ADES » Topics » SECTION 10. INVOICING AND PAYMENT

This excerpt taken from the ADES 10-Q filed Nov 7, 2008.

SECTION 10. INVOICING AND PAYMENT

10.1 Invoicing Procedures. Seller shall invoice Buyer monthly for deliveries under this Agreement. On or before the tenth (10th) Day of each month of a Contract Year, Seller shall send Buyer an invoice for all Carbon delivered to and accepted by Buyer during the preceding month priced in accordance with Article 9 and the Final Analysis as provided in Section 12 .

10.2 Payment Procedures. Buyer shall pay undisputed invoices by wire transfer within thirty (30) Days after the receipt of each monthly invoice. If Seller does not receive timely payment of undisputed amounts, then interest shall be charged at the prime rate in effect on that date (as set by the Chase Manhattan Bank of New York on ninety (90) Day commercial loans as of the date payment is due) plus one and one-half percent (1.5%), but in no event in excess of the highest rate allowed by Applicable Law.

10.3 Disputed Invoices. Buyer shall pay all invoices issued by Seller in accordance with this Section 10, except those portions of any invoice that Buyer formally disputes in a Notice to Seller, which Notice Buyer shall submit to Seller within fifteen (15) Days after receiving the invoice. Buyer shall pay all undisputed portions of each disputed invoice. The Parties shall make every reasonable effort to settle invoice disputes promptly through good faith negotiations. Payment of disputed amounts shall be made within ten (10) Days following the date of settlement. Thereafter, such amounts shall accrue interest at the late payment rate established pursuant to Section 10.2. Notwithstanding the foregoing, Buyer’s reasonable dispute of an invoice shall not constitute an Event of Default, nor constitute cause for Seller to delay or suspend performance under this Agreement.

"SECTION 10. INVOICING AND PAYMENT" elsewhere:

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