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SOW Payment Terms

SOW Payment Terms Template for Australia

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SOW Payment Terms

"Need SOW Payment Terms for an IT system implementation project starting March 2025, with milestone-based payments spread across 6 months and a 10% retention clause, incorporating both AUD and USD payment provisions."

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Document background
The SOW Payment Terms document serves as a critical component of service agreements in the Australian business context, establishing clear and enforceable payment conditions between parties. This document is typically used when implementing a Statement of Work that requires detailed payment structures, whether for fixed-price, time-and-materials, or milestone-based arrangements. It incorporates essential elements required by Australian legislation, including GST requirements, payment timing obligations, and dispute resolution mechanisms. The document is designed to complement master service agreements while providing specific payment terms for individual work packages or projects. It ensures compliance with Australian payment regulations, including state-specific Security of Payment Acts and the Payment Times Reporting Act 2020, making it suitable for both large corporations and small business arrangements.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names and ABNs

2. Background: Context of the agreement, reference to master services agreement if applicable, and purpose of the payment terms

3. Definitions: Definitions of key terms used throughout the document, including payment-related terminology

4. Payment Amount and Structure: Total contract value, breakdown of fees, and payment structure (fixed price, time and materials, milestone-based, etc.)

5. Payment Schedule: Timing of payments, including milestone payments, progress payments, or regular payment intervals

6. Invoice Requirements: Invoice format, required information, submission process, and timing

7. Payment Terms: Payment timeframes, accepted payment methods, and late payment consequences

8. GST and Taxation: Treatment of GST, other applicable taxes, and related obligations

9. Dispute Resolution: Process for handling payment-related disputes and escalation procedures

10. Term and Termination: Duration of the payment terms and conditions for early termination

Optional Sections

1. Performance Incentives: Details of any bonus payments or incentives tied to performance metrics or early completion

2. Foreign Currency Provisions: Include when payments involve multiple currencies or international transfers

3. Bank Guarantee or Security: Required when additional payment security or performance bonds are needed

4. Retention: Include when part of the payment is to be held back as security for performance

5. Volume Discounts: Include when pricing varies based on volume or quantity of services

6. Rate Card Adjustments: Include when rates may be adjusted during the term based on specified criteria

7. Third-Party Payments: Include when payments to subcontractors or third parties are relevant

Suggested Schedules

1. Schedule 1 - Pricing Schedule: Detailed breakdown of all prices, rates, and charges

2. Schedule 2 - Payment Milestones: Detailed description of milestones and associated payment amounts

3. Schedule 3 - Rate Card: Standard rates for different types of services or personnel

4. Schedule 4 - Invoice Template: Required format and content for invoices

5. Appendix A - Performance Metrics: Metrics used to determine performance-based payments

6. Appendix B - Banking Details: Approved bank accounts and payment routing information

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Information Technology

Professional Services

Construction

Engineering

Management Consulting

Digital Services

Business Process Outsourcing

Software Development

Healthcare Services

Education and Training

Mining Services

Telecommunications

Relevant Teams

Legal

Finance

Procurement

Commercial

Operations

Project Management Office

Account Management

Treasury

Risk Management

Contract Administration

Relevant Roles

Contract Manager

Financial Director

Project Manager

Commercial Manager

Procurement Manager

Account Manager

Legal Counsel

Chief Financial Officer

Finance Manager

Operations Director

Business Development Manager

Program Manager

Vendor Manager

Treasury Manager

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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