Common use of Interest and collection charge on late payment Clause in Contracts

Interest and collection charge on late payment. If any Owner shall fail to pay the Manager any amount payable hereunder within thirty (30) days from the date of demand for payment of such amount, he shall further pay to the Manager:- (i) Interest calculated at a rate of two per cent (2%) per annum above the prime rate from time to time specified by The Hongkong and Shanghai Banking Corporation Limited in respect of any payment in arrears and such interest shall be payable from the due date until payment; and (ii) A collection charge of an amount not exceeding ten per cent (10%) of the amount due to cover the cost (in addition to legal costs of proceedings as hereinafter mentioned) of the extra work occasioned by the default. PROVIDED THAT all monies paid to the Manager by way of interest or collection charges shall form part of the Special Fund.

Interest and collection charge on late payment. If any Owner shall fail to pay the Manager any amount payable hereunder within thirty (30) days from the date of demand for payment of demand, the Manager may impose on such amount, he shall further pay to the Manager:-Owner:- (ia) Interest calculated on the amount remaining unpaid at a the rate of two per cent (2%) % per annum above the prime rate from time to time specified by The Hongkong and Shanghai Banking Corporation Limited in respect for the number of any payment in arrears and such interest shall be payable days for which it remains unpaid from the due date until paymentthe actual date of payment (both dates inclusive); and (iib) A collection charge of an amount not exceeding ten per cent (10%) % of the amount due due, to cover the cost (in addition to legal costs of proceedings as hereinafter mentioned) of the extra work occasioned by the default. PROVIDED THAT all monies paid to the Manager by way of interest or collection charges shall form part of the Special Fund.

Interest and collection charge on late payment. If any Owner shall fail to pay the Manager any amount payable hereunder within thirty (30) days from the date of demand for payment of such amount, he shall further pay to the Manager:-Manager :- (i) Interest calculated at a rate of two per cent (2%) per annum above the prime rate from time to time specified by The Hongkong and Shanghai Banking Corporation Limited in respect of any payment in arrears and such interest shall be payable from the due date until payment; and (ii) A collection charge of an amount not exceeding ten per cent (10%) of the amount due to cover the cost (in addition to legal costs of proceedings as hereinafter mentioned) of the extra work occasioned by the default. PROVIDED THAT all monies paid to the Manager by way of interest or collection charges shall form part of the Special Fund.

Interest and collection charge on late payment. If any Owner shall fail to pay the Manager any amount payable hereunder within thirty (30) days from the date of demand for payment of demand, the Manager may impose on such amount, he shall further pay to the Manager:-Owner:- (ia) Interest calculated on the amount remaining unpaid at a the rate of two per cent (not exceeding 2%) % per annum above the prime rate from time to time specified by The Hongkong and Shanghai Banking Corporation Limited in respect for the number of any payment in arrears and such interest shall be payable days for which it remains unpaid from the due date until paymentthe actual date of payment (both dates inclusive); and (iib) A collection charge of an amount not exceeding ten per cent (10%) % of the amount due due, to cover the cost (in addition to legal costs of proceedings as hereinafter mentioned) of the extra work occasioned by the default. PROVIDED THAT all monies paid to the Manager by way of interest or collection charges shall form part of the Special Fund.

Interest and collection charge on late payment. If any Owner shall fail to pay the Manager any amount payable hereunder within thirty (30) days from the date of demand for payment of such amount, he shall further pay to the Manager:-Manager :- (i) Interest calculated at a rate of two per cent (2%) per annum above the prime rate from time to time specified by The Hongkong and Shanghai Banking Corporation Limited in respect of any payment in arrears and such interest shall be payable from the due date until payment; and (ii) A collection charge of an amount not exceeding ten per cent (10%) of the amount due to cover the cost (in addition to legal costs of proceedings as hereinafter mentioned) of the extra work occasioned by the default. PROVIDED THAT all monies paid to the Manager by way of interest or collection charges shall form part of be credited to the Special Fund.