{"component": "clause", "props": {"groups": [{"snippet": "In the event that a wire is delayed, the interest owed shall be charged at the Federal Funds \u201coffered\u201d rate as published by The Wall Street Journal and shall accrue on the amount of the delayed payment from the date due until the date paid.", "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [0, 12]}, {"key": "the-interest", "type": "definition", "offset": [37, 49]}, {"key": "federal-funds", "type": "definition", "offset": [79, 92]}, {"key": "the-wall-street-journal", "type": "clause", "offset": [124, 147]}, {"key": "delayed-payment", "type": "definition", "offset": [186, 201]}, {"key": "date-due", "type": "clause", "offset": [211, 219]}], "size": 11, "samples": [{"hash": "3uS2UV2oC8z", "uri": "/contracts/3uS2UV2oC8z#interest-on-delayed-payment", "label": "Participation Agreement (Mutual of America Separate Account No 2)", "score": 28.9452429843, "published": true}, {"hash": "aI68YchU92T", "uri": "/contracts/aI68YchU92T#interest-on-delayed-payment", "label": "Electronic Trading Agreement (Separate Account I of Integrity Life Insurance Co)", "score": 26.3196440794, "published": true}, {"hash": "4b9hjpJRIF8", "uri": "/contracts/4b9hjpJRIF8#interest-on-delayed-payment", "label": "Electronic Trading Agreement (Separate Account I of National Integrity Life Ins Co)", "score": 26.3196440794, "published": true}], "hash": "181c05ef57c2c048ecfc021c11657b36", "id": 4}, {"snippet": "In the event of delay in payment/adjustment of any amount payable/recoverable pursuant to the provisions of this Agreement, the Seller/the Purchaser shall be entitled to charge interest on such sum remaining outstanding for the period after the due date till such time the payment is made. The interest charged by the Seller/ Purchaser pursuant to this Clause shall be at the rate of PLR.", "snippet_links": [{"key": "delay-in-payment", "type": "clause", "offset": [16, 32]}, {"key": "adjustment-of", "type": "clause", "offset": [33, 46]}, {"key": "amount-payable", "type": "clause", "offset": [51, 65]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [94, 122]}, {"key": "the-seller", "type": "clause", "offset": [124, 134]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [135, 154]}, {"key": "to-charge", "type": "clause", "offset": [167, 176]}, {"key": "interest-on", "type": "definition", "offset": [177, 188]}, {"key": "the-period", "type": "clause", "offset": [224, 234]}, {"key": "due-date", "type": "clause", "offset": [245, 253]}, {"key": "the-payment", "type": "clause", "offset": [269, 280]}, {"key": "interest-charged", "type": "clause", "offset": [294, 310]}, {"key": "this-clause", "type": "clause", "offset": [348, 359]}, {"key": "rate-of", "type": "clause", "offset": [376, 383]}], "size": 27, "samples": [{"hash": "gdSbCUFYSFv", "uri": "/contracts/gdSbCUFYSFv#interest-on-delayed-payment", "label": "Coal Supply Agreement", "score": 27.1820670773, "published": true}, {"hash": "1yZYFInN745", "uri": "/contracts/1yZYFInN745#interest-on-delayed-payment", "label": "Coal Supply Agreement", "score": 26.6536618754, "published": true}, {"hash": "7SlabXMxNqV", "uri": "/contracts/7SlabXMxNqV#interest-on-delayed-payment", "label": "Fuel Supply Agreement", "score": 26.582477755, "published": true}], "hash": "7d5727f693cc93f1d95bcef041ba9d1f", "id": 1}, {"snippet": "With respect to default in making any payment due in terms of this Agreement by one Party to the other, the defaulting Party shall be liable to pay interest at PLR on the total sum outstanding and for the period the payment has remained over due. Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within such thirty (30) days, the Seller shall be entitled to encash the Security Deposit and/or the Financial Coverage BG and suspend Coal supplies in accordance with Clause 13. For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Security Deposit and/or the Financial Coverage BG.", "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [0, 15]}, {"key": "payment-due", "type": "definition", "offset": [38, 49]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [53, 76]}, {"key": "one-party", "type": "definition", "offset": [80, 89]}, {"key": "defaulting-party", "type": "definition", "offset": [108, 124]}, {"key": "pay-interest", "type": "clause", "offset": [144, 156]}, {"key": "total-sum", "type": "definition", "offset": [171, 180]}, {"key": "the-period", "type": "clause", "offset": [201, 211]}, {"key": "the-payment", "type": "clause", "offset": [212, 223]}, {"key": "without-prejudice-to-the-foregoing", "type": "clause", "offset": [247, 