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As quoted above, paragraph 6 of the July 1995 amendment
provided, inter alia, that correct invoices submitted to Mr.
Harris “shall be paid within thirty (30) calendar days of the
date of receipt, or deferred to a mutually agreed upon future
date, but not later than January 31, 1997". Both Mr. Palmer and
Olin Ordnance interpreted, understood, and applied that provision
as requiring Olin Ordnance to pay the amount that it owed to Mr.
Palmer with respect to each of his approved monthly invoices
within 30 days after it first received each such invoice or, at
the direction of Mr. Palmer, thereafter on a date that Mr. Palmer
selected which was not later than January 31, 1997.
Pursuant to paragraph 6 of the amended Marion plant/Palmer
consulting agreement, on the dates indicated Mr. Palmer first
submitted to Olin Ordnance at its Marion plant the following
monthly invoices covering the following periods:
Period Covered by Date of Submission
Mr. Palmer’s Monthly Mr. Palmer’s of Mr. Palmer’s
Invoice Number Monthly Invoice Monthly Invoice
0016 07/03/95-07/30/95 07/31/95
0017 07/31/95-09/03/95 09/01/95
0018 09/04/95-10/01/95 10/03/95
0019 10/02/95-10/29/95 11/20/95
0020 10/30/95-12/03/95 12/15/95
Each of Mr. Palmer’s monthly invoices 0016 through 0020 was
promptly reviewed and approved, with very minor changes in
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