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

Interest and Right to Set Off. (a) Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is 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. 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. (b) The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein and if no such period is specified, within 14 (fifteen) days of receiving a demand along with the necessary particulars. In the event of delay beyond such period, the defaulting Party shall pay interest for the period of delay calculated at a rate equal to the prime lending rate of the State Bank of India plus 2% (two percent), and recovery thereof shall be without prejudice to the rights of the Parties under the Law and this Agreement, including termination thereof.

Interest and Right to Set Off. (a) Any sum which becomes payable under any of the provisions of this Agreement by one Party party to the other Party party shall, if the same is not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party party responsible for payment thereof to the Party party entitled to receive the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party party entitled to receive such amount shall also have the right of set off. (b) The Parties hereto agree that payments due from one Party party to the other Party party under the provisions of this Agreement shall be made within the period set forth therein and if no such period is specified, within 14 15 (fifteen) days of receiving a demand along with the necessary particulars. In the event of delay beyond such period, the defaulting Party party shall pay interest for the period of delay calculated at a rate equal to the prime lending rate of the State Bank of India SBI PLR plus 2% (two percent)) per annum, and recovery thereof shall be without prejudice to the rights of the Parties under the Law Applicable Laws and this Agreement, including termination thereof.