INTEREST AND LIEN Sample Clauses
The INTEREST AND LIEN clause establishes a party's right to charge interest on overdue payments and to claim a security interest (lien) over certain assets or goods until payment is received. In practice, this means that if a customer fails to pay an invoice on time, the supplier can add interest to the outstanding amount and may retain possession of delivered goods or property until full payment is made. This clause primarily serves to incentivize timely payment and provides the supplier with a form of security, reducing the risk of non-payment.
INTEREST AND LIEN. In the event that there are monies due from the Owner to the Municipality which have not been paid within fifteen (15) days after demand thereof by the Municipality, interest shall be payable on the amount due at the rate of fifteen percent (15%) per annum (in accordance with section 446 of the Municipal Act) calculated from the date of demand. The amount due together with interest thereon shall constitute a debt to the Municipality and priority lien owing to the Municipality.
INTEREST AND LIEN. In the event that there are monies due from the Owner to the County which have not been paid within fifteen (15) days after demand therefore by the County, interest shall be payable on the amount due at the rate of twelve (12%) per cent per annum calculated from the date of demand; and the amount due together with interest thereon shall constitute a lien upon the Land.