§1Model wording
12.1 Invoices. Each invoice shall show the delivery reference, quantity by Specification, Price, the Base Index in effect, and any credits under Clauses 2 and 3.
12.2 Terms. Undisputed amounts are payable [net 45] days from receipt of a correct invoice.
12.3 Disputes. The Buyer may withhold disputed amounts in good faith with written reasons; the parties shall resolve them within [30] days.
Values in [square brackets] are yours to set. Have counsel review before use; this is not legal advice.
§2Negotiation notes
Requiring the Base Index on the invoice (12.1) makes index errors visible every month instead of at audit.
Longer payment terms are worth money to you, and a supplier offering them is giving something up. When you compare bids, value the difference at your company's cost of capital rather than ignoring it.
Say how credits for rejects and buyback cores are paid: netted against the next invoice, or paid separately. Netting is simpler but can hide falling credit volumes, so ask for both lines to be shown.