Clause 5: Payment

1. The customer shall be obliged to pay the contractor the amount due for the work he has performed, without any postponement, setoff or reduction, not later than on the fifteenth day after the invoice date, unless agreed otherwise.

2. The customer shall, on the contactor's demand, instantly provide adequate collateral security in the form required by the contractor for meeting his obligations as referred to in Clause 4 hereof, and to supplement such security if necessary for meeting all his obligations. As long as the customer has not complied with such request, the contractor shall have the right to suspend the performance of his obligations.

3. If payment of the amounts due has not been received by the contractor on the fifteenth day after invoice date at the latest (or - in case the parties have agreed otherwise - on the last day of the agreed term of payment), the customer and in general the debtor shall be in default and the legal interests shall be payable on the contractor's claims, without a notice of default being required.

4. In case of overdue payment, all the customer's payment obligations shall fall immediately due and payable, irrespective of whether the contractor has already invoiced in the matter.

5. If in the case of overdue payment judicial or other action is taken for collection, the amount of the debt shall be increased, regardless of the interests already due and to fall due, by 10% of the principal amount to cover accounting costs as well as all judicial and extra-judicial costs (including the cost of legal assistance) in the event that they have been paid or are to be paid by the contractor.

6. Unless agreed otherwise, accounts are made out in Euros and settlement shall be made in the same currency. The risk of exchange rate differences shall be for the customer's account.


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