PES Contract Clauses > Price and Payment Example 1
Price and Payments.
Price. The Contract Price is U.S. $5 per VER delivered under this agreement.
Statement. As soon as practicable after the Delivery Date for a Transaction, the Seller Representative shall send to the Buyer a written statement (the "Statement") showing for such Transaction:
the quantity of VERs delivered;
the Contract Price;
the date of delivery;
any amount owing from one party to the other;
the net amount payable from one party to the other after taking into account all of the above (the "Statement Amount"); and
any applicable amount payable under clause 4.1 (VAT Taxes) as a result of transfers under this agreement.
Failure to Issue Statement. If the Seller Representative fails to issue a Statement in accordance with clause 3.2 (Statement), then the Buyer may issue that Statement to the Seller Representative and, once issued, that Statement shall be treated as a Statement issued by the Seller for the purposes of this agreement. Failure to issue a Statement does not affect the rights and obligations of the parties under this agreement and is not an Event of Default as that term is defined in clause 9.1.
Payment Due Date. The Payment Due Date is the fifth Banking Day after the later of: (i) the Delivery Date and (ii) the date on which the Statement is delivered to the buyer in accordance with clause 3.2 (Statement).
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