Payment and Commercial Clauses

Payment Terms Clause

Defines the timing, method, and conditions of payment, including due dates, milestones, and acceptable payment methods.

Invoicing Clause

Sets out how and when invoices must be issued, the required invoice details, and the process for invoice approval or disputes.

Currency Clause

Specifies the currency in which payments must be made, and may address exchange rate mechanisms if applicable.

Late Payment Interest Clause

Sets the interest rate and conditions applicable to late or overdue payments, often linked to a benchmark rate or statutory maximum.

Price Adjustment Clause

Provides mechanisms for adjusting prices due to changes in costs, inflation, foreign exchange rates, or other agreed triggers, often in long-term contracts.

Pricing Clause

Specifies the prices or rates applicable under the agreement, including any fixed fees, hourly rates, or unit prices, and may address pricing formulas.

Taxes and Withholding Clause

Allocates responsibility for taxes, duties, VAT, or withholding taxes, and determines whether amounts are grossed-up or net of such deductions.

Set-Off Clause

Allows a party to offset amounts owed to the other party against amounts due to it, subject to defined conditions or limitations.

Expenses and Reimbursements Clause

Defines which expenses will be reimbursed, the approval process, and documentation requirements, often used in service or consultancy contracts.