Common use of Interest and Collection Costs Clause in Contracts

Interest and Collection Costs. (a) We may charge interest at a rate equal to the Small Business Variable Small Overdraft Indicator Lending Rate published by the Reserve Bank of Australia from time to time plus 3%, calculated daily, for: (i) any amounts due but unpaid for more than 30 days; and (ii) any amounts found owing that have been shown to be either underpaid, under-estimated or under- calculated in any inspection or audit conducted under clause 8(a)(v). (b) You must pay to us on demand all costs we incur in the recovery of monies owing by You to Us or in otherwise enforcing Our rights against You under this Contract (including legal and debt collection costs on a full indemnity basis) including interest hereunder and you indemnify us in respect of the same.