How to track supplier payment terms?
Supplier contracts allow vendors to provide services or goods to clients. The supplier contract will define the nature of the service and as well as the rights and obligations of both the client and the supplier in relation to their commercial relationship. Supplier contracts have an immediate impact on a client's operational costs which is why its important that the terms are properly understood and tracked in order to prevent unwanted renewals or complex disputes
8. Fees and Payment
8.1 The Customer shall pay the Subscription Fees in accordance with this clause 8 without set-off in respect of any liability of the Supplier. All Subscription Fees are quoted exclusive of any taxes, which shall be chargeable in addition to the extent that they are applicable.
8.2 The Supplier shall invoice the Customer for the Annual License Fee in quarterly instalments on or around the Effective Date and on each quarter thereafter until such time as this Agreement is terminated in accordance with its terms. The Customer shall pay each invoice within thirty (30) days of the date of such invoice.
8.3 If the Supplier has not received payment by the due date, and without prejudice to any other rights and remedies of the Supplier, the Supplier may, without liability: (i) disable the Customer's and all Authorised Users’ access to all or part of the Software until the invoice(s) concerned are paid in full; and/or (ii) charge the Customer interest on a daily basis on any overdue amounts at an annual rate equal to 5% above the Bank of England’s base rate, commencing on the due date and continuing until fully paid, whether before or after judgment.
8.4 Subscription Fees are payable in pounds sterling and are non-cancellable and non-refundable. Subscription Fees are stated exclusive of value added or other applicable sales tax, which shall be added to the Supplier’s invoice(s) at the appropriate rate.
8.5 The Customer shall make all payments under this Agreement without withholding or deduction of, or in respect of, any and all taxes, unless required by law. If any such withholding or deduction is required, the Customer shall, when making the payment to which the withholding or deduction relates, pay to the Supplier such additional amount as will ensure that the Supplier receives the same total amount that it would have received if no such withholding or deduction had been required.
8.6 The Supplier shall be entitled to increase the Subscription Fees at the start of each Renewal Term upon thirty (30) days' prior written notice to the Customer by the lower of: (a) the then-current list price; or (b) five percent (5%) above the amount specified in the Consumer Price Index.
8. Fees and Payment
8.1 The Customer shall pay the Subscription Fees in accordance with this clause 8 without set-off in respect of any liability of the Supplier. All Subscription Fees are quoted exclusive of any taxes, which shall be chargeable in addition to the extent that they are applicable.
8.2 The Supplier shall invoice the Customer for the Annual License Fee in quarterly instalments on or around the Effective Date and on each quarter thereafter until such time as this Agreement is terminated in accordance with its terms. The Customer shall pay each invoice within thirty (30) days of the date of such invoice.
8.3 If the Supplier has not received payment by the due date, and without prejudice to any other rights and remedies of the Supplier, the Supplier may, without liability: (i) disable the Customer's and all Authorised Users’ access to all or part of the Software until the invoice(s) concerned are paid in full; and/or (ii) charge the Customer interest on a daily basis on any overdue amounts at an annual rate equal to 5% above the Bank of England’s base rate, commencing on the due date and continuing until fully paid, whether before or after judgment.
8.4 Subscription Fees are payable in pounds sterling and are non-cancellable and non-refundable. Subscription Fees are stated exclusive of value added or other applicable sales tax, which shall be added to the Supplier’s invoice(s) at the appropriate rate.
8.5 The Customer shall make all payments under this Agreement without withholding or deduction of, or in respect of, any and all taxes, unless required by law. If any such withholding or deduction is required, the Customer shall, when making the payment to which the withholding or deduction relates, pay to the Supplier such additional amount as will ensure that the Supplier receives the same total amount that it would have received if no such withholding or deduction had been required.
8.6 The Supplier shall be entitled to increase the Subscription Fees at the start of each Renewal Term upon thirty (30) days' prior written notice to the Customer by the lower of: (a) the then-current list price; or (b) five percent (5%) above the amount specified in the Consumer Price Index.
Watch a video of Vault extract data from documents
How to get started with Vault
To see how Vault performs on your use document data extraction use case, book a demo with a member of our team using the following form.