281]}, {"key": "the-purchaser", "type": "definition", "offset": [296, 309]}, {"key": "fails-to-pay", "type": "clause", "offset": [310, 322]}, {"key": "overdue-amount", "type": "clause", "offset": [327, 341]}, {"key": "the-interest", "type": "definition", "offset": [353, 365]}, {"key": "the-seller-shall", "type": "clause", "offset": [396, 412]}, {"key": "the-security-deposit", "type": "definition", "offset": [435, 455]}, {"key": "financial-coverage", "type": "definition", "offset": [467, 485]}, {"key": "in-accordance-with", "type": "definition", "offset": [515, 533]}, {"key": "clause-13", "type": "clause", "offset": [534, 543]}, {"key": "removal-of", "type": "definition", "offset": [549, 559]}, {"key": "for-the-seller", "type": "clause", "offset": [613, 627]}, {"key": "interest-due", "type": "definition", "offset": [653, 665]}, {"key": "this-clause", "type": "clause", "offset": [678, 689]}], "size": 20, "samples": [{"hash": "frftVkjtRHt", "uri": "/contracts/frftVkjtRHt#interest-on-delayed-payment", "label": "Coal Supply Agreement", "score": 26.5770020534, "published": true}, {"hash": "1hTIYZ91InB", "uri": "/contracts/1hTIYZ91InB#interest-on-delayed-payment", "label": "Coal Supply Agreement", "score": 26.5154004107, "published": true}, {"hash": "igmQDKCQ5Rb", "uri": "/contracts/igmQDKCQ5Rb#interest-on-delayed-payment", "label": "Coal Supply Agreement", "score": 26.440109514, "published": true}], "hash": "b8d8c526f3507341708da829b7a6a3ce", "id": 3}, {"snippet": "In cases of any default in making any payment due in terms of this Agreement by any Party to the other Party, the defaulting Party shall be liable to pay interest at the Interest Rate on the total sum outstanding and for the entire period for which the payment has remained over-due. Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within 30 (thirty) days, the Seller shall be entitled to invoke the Performance Security and/ or the Financial Coverage BG and suspend Coal supplies in accordance with Clause 14. For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Performance Security and/ or the Financial Coverage BG.", "snippet_links": [{"key": "in-cases-of", "type": "clause", "offset": [0, 11]}, {"key": "payment-due", "type": "definition", "offset": [38, 49]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [53, 76]}, {"key": "by-any-party", "type": "clause", "offset": [77, 89]}, {"key": "other-party", "type": "definition", "offset": [97, 108]}, {"key": "defaulting-party", "type": "definition", "offset": [114, 130]}, {"key": "pay-interest", "type": "clause", "offset": [150, 162]}, {"key": "the-interest-rate", "type": "clause", "offset": [166, 183]}, {"key": "total-sum", "type": "definition", "offset": [191, 200]}, {"key": "the-payment", "type": "clause", "offset": [249, 260]}, {"key": "without-prejudice-to-the-foregoing", "type": "clause", "offset": [284, 318]}, {"key": "the-purchaser", "type": "definition", "offset": [333, 346]}, {"key": "fails-to-pay", "type": "clause", "offset": [347, 359]}, {"key": "overdue-amount", "type": "clause", "offset": [364, 378]}, {"key": "the-seller-shall", "type": "clause", "offset": [428, 444]}, {"key": "performance-security", "type": "definition", "offset": [471, 491]}, {"key": "financial-coverage", "type": "definition", "offset": [504, 522]}, {"key": "in-accordance-with", "type": "definition", "offset": [552, 570]}, {"key": "clause-14", "type": "clause", "offset": [571, 580]}, {"key": "removal-of", "type": "definition", "offset": [586, 596]}, {"key": "for-the-seller", "type": "clause", "offset": [650, 664]}, {"key": "interest-due", "type": "definition", "offset": [690, 702]}, {"key": "this-clause", "type": "clause", "offset": [715, 726]}], "size": 21, "samples": [{"hash": "fctFw7HQOPD", "uri": "/contracts/fctFw7HQOPD#interest-on-delayed-payment", "label": "Fuel Supply Agreement", "score": 35.7812708006, "published": true}, {"hash": "caPJ1C0MQmM", "uri": "/contracts/caPJ1C0MQmM#interest-on-delayed-payment", "label": "Fuel Supply Agreement", "score": 35.3903413688, "published": true}, {"hash": "8dKE0m6KnhU", "uri": "/contracts/8dKE0m6KnhU#interest-on-delayed-payment", "label": "Fuel Supply Agreement", "score": 35.2521282248, "published": true}], "hash": "31e453650f1d54374f4299e266b57417", "id": 2}, {"snippet": "In case interest is charged on the Allottee on any payments in terms of this Agreement, the Allottee shall be liable to pay GST/taxes as applicable on such interest. The interest together with applicable GST/taxes shall be paid immediately on demand made in that respect by the Owners/Developer to the