Payment Obligation Agreement

However, at least in the context of oil and gas, courts tend to interpret “Take or Pay” contracts as an alternative means of delivery; a gas buyer can either buy the gas or pay a deficit amount. In other words, the courts find that as long as the purchaser buys either the gas or makes the payment of the default, there has been no infringement and therefore there is no damage that can be liquidated because the payment of the deficit amount is not a remedy, but another means of benefit. The Oklahoma Supreme Court explained this reasoning in Roye Realty – Developing, Inc. v. Arkla, Inc., 1993 OK 99, 863 P.2d 1150. In that case, Arkla, a gas buyer, argued that the default payment provision in a “Take or Pay” contract was in fact a liquidated damages provision. The Oklahoma Supreme Court rejected Arklas` assertion and said Slack created a billing FAQ that answers questions about payments, payment methods, non-payment and refunds. A “Expense in Arre” section informs customers of what the penalty will be if payments are not made on time: Kissmetrics` terms of use contain a section called “Fee” to discuss payments. If the DEBTOR does not make the payment if it has reached fifteen (15) days after the planned payment plan, the full amount of the default is due and requires. In the event of further default, creditor has the right to claim damages. Here are some examples of payment clauses in legal agreements of different applications. The agreement also contains a clause that reserves the right to suspend outstanding accounts. A refund policy is explained in the Salesforce agreement and users are advised that they cannot reduce the amount they have acquired during the corresponding subscription terms.

If you have a SaaS app that allows customers to purchase subscription plans or pay periodic fees at regular intervals (for example. B a monthly invoice), you should consider adding clauses in your legal agreements that discuss the following: The parties accept the payment schedule described in Schedule A (the “payment plan”). The Owing Party undertakes to make payments to the due party in relation to the data in the payment plan. Payment can be made at any time of the date it is due, except in the case of commercial contracts for which payment must be made during normal operating hours. In the absence of an agreement on the place of payment, it is the debtor`s duty to take appropriate measures to search for the creditor and pay the money owed. A debtor is not entitled to a notification or a claim from a creditor without authorization. Other sections of the agreement will be discussed in more detail on every aspect of an account, including billing, refunds, acceptable payment methods, changing your subscription and terminating your account.