37.4  Payment

37.4.1  Subject to clause 37.5 (Disputed Amounts), the Authority shall pay the amount stated in a valid invoice submitted in accordance with clause 37.2 (Report and Invoice) on or before twenty (20) Business Days of receipt of an invoice received pursuant to clause 37.2.1

37.4.2  Where a report shows a net amount owed by the Contractor to the Authority, the Contractor shall pay that amount to the Authority on or before twenty (20) Business Days of receipt of the report, or, at the option of the Authority, carry forward that amount to the next report in reduction of amounts which would otherwise have been owed by the Authority to the Contractor.

37.4.3  All payments made under this Agreement are to be made in pounds sterling by Bank Account Clearing System to the United Kingdom bank account of the recipient specified in the relevant invoice quoting the invoice number against which payment is made