Template:GTMA Master Agreement 2004 8.2

8.2 Payment Mechanics

8.2.1 On the 10th Banking Day of the Month in which the Monthly Statement is received by the Buyer or the 5th Banking Day after receipt, whichever is the later (the “Due Date"), the Buyer or the Seller, as the case may be, shall pay to the other Party to whom it is due the net amount payable in accordance with the Monthly Statement.

8.2.2 Payment shall be made by the Due Date in sterling (subject to clause 20) by direct bank transfer or equivalent transfer of immediately available funds to the Party to whom payment is due and to the credit of the account specified by that Party.

8.2.3 An amount equal to VAT payable to a Party shall not be required to be paid before the other Party provides it with an appropriate VAT invoice in relation to that amount. Each Party shall provide the other with any additional appropriate VAT invoices as required for the purposes of this Agreement.