Contractual Payment Agreement
This Contractual Payment Agreement ("Agreement") is entered into on this 1st day of January 2050, by and between:
[Your Company Name], located at [Your Company Name] ("Party A"), and
ABC Enterprises Inc., located at 456 Market Street, San Francisco, CA 94105 ("Party B").
Collectively referred to as the "Parties."
1. Payment Amount
The Parties hereby agree that Party B shall make payment to Party A in the total amount of $50,000.00 for the consulting services provided by Party A, as detailed in the Consulting Agreement signed on December 1, 2049.
2. Payment Schedule
The payment will be made according to the following schedule:
First Payment: $15,000.00 due on February 1, 2050.
Second Payment: $15,000.00 due on May 1, 2050.
Final Payment: $20,000.00 due on August 1, 2050.
Payments will be made by Party B to Party A via bank transfer to the account details provided below.
3. Late Payment and Penalties
If Party B fails to make a payment by the due date, Party A shall be entitled to charge a late fee of $200.00 or 2% of the overdue amount per month, whichever is greater, until the payment is received.
In case of continued non-payment for more than 30 days, Party A reserves the right to suspend services and/or terminate the contract.
4. Payment Method
Payments shall be made by Party B to Party A via the following method:
Payment Method: Bank Transfer
Bank Name: National Bank of New York
Account Name: [Your Company Name]
Account Number: 123456789
Routing Number: 987654321
SWIFT Code: NYBKUS33
Reference: Invoice #1001
5. Refunds and Adjustments
In case of overpayment or an error in the invoice, Party A will provide a refund or adjustment within 15 days after verification.
6. Dispute Resolution
In the event of a dispute regarding the payment terms, the Parties agree to resolve the issue through arbitration under the rules of the American Arbitration Association, before taking legal action.
7. Governing Law
This Agreement will be governed by and construed by the laws of the state of New York, without regard to its conflict of laws principles.
8. Amendments
This Agreement may be amended or modified only in writing, signed by both Parties.
9. Entire Agreement
This Agreement represents the entire understanding between the Parties concerning the subject matter hereof, superseding all prior agreements, representations, and understandings.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
Party A ([Your Company Name]):
Name: [Your Name]
Title: CEO
Date: January 1, 2050
Party B (ABC Enterprises Inc.):
Name: Jane Smith
Title: CFO
Date: January 1, 2050
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