Payment Terms Contract Clause

Payment Terms

1. The Service Provider shall invoice the Customer on completion of the Services.

2. The Customer shall pay each invoice submitted by the Service Provider: a) within 30 days of the date of the invoice; and b) in full and in cleared funds to a bank account nominated in writing by the Service Provider.

3. Without prejudice to any other right or remedy that it may have, if the Customer fails to pay the Service Provider any sum due under this agreement on the due date: a) the Customer shall pay interest on the overdue sum from the due date until payment of the overdue sum, whether before or after judgment. Interest under this clause will 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%. b) the Service Provider may suspend all Services until payment has been made in full.

4. 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).