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Commentary

54.1 Payment obligations in general

BOILERPLATE AND COMMERCIAL CLAUSES vol 4(3)
| Commentary

54.1 Payment obligations in general

| Commentary

54: PAYMENT TERMS AND INTEREST

(For clauses relating to payment terms and interest see Form 54.1 [1958] onwards.)

54.1 Payment obligations in general

Sometimes contracts state a price or rate for the undertaking of the contractual obligations, but fail to state when or how that price is to be paid. While it is possible that a court may interpret such a contract as requiring payment within a reasonable period, it is generally better to state specifically what the payment terms are to be.

Before a payment clause is drafted, a contract drafter may need to consider a number of factors, for example:

  1. (a)

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