Common use of INTEREST AND CHARGE Clause in Contracts

INTEREST AND CHARGE. If the Owner is in default of payment of any installment as referred to in Paragraph 8.2 a) of this Article, the Owner shall pay interest on such installment at the annual rate of 2% above prevailing prime rate of DBS Bank, Singapore from due-date of the installment until the date of payment to the Builder of the full amount including interest.