Payment Terms Contract Clause

Payment Terms

1. In consideration of the provision of the Services by the Provider, the Client shall pay the fees as set out in the Schedule.

2. The Provider shall invoice the Client on completion of the Services or as otherwise specified in the Schedule.

3. The Client shall pay each invoice submitted to it by the Provider, in full and in cleared funds, within 30 days of receipt to a bank account nominated in writing by the Provider.

4. Without prejudice to any other right or remedy that it may have, if the Client fails to pay the Provider any sum due under this Agreement on the due date: a) the Client shall pay interest on the overdue sum from the due date until payment of the overdue sum, whether before or after judgment. Interest shall accrue each day at 4% a year above the Bank of England's base rate from time to time, but at 4% a year for any period when that base rate is below 0%; and b) the Provider may suspend all Services until payment has been made in full.

5. All sums payable to the Provider under this Agreement shall become due immediately on its termination.

6. All amounts due under this Agreement shall be paid in full without any set-off, counterclaim, deduction or withholding (other than any deduction or withholding of tax as required by law).