PAYMENT (GOODS)
Other Names: Price • Price and Payment • Payment Terms • Compensation
Sample Clause Language:
[X].1 Price. Prices of the Product are listed on the attached Exhibit [X] (“Product and Pricing Sheet”). [SELLER] may adjust prices from time to time by delivering to [BUYER] an amended Product and Pricing Sheet; provided, however, that price adjustments shall not affect the Purchase Orders that have been placed and accepted prior to the delivery of the amended Product and Pricing Sheet.
[X].2 Payment Terms. [SELLER] shall issue an invoice to [BUYER] on or any time after [SELLER] accepts a Purchase Order. [BUYER] shall pay invoiced amounts due to [SELLER] via wire transfer in accordance with the following payment schedule. All payments hereunder will be in U.S. dollars unless otherwise agreed to in writing.
Payment Schedule: [LIST DATE(S) WHEN PAYMENTS ARE DUE.]
[X].3 Late Payments. Except for the invoiced payments that [BUYER] has successfully disputed, [BUYER] shall pay interest on all late payments calculated daily and computed monthly, at the lesser of the rate of [five percent (5%)] per month or the highest rate permissible under applicable law. Upon any material default of payment of undisputed invoices, [SELLER] shall, at its sole discretion, and without prejudice to any other of its accrued rights, be entitled upon providing [BUYER] notice to suspend the delivery of Product until all overdue undisputed amounts have been paid in full including interest for late payments. [BUYER] shall also reimburse [SELLER] for all costs incurred by [SELLER] in collecting any late payments, including reasonable attorneys’ fees and court costs.
[X].4 Taxes. All prices are exclusive of, and [BUYER] is solely responsible for, and shall pay all taxes, duties, deductions, charges or fees; provided, however, that [BUYER] shall not be responsible for any taxes imposed on [SELLER]’s income, revenues, gross receipts, personnel or real or personal property.
Source: Aerkomm Inc. (2018, December 13). Form 8-K. Retrieved from SEC EDGAR website http://www.sec.gov/edgar.shtml
Description:
Payment clauses related to the sale of goods provide the pricing for such goods, as well as related matters such as late or early payments, invoice disputes, and taxes. The sample clause here is drafted in favor of the seller and includes language relating to the adjustment of price, late payments, and taxes.
Common Contracts with this Clause:
- Sale of Goods Agreements
- Supply Agreements
What you'll see with Lawgood:
Two (2) Alternative Positions
- Favorable to Seller
- Favorable to Buyer
Draft better contracts with Lawgood.