Common use of Charges for late payment Clause in Contracts

Charges for late payment. If the Tenant fails to pay within 14 days of the due date any amount of the Rent or other sum payable to the Landlord under this Tenancy agreement, the Tenant will be liable to a charge calculated at a rate equivalent to the payment that would have been payable multiplied by the interest at the rate of 3% above the Bank of England’s annual percentage rate for each day that the payment is outstanding (for a late rent payment) or the reasonable costs incurred by the Landlord (for a replacement key/security device).