TECHNIP UK LIMITED

Payment Terms

Dispute Resolution Process

Invoices and payments are managed by the Accounts Payable team. Any received without a valid purchase order reference will be returned to the supplier. Invoice payment enquires are mostly managed through an Account Payable Helpdesk email system or may be initiated by telephone. Any enquiries regarding payment that cannot be answered directly will be referred to the relevant buyer or requestor in the company to answer or take follow up action to resolve. Standard subcontract terms and conditions on disputes Terms of payment “If Purchaser fails to pay any amount due and payable hereunder by the stipulated date, Supplier shall notify Purchaser of such failure. In the event Purchaser fails to pay or otherwise dispute such amount within 30 Days after receipt of such notice, and as sole remedy for delay in payment of any such undisputed invoice, Supplier may be entitled to interest on the amount not properly paid when due from the day on which payment was due until such amount is paid in full. The rate of interest shall be the WSJ Prime Rate in force on the due date of payment, less 3%..” Resolution of disputes Amicable settlement of disputes is in the Parties’ mutual best interests. Each Party agrees to promptly notify the other of any dispute arising under the Agreement and to engage in good faith consultation between (i) Purchaser’s applicable Senior Category Manager or Regional Procurement Office Director on the one side and (ii) Supplier’s equivalent representative(s) on the other side to expeditiously resolve such dispute, in particular to safeguard the delivery to Purchaser's needs. If such consultation does not resolve the dispute within 60 Days from notification thereof, the Parties agree to escalate the dispute to good faith consultation between their respective General Managers (or equivalent). If the Parties fail to resolve the dispute via escalation within 60 Days from submission to the respective General Managers, the dispute may be referred to, and finally resolved by arbitration under the Rules of Arbitration of the International Chamber of Commerce, which are deemed incorporated by reference into this Article 29, in London, England. The arbitrators’ decision is considered as a final and binding resolution between the Parties.

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