Allottee.", "snippet_links": [{"key": "in-case", "type": "clause", "offset": [0, 7]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [63, 86]}, {"key": "the-allottee-shall", "type": "clause", "offset": [88, 106]}, {"key": "to-pay-gst", "type": "clause", "offset": [117, 127]}, {"key": "the-interest", "type": "definition", "offset": [166, 178]}, {"key": "on-demand", "type": "clause", "offset": [240, 249]}, {"key": "the-owners", "type": "definition", "offset": [274, 284]}], "size": 5, "samples": [{"hash": "gy1smkvtjC8", "uri": "/contracts/gy1smkvtjC8#interest-on-delayed-payment", "label": "Sale Agreement", "score": 25.848733744, "published": true}, {"hash": "kw2vTxDDfHt", "uri": "/contracts/kw2vTxDDfHt#interest-on-delayed-payment", "label": "Sale Agreement", "score": 25.8459958932, "published": true}, {"hash": "cm0cQ3i5i9l", "uri": "/contracts/cm0cQ3i5i9l#interest-on-delayed-payment", "label": "Sale Agreement", "score": 25.7679671458, "published": true}], "hash": "7b57550f973c6dd95d4a2926be7d92b8", "id": 5}, {"snippet": "In cases of any default in making any payment due in terms of this Agreement by any Party to the other Party, the defaulting Party shall be liable to pay interest at the Interest Rate on the total sum outstanding and for the entire period for which the payment has remained over- due. Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within 30 (thirty) days, the Seller shall be entitled to invoke the Performance Security and/ or the Financial Coverage BG and suspend Coal supplies in accordance with Clause 14. For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Performance Security and/ or the Financial Coverage BG. Interest Rates on delay in payment/adjustment of any amount payable/recoverable under FSA of NRS Linkage auction, as the case may be, shall be Repo-rate of the Reserve Bank of India as applicable on the due date of payment plus 3% (three percent).", "snippet_links": [{"key": "in-cases-of", "type": "clause", "offset": [0, 11]}, {"key": "payment-due", "type": "definition", "offset": [38, 49]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [53, 76]}, {"key": "by-any-party", "type": "clause", "offset": [77, 89]}, {"key": "other-party", "type": "definition", "offset": [97, 108]}, {"key": "defaulting-party", "type": "definition", "offset": [114, 130]}, {"key": "pay-interest", "type": "clause", "offset": [150, 162]}, {"key": "the-interest-rate", "type": "clause", "offset": [166, 183]}, {"key": "total-sum", "type": "definition", "offset": [191, 200]}, {"key": "the-payment", "type": "clause", "offset": [249, 260]}, {"key": "without-prejudice-to-the-foregoing", "type": "clause", "offset": [285, 319]}, {"key": "the-purchaser", "type": "definition", "offset": [334, 347]}, {"key": "fails-to-pay", "type": "clause", "offset": [348, 360]}, {"key": "overdue-amount", "type": "clause", "offset": [365, 379]}, {"key": "the-seller-shall", "type": "clause", "offset": [429, 445]}, {"key": "performance-security", "type": "definition", "offset": [472, 492]}, {"key": "financial-coverage", "type": "definition", "offset": [505, 523]}, {"key": "in-accordance-with", "type": "definition", "offset": [553, 571]}, {"key": "clause-14", "type": "clause", "offset": [572, 581]}, {"key": "removal-of", "type": "definition", "offset": [587, 597]}, {"key": "for-the-seller", "type": "clause", "offset": [651, 665]}, {"key": "interest-due", "type": "definition", "offset": [691, 703]}, {"key": "this-clause", "type": "clause", "offset": [716, 727]}, {"key": "interest-rates", "type": "clause", "offset": [793, 807]}, {"key": "delay-in-payment", "type": "clause", "offset": [811, 827]}, {"key": "adjustment-of", "type": "clause", "offset": [828, 841]}, {"key": "amount-payable", "type": "clause", "offset": [846, 860]}, {"key": "the-case", "type": "definition", "offset": [910, 918]}, {"key": "rate-of", "type": "clause", "offset": [941, 948]}, {"key": "reserve-bank-of-india", "type": "definition", "offset": [953, 974]}, {"key": "payment-plus", "type": "definition", "offset": [1008, 1020]}], "size": 4, "samples": [{"hash": "h0VjVtEGyo3", "uri": "/contracts/h0VjVtEGyo3#interest-on-delayed-payment", "label": "Fuel Supply Agreement", "score": 35.9313870239, "published": true}, {"hash": "Ud7j0fOCLC", "uri": "/contracts/Ud7j0fOCLC#interest-on-delayed-payment", "label": "Fuel Supply Agreement", "score": 35.9221877293, "published": true}, {"hash": "dXjEVIfBB7V", "uri": "/contracts/dXjEVIfBB7V#interest-on-delayed-payment", "label": "Fuel Supply Agreement", "score": 35.6625202675, "published": true}], "hash": "2884e48c6731c7d2126283479ae85eb6", "id": 