Algonquin Gas Transmission, LLC

Fifth Revised Volume No. 1

 Contents / Previous / Next / Main Tariff Index

 

 

Effective Date: 11/30/2009, Docket: RP10-77-000, Status: Effective

First Revised Sheet No. 554 First Revised Sheet No. 554

Superseding: Original Sheet No. 554

 

GENERAL TERMS AND CONDITIONS

(continued)

 

19. PAYMENT

 

19.1 Payment. On or before the nineteenth Day of each Month, Customer shall pay Algonquin,

by wire transfer of federal funds to an address designated by Algonquin, the amounts

billed by Algonquin in said Month pursuant to Section 18 of these General Terms and

Conditions; provided, however, that when the nineteenth Day of the Month falls on a day

that is not a Business Day, such payment is due on the first Business Day following the

nineteenth Day of the Month. Any payment shall be considered to have been made as of

the time that such payment is received by Algonquin. Payment will be applied in

accordance with documentation provided by Customer. All payments shall be identified by

invoice number(s) and if payment differs from invoiced amount, remittance detail shall

be provided with the payment except when payment is made by electronic funds transfer

(EFT), in which case, the remittance detail is due within two Business Days of the

payment due date.

 

19.2 Late Payment.

 

(a) Should Customer fail to make timely payment of any bill in whole or in part,

payment of any unpaid amount, when made, shall be deemed a Late Payment and

Algonquin shall charge interest from the due date of payment until the actual date

of payment at an annual interest rate equal to the current national prime interest

rate plus 1-1/2 percent prorated for the number of days the payment is late.

 

Algonquin shall bill Customer for any interest due under this section in its next

regular billing, and Customer shall pay such amount in accordance with Section

19.1 above.

 

(b) Notwithstanding the foregoing, where Customer fails to make timely payments three

times during any twelve-month period, the applicable interest rate for subsequent

Late Payments during such twelve-month period shall be twice the current national

prime interest rate plus l-l/2 percent, but in no event in excess of the maximum

lawful rate.