Rates and Payment You agree to pay the residence fees for the accommodation assigned to you, including where applicable, the size of the accommodation, according to the payment schedule attached hereto as Appendix IV. You may either pay the entire amount due or pay the residence fees in instalments, in the amounts and on the dates outlined in Appendix IV. If you choose or are required to change your accommodation, you will be required to pay the fees stipulated for the new accommodation, including the meal plan, if applicable. Failure to pay the first instalment of residence fees by or on the date it is due will lead to forfeiture of your accommodation assignment. Charges for residence fees will continue until you complete the contract termination and check out process in section 1.12. Please note that the following terms apply to all fees and payments required by Student Housing and Community Services (i.e., residence fees, activities/programs, assessments, et cetera): • Post-dated cheques will not be accepted. • A $35 service charge will be levied on all cheques returned by your bank for any reason. • You will pay all fees that may be imposed by the University from time to time in respect of failed electronic financial transactions, including, without limitation, electronic funds transfers and Interac transactions where, after initial processing, the transaction is cancelled or voided due to insufficient funds. • Late payments may not be accepted. If a late payment is accepted, it will be subject to late payment fees as follows: » first late payment – $25 » second late payment – $25 » third late payment – $50 » fourth and any subsequent late payments – $75 ea.
Price and Payment Unless stated otherwise, the Charges are exclusive of value added tax (VAT) or any equivalent sales tax in any applicable jurisdiction. Unless stated otherwise, the Supplier shall invoice for the Charges monthly in arrears and all such invoices shall be accompanied by a statement setting out the Services and/or Goods supplied in the relevant month in sufficient detail to justify the Charges charged. Subject to clause 4.4 below, the British Council shall, unless agreed otherwise by the parties in writing, pay each of the Supplier’s valid and accurate invoices by automated transfer into the Supplier’s nominated bank account no later than 30 days after the invoice is received. Where there is an end client, the British Council shall not be obliged to pay any invoice to the extent that it has not received payment relating to that invoice from the end client. If the British Council fails to pay any sum properly due and payable (other than any sum disputed in good faith) by the due date for payment, the Supplier may charge interest on the amount of any such late payment at the rate of 4% per annum above the official bank rate set from time to time by the Bank of England. Such interest will accrue from the date on which payment was due to the date on which payment is actually made. The parties hereby acknowledge and agree that this rate of interest is a substantial remedy for any late payment of any sum properly due and payable Where the Supplier enters into a Sub-Contract, the Supplier shall: pay any valid invoice received from its subcontractor within 30 days following receipt of the relevant invoice payable under the Sub-Contract; and include in that Sub-Contract a provision requiring the counterparty to that Sub-Contract to include in any Sub-Contract which it awards provisions having the same effect as clause 4.6.1 of this Agreement.