Accounting, Losing of Allocated Capacity
The payment and accounting of the Auction Price will be handled by APG. To secure the payment of the Auction Price the PTR holder
- has to communicate to APG an Austrian business account within five workin days after getting the positive registration confirmation by mail from the Auction Office Austria;
- enables APG to effectuate automatic collection with a direct debit authorization in APG's favour (the form of the direct debit authorization is shown in Annex 4 and
- has to provide sufficent funds.
Yearly Auctions will be invoiced in twelve equal monthly amounts. Each amount has to be paid two months in advance. The amount of January 2008 and February 2008 will be invoiced at the same time – directly after the publication of yearly auction results (relevant deadlines Y3, see article 7.1) – and the other months will be in-voiced month by month (e.g. amount for March 2008 in January 2008). Invoices for yearly auctions are collected automatically from the Austrian business account not later than on the 10th day of the month for the second month following, free of charge and without deduction and/or offsetting (i.e. not later than on the 10th of January 2008 for March 2008).
Monthly Auctions will be invoiced directly after the publication of monthly
auction results (relevant deadlines M3, see article 8.1) and will be collected automatically from
the Austrian business account.
Daily Auctions will be invoiced directly after the publication of daily auction
results (relevant deadlines D3 according article 9.1 and article 9.2).
The Auction Price will be collected automatically from the Austrian business account.
APG and Terna are entitled to make adjustments of the payment due to increases or introduction of taxes, duties, etc. Value added tax will be charged according to the European and Austrian tax law.
If funds are not sufficient to cover debts or if the payment is not settled on the 20th day of the same month:
- APG will withdraw from the obligations resulting from these Auction Rules and the PTR holder will loose Assigned PTRs awarded through Yearly and Monthly auction and shall be liable pursuant to the General Provisions set out in article 3 of the these Auction Rules. Such released Capacity will be auctioned in the daily auction – or if applicable in the following monthly auction;
- the Auction Participant shall be excluded from all following auctions until the date when he remits sufficient funds to the business account for APG and all pay-ments of the Auction Participant are settled.
If the Auction Participant is not able to communicate an Austrian Business Account to APG, APG will accept payment in advance (instead of a direct-debt authorization) for the total amount for yearly and/or monthly auctions within five working days after the publication of the auction results (relevant deadline Y3, see article 7.1 and/or relevant deadlines M3; see article 8.4). The Auction Participant without a direct-debit authorization is excluded from daily auctions. The bank account is:
Bank Austria – Creditanstalt
Am Hof 2a
1010 Vienna
IBAN: AT06 1200 0506 1660 3600
BIC: BKAUATWWXXX
Pursuant to the General Provisions set out in article 3 of these Auction Rules the Auction Participant is not entitled to offset any debts that arise in the connection with an yearly, monthly and/or daily auction to any claim on APG, whether or not arising out of the auction.
If the expiration date of payment is public holiday, payment has to be settled on the preceding Working Day. Should the expiration date on Sundays or public holidays following a Sunday, payment has to be settled on the following Working Day. In case of delayed payment APG is entitled to charge interest rates on a due amount for each commenced day of the delay starting from the expiry date. The interest rate, determined on the day on which the invoice is sent, is equal to the rate of interest applied by the European Central Bank at its most recent refinancing operation, plus 5 points.
This interest is calculated from the first day following the expiry date, until the date on which the invoice is paid in full.
This interest will be increased to include taxes and levies in force.
APG is entitled to make adjustments of the payment due to increases or introduction of taxes, duties, etc.
VAT and other taxes or levies – if any – shall be invoiced in accordance with the applicable
laws.
Daily Auctions in the direction Italy to Austria
The payment and accounting of the Auction Price will be handled by TERNA as follows.
a. Issuance of Invoices
No later than the thirtieth (30th) of each month M, TERNA sends to the PTR holder an invoice
including the amounts due for capacities allocated at Daily Auctions for use during month M-1.
Bids selected at Daily Auctions are invoiced all at once and grouped together on a single
line per Daily Auction. The unit prices indicated on the invoice are therefore average prices
provided as an indication only.
Invoices are notified to the PTR holder at the address indicated in the statement of
acceptance.
The PTR holder notifies TERNA of any changes in its invoicing address. Such change will take
effect on the first day of month M+1, on condition that Notification of the change has been
received at least seven (7) days before the end of month M.
Issued invoices are sent in advance via fax or e-mail; in this case the delivery date will be
the date resulting from sending devices.
b. Invoice disputes
To be admissible, any claims made relative to an invoice must be Notified by regis-tered
letter with acknowledgement of receipt to TERNA, within thirty (30) Days of the invoice’s date of
issue. Beyond this period, the invoice will be deemed to have been accepted by the PTR holder. The
above-mentioned registered letter must contain a precise and detailed description of the grounds
for the objection to the invoice.
c. Payment conditions
The PTR holder pays TERNA the sums invoiced within 30 days of the date of issue of the
invoice, by bank transfer to the account specified in the invoice issued by TERNA.
Any bank charges relative to the settlement of the invoice are at the PTR holder's expense.
The PTR holder will ensure that his bank transmits the corresponding invoice number with the
payment order. In the event of a SWIFT transfer, the PTR holder undertakes to ensure that the
invoice number is specified on the line “Payment reason”.
d. Late payment
Payment is deemed to have been made on the Day on which it appears on TERNA's bank statement,
which is consulted every Working day, provided the PTR holder has specified a correct invoice
reference number.
The PTR holder is responsible for anticipating bank processing and payment registration
times. TERNA will make every effort to minimise these times, but may not be held responsible if a
period of two Working days elapses between the point at which the PTR holder makes payment (as
defined in the paragraph above) and the point at which it is registered by TERNA.
If full payment is not received by the specified deadline, TERNA will send the PTR holder an
official reminder (by Notification).
Furthermore, if payment is not received in full by the specified deadline plus fifteen
Working Days, TERNA will invoke the Bank Guarantee by right.
e. Interest on arrears
If the sums invoiced are not paid in full by the specified deadline, the said sums will be
subject to interest without any further notice to pay being required.
The rate of interest, determined on the day on which the invoice is sent, is equal to the
interest rate applied by the European Central Bank at its most recent refinancing operation, plus 5
points.
This interest is calculated from the first day following the expiry date, until the date on
which the invoice is paid in full.
This interest will be increased to include taxes and levies in force.