Payment Terms

The Panama Canal Authority shall make a payment within
thirty (30) calendar days after the submission of a complete
invoice and delivery of the object of the contract or
purchase order.

Calculation of the thirty (30) day-period will begin
the day after the latest of these dates:

1. Date in which the proper invoice (along with the clearance
   certificates and any other document required by the
   Authority) is actually received by the designated billing
   office.
2. Date in which the office designated in the contract
   or purchase order as “Ship To” actually
   receives the goods or services object of the contract.
3. Date in which the office designated in the contract
   or purchase order as “Ship To” actually
   accepts the goods or services object of the contract, when the contract or purchase order includes
   an inspection and acceptance
   clause.

The 30-day period shall be reduced if the contractor
offers to the Authority a prompt
payment discount.

Examples of payment due date calculations:

First example: Goods were received in the latter date.

Second example: Invoice and additional documents were
received in the latter date.

Delays in the payment attributable to the Authority

When a delay occurs in the payment process attributable
to the Authority, interest estimated shall be recognized
and paid automatically for the delay period at the LIBOR
rate at three (3) months, valid at the beginning of each
quarter.