Payments and Records Clause
This Payment and Records Clause is designed to set out key points relating to payment and record-keeping under a contract. Template documents leave the particulars of payment structures and similar matters to a schedule, but this clause remains important. It establishes the obligation of one party to pay the other in accordance with such particulars and sets out other important provisions including those relating to VAT; set-off, withholding, and other deductions; and late payment.
The clause also requires each party to keep records and books of account and to permit the other party to inspect and take copies thereof.
This template clause has been reviewed and updated. It has been redrafted and simplified, making it more compatible with a broader range of B2B Simply-Docs templates.
This template clause can be used in the drafting of a new contract or to amend or improve an existing one.
Optional text is enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
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