Buyer shall not be entitled to suspend its payment obligations. All fees , out-of- pocket expenses , or additional charges of Chase shall be billed on a quarterly basis and shall be due and payable within 15 days after receipt of the invoice. Chase will render , after the close of each quarter in which services have been furnished , a statement reflecting all of the charges for such quarter. Invoices must conform to the requirements communicated from time-to-time by the State.
Contractor may only charge for Contract Activities performed as specified in Schedule A. Invoices must include an itemized statement of all charges. All prices are exclusive of taxes , and Contractor is responsible for all sales , use and excise taxes , and any other similar taxes, duties and charges of any kind imposed by any federal, state, or local governmental entity on any amounts payable by the State under this Contract.
The State has the right to withhold payment of any disputed amounts until the parties agree as to the validity of the disputed amount. The State will notify Contractor of any dispute within a reasonable time.
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Manage consent. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. In this document, both parties come to a common ground and agreed upon the payment terms. Depending upon the loan and financial amount, this whole process might take some time and there are several steps to be performed before the final agreement is made.
Here are some different circumstances where payment terms and agreement document is drafted:. These are the general steps that are practiced when lending money and securing the payment back with interest. If the lending amount is negligible or way too low, then it might not be required though it is a good practice but for a huge or hefty amount, there is no way one should ignore initiating Payment Agreement terms and condition document. When the transaction has occurred between two private parties, they might create the payment terms document depending on the understanding between them and the nature of the transaction.
Whereas, in case of a financial institution acting as a party, this documentation Payment Terms Template is mandatory along with a whole host of other documents. Financial institution drafts the document in case of their involvement but in case of a private transaction either can make the agreement draft and send to the other party for their approval. Once both parties agree upon the terms and agreement, they can finalize the documentation by signing the document, including their stamps if applicable.
Statistics show there are a whole host of disputes and misunderstandings that occur every year due to the lack of proper payment terms and condition documentation, which lead to court cases between parties and that one has to end up seeking help from the legislation. As a buyer, you would not want to land into that situation where you have been dragged into the court for disregarding the payment obligations and failing to meet the terms of the payment.
There are a couple of main reasons and circumstances where an Agreement letter for payment is a must and should be created to keep the interest intact for both parties.
The dimensions of the Financial transaction vary quite a lot for both private and corporate sectors and a well-crafted Payment letter agreement can be really useful. Here we have listed some of the main objectives of the Agreement Letter for Payment:. Download Standard Sample letter of agreement for Payment Example tamuk. There could be several small yet extremely important conditions in a standard sales invoices with payment terms document.
While crafting an invoice payment terms make sure it ensures the payment against the goods sold or the service rendered and minimize the dispute between parties. Depending on the particular condition, some of the components of all payment terms may vary from one another but there are some basic parameters that all payment terms document must hold that safeguard the financial transaction against the loan repayment, payment against goods or service being sold.
Here are some of the basic yet critical aspect one should keep in mind while drafting invoice payment terms:. At the time of drafting terms of payment and making the agreement, one should keep the document clear and state all the parameters straight forward that misunderstanding can be avoided. Different clauses should also be mentioned categorically when a certain condition is not fulfilled. For example, if the borrower misses an installment payment, what is the circumstances or how many penalties should be levied.
Or, can the borrower use any other mode of repayment than the usual bank transfer or check. Or if there any chance of prepayment or not.
This is another very important part of any standard Payment Agreement Terms and Conditions document. There are certain cases where either of the party may tend not to obey the stated agreement. So it should be clearly mentioned in the document what would be the consequences of breaching the contract and not following the agreement.
Loan repayment should always come with a predefined terminal value by when the repayment should be made by the borrower and settle the loan. If by any chance loan is not repaid in the mentioned stipulated time frame, what would be the circumstances that should also be mentioned in the draft document clearly.
Agreement: Right at the beginning of the template, it should clarify what this document is for and what both parties have agreed upon. Further, the document should clearly list down specified terms and conditions for different circumstances and their consequences. Liability of both the parties, conditions, loan repayment agreements, specification, duration of repayment and mode of payment along with penalties in case of delayed payment are the important heads to keep in mind.
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