✨ Payment Terms and Interest
NEW ZEALAND GAZETTE
7 NOVEMBER 4227
C5.2
If we overpay you for providing the Services, as soon as you become aware of such overpayment, you agree to immediately notify us in writing of that overpayment. You agree to repay any overpayment to our Payment Agent within ten Working Days of:
- You notifying our Payment Agent under this clause C5.2; or
- Our Payment Agent notifying you of any overpayment that we become aware of, unless you can clearly demonstrate that it was not an overpayment.
If you do not repay the overpayment in accordance with this clause we may set off that amount against any amount that we owe you, provided that we give you 20 Working Days written notice of this.
C5.3
Where you owe us any amount under this Notice, including:
- In the case of overpayment under clause C5.2; and
- Where you are obliged to indemnify us under clause C13,
we may exercise our right of set-off as described in clause C5.2.
C6 INTEREST ON LATE PAYMENTS
C6.1
Subject to clause C6.6, where we do not pay any amount due to you under this Notice within 23 Working Days of receipt of a valid claim by our Payment Agent, you may charge us default interest on the unpaid amount.
C6.2
Subject to clauses C6.1 and C6.3, interest will accrue on a daily basis from 20 Working Days of receipt of a valid claim by our Payment Agent.
C6.3
You agree not to charge default interest where the late payment under clause C6.1 is due to a query by us arising from a claim or claims. We will pay you within 20 Working Days of resolution of the query if the claim is valid. If we do not pay you within 23 Working Days of resolution you may charge us default interest in accordance with this clause C6.
C6.4
The default interest rate will be 2% per annum above the index lending rate charged by the Westpac Banking Corporation.
C6.5
Where you intend to claim default interest under clause C6.1 you will send us written notice of your intention to do so within 20 Working Days after the payment was due.
C6.6
This clause C6 does not apply to payments where we have exercised our right to set-off described in clause C5.2 and does not apply to amounts owed to you of $50 or less.
C6.7
No default interest is payable under this Notice on claims received prior to the commencement of this Notice.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 151
Gazette.govt.nz —
NZ Gazette 2003, No 151
✨ LLM interpretation of page content
🏥 Payment Terms and Overpayment Clauses
🏥 Health & Social WelfarePayment terms, Overpayment, Repayment, Set-off, Notification
🏥 Interest on Late Payments
🏥 Health & Social WelfareLate payments, Default interest, Interest rate, Notification