Common use of Default and Consequences of Default Clause in Contracts

Default and Consequences of Default. 11.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of 4.75% per calendar month (and at Sahara Trailers Campers and RV Centre sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 11.2 If the Customer owes Sahara Trailers Campers and RV Centre any money the Customer shall indemnify Sahara Trailers Campers and RV Centre from and against all costs and disbursements incurred by Sahara Trailers Campers and RV Centre in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Sahara Trailers Campers and RV Centre contract default fee, and bank dishonour fees). 11.3 Further to any other rights or remedies Sahara Trailers Campers and RV Centre may have under this Contract, if a Customer has made payment to Sahara Trailers Campers and RV Centre, and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by Sahara Trailers Campers and RV Centre under this clause 11 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract.

Default and Consequences of Default. 11.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of 4.75% two and a half percent (2.5%) per calendar month (and at Sahara Trailers Campers and RV Centre sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 11.2 If the Customer owes Sahara Trailers Campers and RV Centre any money the Customer shall indemnify Sahara Trailers Campers and RV Centre from and against all costs and disbursements incurred by Sahara Trailers Campers and RV Centre in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Sahara Trailers Campers and RV Centre contract default fee, and bank dishonour fees). 11.3 Further to any other rights or remedies Sahara Trailers Campers and RV Centre may have under this Contract, if a Customer has made payment to Sahara Trailers Campers and RV Centre, and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by Sahara Trailers Campers and RV Centre under this clause 11 13 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract.