Common use of Interest and Right of Set Off Clause in Contracts

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same be not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Such sum shall until payment thereof carry interest at the rate of 15% per annum from the due date for payment thereof until the same is paid to or otherwise realized by the Party entitled to the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided that the stipulation regarding interest for delayed payments contained in this Clause14.1 shall neither be deemed nor construed to authorize any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. Governing Law and Jurisdiction This Agreement shall be governed by the laws of India. The Courts at Nagpur shall have exclusive jurisdiction over all matters arising out of or relating to this Agreement. Waiver Waiver by either Party of any default by the other Party in the observance and performance of any provision of or obligations under this Agreement: a. shall not operate or be construed as a waiver of any other or subsequent default hereof or of other provisions or obligations under this Agreement; b. shall not be effective unless it is in writing and executed by a duly authorized representative of such Party; and