. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight forty‑eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or “MSD”); or (B) a non-Buyernon‑Buyer/non-customer non‑customer location to be incorporated into MSD, within forty-eight forty‑eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this an Order, with respect to such goods, within forty-eight forty‑eight (48) hours of Buyer’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-eight forty‑eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates payment on an early payment discount date as described in subsection (cb) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on the Net DateDate1.

Standard Terms. The ordinary net date (“Net Date”) shall be one hundred and fifty (150) days after the last day of the month following the month with the Payment Start Date. The “Payment Start Date” is the latest later of the required date identified on this Order, (i) the date of receipt of valid invoice by Buyer or (ii) the received date of the goods and/or services in Buyer’s receiving systemservices. The received date of the goods and/or services in Buyer’s receiving system shall occur: (i) in the case where the goods are shipped directly to Buyer and/or services are performed directly for Buyer, with respect to such goods, within forty-eight (48) hours of Buyer’s physical receipt of the goods at its dock and with respect to such services, within forty-eight (48) hours of Supplier’s completion of the services; (ii) in the case of goods shipped directly to: (A) Buyer’s customer or a location designated by Buyer’s customer (“Material Shipped Direct” or ( “MSD”); or (B) a non-Buyer/non-customer location to be incorporated into MSD, within forty-forty eight (48) hours of Supplier presenting Buyer with a valid bill of lading confirming that the goods have been shipped from Supplier’s facility; and (iii) in the case where goods are shipped directly to or services are performed directly for a third party in accordance with this Order, with respect to such goods, within forty-forty eight (48) hours of BuyerXxxxx’s receipt of written certification from the third party of its receipt of the goods and with respect to such services, within forty-forty eight (48) hours of Buyer’s receipt of written certification from the third party of Supplier’s completion of the services. Unless Buyer initiates makes payment on an early payment discount date as described in subsection (c) below, Buyer shall initiate payment on the Monthly Batch Payment Date or the Quarterly Batch Payment Date as described in subsection (b) below or on below, Buyer shall make payment by the Net Date. If a payment is not made by Buyer by the Net Date, then Supplier shall have the right to charge Buyer interest on the overdue amount at a rate which shall compensate for such loss as has been directly caused by the late payment and which shall not exceed a rate equal to 5% per annum above the XXX XXXXX Administration’s XXXXX rate from time to time, unless prohibited by Law (as defined in Section 15.1). Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. Buyer shall pay the interest together with the overdue amount. The parties expressly agree that the forgoing remedy constitutes the sole and exclusive remedies for late payments.