Common use of Failure to Pay Fees Clause in Contracts

Failure to Pay Fees. If Subscriber has failed to make a payment of any fees within 30 days from the date on which the fees became due and payable, TCM may, without notice and without incurring liability to Subscriber, suspend or terminate Subscriber’s access to the Data System and use of the Data. Except for amounts disputed in good faith by writing sent to TCM on or before the payment due date, amounts that remain outstanding more than 30 days after the date on which they became due and payable shall be subject to interest at a rate of 1.5% above the prime rate of the Royal Bank of Canada or, if less, the maximum interest rate allowed by law. TCM shall have the right to set off any sums due from Subscriber to TCM against any sums due from TCM to Subscriber.

Failure to Pay Fees. If Subscriber Vendor has failed to make a payment of any fees within 30 days from the date on which the fees became due and payable, TCM may, without notice and without incurring liability to SubscriberVendor, suspend or terminate SubscriberVendor’s access to the Data System and use of the Data. Except for amounts disputed in good faith by writing sent to TCM on or before the payment due date, amounts that remain outstanding more than 30 days after the date on which they became due and payable shall be subject to interest at a rate of 1.5% above the prime rate of the Royal Bank of Canada or, if less, the maximum interest rate allowed by law. TCM shall have the right to set off any sums due from Subscriber Vendor to TCM against any sums due from TCM to SubscriberVendor.