V.SHIPS UK LIMITED

Charges shall be as set out in the Agreement and shall remain fixed until completion of an Agreement. Except as expressly stated herein, all Charges are exclusive of VAT (if any) but are otherwise fully inclusive including without limitation:
a) all royalties, licence fees or other expenses arising from the use or sub-licence (if permitted) by [Company X], any member of the [Company X] Group, their employees, sub-contractors or agents of any IPRs supplied by the Supplier for the purpose of performing an Agreement;
b) carriage, insurance, packaging, duties, imposts and taxes;
c) all costs and expenses of the Supplier, whether foreseen or unforeseen;
d) packing, supply and, where applicable delivery, off-loading and installation; and
e) in the case of Goods, delivery DDP [Company X]’s Premises per Incoterms 2000 (as may be renewed or replaced).


The Supplier shall, following Acceptance of any Deliverables, be entitled to submit an invoice for the appropriate Charge. Each invoice shall contain the particulars required by statute in respect of VAT, the PO number (if any) and any other particulars prescribed in the Agreement and shall be sent to the address specified in the Agreement.

Payment of a correct invoice submitted in accordance with clause 6 shall be made by [Company X] within 30 Working Days from the date of receipt. [Company X] reserves the right to refuse payment of part or all of any invoice which is not submitted in accordance with these Conditions.

If either Party fails to pay any undisputed amount properly due on time, the other Party shall be entitled to charge and receive interest at a rate of 2% per annum above the base lending rate from time to time of Bank of Scotland plc such interest shall accrue from the due date until the date of payment whether before or after any judgement and shall be calculated on a daily basis.

If [Company X] disputes an invoice amount, it shall pay any amount it believes is due for payment and liability for payment of the balance shall be determined by agreement between the Parties acting reasonably or, failing such agreement, in accordance with law.

No payment made by [Company X] shall constitute a waiver by [Company X] of any breach by the Supplier of any of its obligations under the Agreement, or prejudice [Company X]’s right in the future to question or dispute any payments and any payment withheld by [Company X] shall be without prejudice to any other rights and remedies of [Company X] under the Agreement or at law.

Claims for credit or payment due to [Company X] in respect of returned Goods, slow deliveries, overcharges or other matters for which the Supplier is liable under the Agreement shall be settled within 20 Working Days from the identification by [Company X] of such claims.

[Company X] and the Supplier agree that the remedies set out in the Agreement (Liquidated Damages) (if any) are a genuine pre-estimate of the loss that [Company X] will suffer in the event of a failure or delay in delivery by the Supplier.

The firm has a dedicated Finance Service Desk which is reachable by phone and email. Vendors with invoice queries need to contact this team and if the service desk team is not able to resolve they escalate the issue to the accounts payable team. The accounts payable team will reach out to the invoice contact if not clear from the system why the invoice has not been approved for payment.