Common use of Additional Costs and Expenses Clause in Contracts

Additional Costs and Expenses. Each party must pay its own costs in connection with the preparation and execution of this Agreement. The Licensee must pay to CTC within seven (7) days of demand for payment by CTC: (a) interest calculated daily at the rate of 10% per annum on all amounts owing by the Licensee to CTC, which have not been paid on time; (b) any expenses and legal costs (calculated on a solicitor and own client basis) incurred by CTC (as a result of the negligent acts and/or default of the Licensee) in any actual or attempted exercise or enforcement of a power, right or remedy conferred on or implied in favour of the CTC under this Agreement, any subsequent Booking Request, Booking Confirmation or any other contract or agreement arising between the parties or otherwise at law.