Payment Terms Contract Clause

Payment Terms

1. The Service Provider shall issue invoices to the Client on a monthly basis for Services performed during the preceding month.

2. The Client must pay the amount invoiced within 30 days of the date of the invoice.

3. The Client must pay the Service Provider by direct credit to the bank account nominated by the Service Provider.

4. If the Client disputes any part of an invoice, it must pay the undisputed amount of the invoice by the due date.

5. If the Client does not pay any amount by the due date, the Service Provider may: a) charge interest at the rate of 1.5% per month on the unpaid amount from the due date until the date of payment; b) recover from the Client all costs relating to any debt recovery, including legal costs and debt collection agency fees; and c) suspend the delivery of Services.