Demand Immediate Payment Sample Clauses

The 'Demand Immediate Payment' clause grants one party the right to require the other party to pay any outstanding amounts owed without delay, typically upon the occurrence of certain events such as default or breach of contract. In practice, this clause may be triggered if a borrower misses a payment or violates a key term, allowing the lender or creditor to request full repayment of the remaining balance at once. Its core function is to protect the party owed money by providing a mechanism to accelerate payment and mitigate the risk of non-payment or ongoing default.