Summary Important Clauses to Look out for in Contracts
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In these notes, we shift our focus from civil procedure to contract.
These notes are for everyone and not only legal practitioners. How often is it that we enter into contracts with another party? Think about your home, car, cell phone… you would have very likely signed a contract in respect o...
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1. Payment terms
Let’s start with payment terms.
Firstly, please note that the clauses mentioned herein will often have different
headings depending on the contract. Clauses pertaining to payment terms will
not necessarily have the heading “Payment terms”.
There are usually several clauses pertaining to payment terms and such clauses
can be found in most sale, service level, loan, lease, sale of shares and service
agreements, amongst numerous others.
Clauses regarding payment terms will look SIMILAR to the following:
The Client shall pay to the Company an amount of R1,200,000.00 (including
VAT) for the service (“the service fee”), which amount shall be payable as follows:
R600,000.00 prior to the commencement date; and
R120,000.00 per month from 1 October 2021 and thereafter on the first day of
each subsequent month with the last payment being payable on 1 February
2022;
The service fee shall be all-inclusive and any additional costs including, but not
limited to, fuel, vehicle maintenance and toll fees shall be borne by the Company;
The Client shall make all payments in terms of this Agreement without demand,
free of exchange and without deductions or set-off for any reason whatsoever;
The Company shall be entitled in its sole discretion to appropriate any amounts
received from the Client towards the payment of any cause, debt or amounts
owing by the Client to the Company in terms of this Agreement;
Without prejudice to any of the other rights of the Company, from due date to
date of payment, the Client shall pay interest at the annual prime rate of interest
as determined by Standard Bank of South Africa Limited from time to time during
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the period while the payment is outstanding on all amounts due by the Client to
the Company in terms of or arising out of this Agreement.
In a lease agreement, these terms could look as follows:
The monthly Rental payable by the Tenant to the Landlord during the Lease
Period shall be the sum of R4,000.00 (FOUR THOUSAND RAND), VAT
inclusive, payable monthly in advance without any deductions or demand and
free of exchange on the first Business Day of each and every month for each
month of the first year of the Lease Period.
Upon the lapsing of the first year of the Lease Period, the Rental amount shall
increase annually by 6.5% (six and a half percent), provided the Landlord gives
the Tenant 30 (thirty) Calendar Days’ written notice of the increase, which
increase will take effect on the first Calendar Day of the month after the Tenant
receives the notice.
Prior to the Commencement Date, the Tenant must pay the Landlord a deposit
of R4,000.00 (FOUR THOUSAND RAND).
The Landlord shall be entitled to set off the deposit against any amount owed to
him in terms of this Agreement, whether it be Rental, electricity charges, key
replacements, renovations to, and/or reinstatement of the Unit and/or Property,
and/or any other liability for which the Tenant is responsible in terms of this
Agreement.
The above are examples of some clauses you could expect to find regarding
payment in a contract. So, why are payment terms so important?
It is obviously crucial to know the price of the goods/services one is paying for.
You must also take note of whether the price of the goods/services will increase
periodically or upon renewal of the contract.
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