J.P. MORGAN LIMITED

Each JPMorgan Chase group company’s (JPMC) standard payment terms are “2% 10; net 30”, unless different terms are negotiated under contract or mandated by law in a particular country, meaning JPMC pays undisputed amounts within 30 days from receipt of an accurate invoice and may take a two percent discount off any amounts due under an accurate invoices as long as it pays within 10 business days from receipt.

JPMC’s standard form contract typically used for higher risk engagements has standard payment terms of 2% 10; net 30 (as above).

JPMC’s standard form contracts typically used for lower/minimal risk engagements have standard payment terms of 45 days after receipt of a correct invoice.

JPMC’s standard purchase order terms and conditions typically used for minimal risk engagements have standard payment terms of 2% 10; net 60.

JPMC’s standard terms and conditions used for engaging law firms has payment terms stating that JPMC will use its best endeavours to process, review, audit and pay invoices as soon as possible.

The entry for “Enter your shortest (or only) standard payment period in days” has been given as zero because one of JPMC’s standard form contracts states that JPMC will use its best endeavours to process, review, audit and pay invoices as soon as possible.

A qualifying contract may set out a dispute resolution process. The sophistication of this process depends on the risk rating and therefore complexity of the contract, with contracts used for higher risk engagements containing a multi-tiered (or escalation) dispute resolution clause.

Practically, and even in the absence of an escalation/dispute resolution clause in a qualifying contract, an internal escalation process is followed which is materially consistent, as regards JPMC, with a multi-tiered contractual clause.