Easily Insert Payment Field from the Commercialization Agreement

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How to Insert Payment Field from the Commercialization Agreement

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hi everyone welcome to my channel my name is farah im the legal principal of prosper law were a boutique commercial law firm based in brisbane and we service customers across all of australia so were going to be talking today about payment terms and payment terms are particularly important for smaller businesses or sole traders or businesses that place a lot of value on their cash flow so what a good payment term is really depends on the size of your business the importance of cash flow and also whether you have a diversified client base so if you have lots of different customers um lots of different revenue streams you might not be concerned with any one particular client and i think what clients forget sometimes is that offering payment terms at all is a privilege its a privilege to receive any payment terms because as the vendor its akin to offering credit because youre fronting the goods youre providing the services up front and then the clients paying you for that afterward

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What is the payment clause in a contract?

A payment clause allows you to set your own payment terms (so long as they comply with principles of contract law, and any applicable state or federal laws) Without a payment terms clause, theres no clarity over what should happen if, for example, a customer fails to settle their bill.

What is a contract modification?

A contract modification (mod) is any written change by the contracting officer to the contract terms and conditions. A mod can be issued at any time after the contract is awarded.

What is a commercialization agreement?

An agreement between two entities to collaborate on commercializing one or more products incorporating one partys patentable technology, know-how, or other intellectual property (IP).

What are the commercial items of a contract?

Q: What is a commercial item? A: ing to Part 2 of the Federal Acquisition Regulation (FAR), a commercial item is any product or service that is customarily used by the general public or nongovernmental entities for nongovernmental purposes.

What are contract commercial terms?

Commercial Terms means an individual agreement belonging to, supplementing or amending the General Terms and Conditions and containing the specific provisions applicable to the User or any amendment, addendum to such Commercial Terms.

What is an out of scope change?

A contracting officer may need to issue an out-of-scope modification. This can occur if the Government requires an increase or decrease in the scope of work beyond what is contained in the statement of work, and which will result in a change to the cost of the contract.

Can you tailor 52.212 4?

Of the 21 terms and conditions in 52.212-4 (paragraphs (a) thru (u)), all but seven terms may be tailored. Among the terms the contracting officer is given the flexibility to tailor are paragraphs 52.212-4(l), Termination for the Governments Convenience, and 52.212-4(m), Termination for Cause. 1 FASA, section 8002.

What is an administrative modification?

Administrative change means a unilateral (see 43.103(b)) contract change, in writing, that does not affect the substantive rights of the parties (e.g.,a change in the paying office or the appropriation data).

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Insert Payment Field from the Commercialization Agreement