Common use of Delayed Payment Clause in Contracts

Delayed Payment. If the Contractor does not receive payment in accordance with sub-clause 14.7 [Payment], of amounts determined by the Engineer to be due to the Contractor and set out in a Payment Certificate issued in accordance with clause 14.6 [Issue of Interim Payment Certificates] (except for deductions in accordance with sub-clause 2.5 [Employer's Claims], sub-clause 14.7 [Payment] or otherwise permitted by the Contract), the Contractor shall be entitled to receive financing charges compounded monthly on the amount unpaid during the period of delay. This period shall be deemed to commence on the final date for payment of the unpaid amount, as specified in sub-clause 14.7 [Payment]. Unless otherwise stated in the Particular Conditions, these financing charges shall be calculated at the rate of three point seven five percent above the average 3 month EURIBOR rate as at the final date for payment of the amount due, both before and after any judgment or award (the "Interest Rate"). Such interest rate payments shall be made in Euros. The Contractor shall be entitled to this payment without formal notice or certification, and without prejudice to any other right or remedy.

Delayed Payment. If the Contractor does not receive payment in accordance with sub-clause 14.7 [Payment], of amounts determined by the Engineer to be due to the Contractor and set out in a Payment Certificate issued in accordance with sub-clause 14.6 [Issue of Interim Payment Certificates] (except for deductions in accordance with sub-clause 2.5 [Employer's Claims], sub-clause 14.7 [Payment] or otherwise permitted by the Contract), the Contractor shall be entitled to receive financing charges compounded monthly on the amount unpaid during the period of delay. This period shall be deemed to commence on the final date for payment of the unpaid amount, as specified in sub-clause 14.7 [Payment]. Unless otherwise stated in the Particular Conditions, these financing charges shall be calculated at the rate of three point seven five eight percent above the average 3 three month EURIBOR EUR LIBOR rate as at the final date for payment of the amount due, both before and after any judgment or award (the "Interest Rate"). Such interest rate payments shall be made in Euros. The Contractor shall be entitled to this payment without formal notice or certification, and without prejudice to any other right or remedy.

Delayed Payment. If the Contractor does not receive payment in accordance with sub-clause 14.7 [Payment], of amounts determined by the Engineer to be due to the Contractor and set out in a Payment Certificate issued in accordance with sub-clause 14.6 [Issue of Interim Payment Certificates] (except for deductions in accordance with sub-clause 2.5 [Employer's Claims], sub-clause 14.7 [Payment] or otherwise permitted by the Contract), the Contractor shall be entitled to receive financing charges compounded monthly on the amount unpaid during the period of delay. This period shall be deemed to commence on the final date for payment of the unpaid amount, as specified in sub-clause 14.7 [Payment]. Unless otherwise stated in the Particular Conditions, these financing charges shall be calculated at the rate of three point seven five percent above the average 3 month EURIBOR rate as at the final date for payment of the amount due, both before and after any judgment or award (the "Interest Rate"). Such interest rate payments shall be made in Euros. The Contractor shall be entitled to this payment without formal notice or certification, and without prejudice to any other right or remedy.