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Settlement of Account

ESTABLISHMENT OF ACCOUNTS

  • The accounts between the Handling Bureaux and the Issuing Bureaux in respect of claims settlements under this Agreement shall be closed quarterly.
  • As soon as possible the accounts shall be rendered to the Issuing Bureaux thereafter.
  • They shall be confirmed within one month of the receipt and any balance due shall be settled immediately thereafter
  • Any payment hereunder shall be made based on the rate of the day of settlement of the claim.
  • Any payment hereunder shall be made in original currency of the settled claim.

FAILURE OF DELAY OF PAYMENT

  • If after three months since the close of a quarter or after the due date of an immediate payment, reimbursement has not been made to the Handling Bureau, an 8% compound interest rate per annum calculated after the due date shall be added to the sum due.
  • Any failure of payment shall be brought to the notice of the Council of Bureaux.