Common use of Allottee to Pay Interest for Delay and/or Default Clause in Contracts

Allottee to Pay Interest for Delay and/or Default. The Allottee shall pay, without raising any objection in any manner whatsoever and without claiming any deduction or abatement whatsoever, all bills raised by the Association, within 7 (seven) days of presentation thereof, failing which the Allottee shall pay compound interest @ 2% (two percent) per month or part thereof (compoundable monthly) from the date of default till the date of payment, to the Association. The Allottee also admit and accept that in the event such bills remain outstanding for more than 2 (two) months, all common services to the Allottee shall be discontinued and the Allottee shall be disallowed from using the Common Portions.

Allottee to Pay Interest for Delay and/or Default. The Allottee shall pay, without raising any objection in any manner whatsoever and without claiming any deduction or abatement whatsoever, all bills raised by the Association, within 7 (seven) days of presentation thereof, failing which the Allottee shall pay compound interest @ 21.5% (two percent) per month or part thereof (compoundable monthly) from the date of default till the date of payment, to the Association. The Allottee also admit and accept that in the event such bills remain outstanding for more than 2 (two) months, all common services to the Allottee shall be discontinued and the Allottee shall be disallowed from using the Common Portions.