K O Transmission Company

Original Volume No. 1

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Effective Date: 04/01/2009, Docket: RP09-394-000, Status: Effective

Second Revised Sheet No. 87 Second Revised Sheet No. 87

Superseding: First Revised Sheet No. 87

 

GENERAL TERMS AND CONDITIONS (continued)

 

 

11. Payment

 

11.1 Monthly Payment Date

Shipper shall make payment to Transporter for services purchased during the

preceding month and billed pursuant to the provisions of this Tariff or the

Service Agreement within ten (10) days from the receipt of the bill, by wire

transfer of Federal Funds at such bank account designated by the Transporter,

except when such day of the month is a Saturday, Sunday or federal bank holiday,

in which case payment is due on the following business day. All such payments

shall be considered to have been made on the date when Transporter has use of

such funds. All payments shall be identified by invoice number and, if a

payment differs from the invoiced amount, remittance detail shall be provided

with the payment. Transporter shall apply payment based upon any remittance

detail provided by Shipper.

 

11.2 Delayed bill or notice

If the rendering of the bill is delayed after the eleventh (11th) day of the

month following the month of actual delivery, then the time of payment shall be

extended by the same number of days as the delay. If Shipper is responsible for

the delay, the provisions of Section 11.1 remain as applicable.

 

11.3 Remedies for non-payment

(a)

Should Shipper fail to pay all or a portion of any bill when such amount is due

as provided herein, Shipper shall make payment to Transporter, in addition to

the unpaid amount, a Charge for Late Payment, calculated by multiplying:

 

(i) the unpaid portion of the monthly bill, by

 

(ii) the day ratio, as determined by the number of days in occurrence from the

due date to the date of actual payment, to 365, by

 

(iii) the interest rate as set forth in accordance with Section 154.501 of the

Commission's Regulations.

 

(b)

On or about ten (10) days after the due date of any payment, Transporter shall

notify Shipper by written notice to advise that continued refusal to bring

payment in full may lead to suspension of service. Transporter shall have the

right to waive any Charge for Late Payment accrued on the unpaid portion of the

bill on a non-discriminatory basis.