6}, {"snippet": "All amounts due and owing to the Providing Party hereunder but not paid by the Receiving Party on the due date thereof shall bear interest at the prime rate established by Citibank, N.A. from time to time. Such interest shall accrue on the balance of unpaid amounts from time to time outstanding from the date on which portions of such amounts become due and owing until payment thereof in full.", "snippet_links": [{"key": "amounts-due-and-owing", "type": "clause", "offset": [4, 25]}, {"key": "providing-party", "type": "definition", "offset": [33, 48]}, {"key": "the-receiving-party", "type": "definition", "offset": [75, 94]}, {"key": "due-date", "type": "clause", "offset": [102, 110]}, {"key": "the-prime-rate", "type": "definition", "offset": [142, 156]}, {"key": "from-time-to-time", "type": "clause", "offset": [187, 204]}, {"key": "the-balance", "type": "clause", "offset": [236, 247]}, {"key": "unpaid-amounts", "type": "definition", "offset": [251, 265]}], "size": 3, "samples": [{"hash": "9kipmBR1mTj", "uri": "/contracts/9kipmBR1mTj#interest-on-delayed-payment", "label": "Operating Agreement (Cotelligent Inc)", "score": 18.0, "published": true}, {"hash": "64euoKK8xPf", "uri": "/contracts/64euoKK8xPf#interest-on-delayed-payment", "label": "Operating Agreement (Cotelligent Inc)", "score": 18.0, "published": true}, {"hash": "8vmlisXgYhl", "uri": "/contracts/8vmlisXgYhl#interest-on-delayed-payment", "label": "Services Agreement (Rentech Inc /Co/)", "score": 17.0, "published": true}], "hash": "6d3ab7a921de4f7ddf081b9d3d398e03", "id": 7}, {"snippet": "If the Installment payment is not received on the due date, interest at the rate of LIBOR plus 1.0% will be charged from that date until payment is made.", "snippet_links": [{"key": "installment-payment", "type": "clause", "offset": [7, 26]}, {"key": "received-on", "type": "clause", "offset": [34, 45]}, {"key": "due-date", "type": "clause", "offset": [50, 58]}, {"key": "rate-of", "type": "clause", "offset": [76, 83]}], "size": 2, "samples": [{"hash": "aKgkGlKKIlZ", "uri": "/contracts/aKgkGlKKIlZ#interest-on-delayed-payment", "label": "Sale and Purchase Agreement (Seanergy Maritime Holdings Corp.)", "score": 27.8514715948, "published": true}, {"hash": "9YXQVOue0mw", "uri": "/contracts/9YXQVOue0mw#interest-on-delayed-payment", "label": "Sale and Purchase Agreement (Seanergy Maritime Holdings Corp.)", "score": 27.8514715948, "published": true}], "hash": "2807bb19b126a25612b046fbe04d5f7e", "id": 8}, {"snippet": "1. If the State, Operating Right Holder or the Building Facility Operator delays payment under the Agreement, each party shall respectively pay to the other party interest on delayed payment for the number of days during the period from the next day (including this day) from the day such amount payable was required to be paid (hereinafter referred to as the \u201cPerformance Date\u201d in this article) until the day the payment was made (including this day). The State shall pay interest on delayed payment in such amount computed by multiplying the rate stipulated in the Rate of Interest on Delayed Payment towards Delay in Payment under Government Contracts (Public Notice No. 991 of the Ministry of Finance of 1949) as of the Performance Date. The Operating Right Holder and the Building Facility Operator shall pay interest on delayed payment in such amount calculated by multiplying the rate stipulated in the Rate of Interest on Delayed Payment towards Government Claims (Public Notice No. 8 of the Ministry of Finance of 1957). The interest on delayed payment under these circumstances shall be computed on a per diem basis on the basis of 365 days in a year.\n2. The State may offset its claims and obligations towards the Operating Right Holder and the Building Facility Operator that arise under the Agreement in equal amounts within the scope of the Acts.", "snippet_links": [{"key": "operating-right", "type": "definition", "offset": [17, 32]}, {"key": "facility-operator", "type": "definition", "offset": [56, 73]}, {"key": "payment-under-the-agreement", "type": "clause", "offset": [81, 108]}, {"key": "each-party", "type": "clause", "offset": [110, 120]}, {"key": "pay-to", "type": "definition", "offset": [140, 146]}, {"key": "other-party-interest", "type": "clause", "offset": [151, 171]}, {"key": "payment-for-the", "type": "clause", "offset": [183, 198]}, {"key": "number-of-days", "type": "definition", "offset": [199, 213]}, {"key": "period-from", "type": "definition", "offset": [225, 236]}, {"key": "the-day", "type": "definition", "offset": [276, 283]}, {"key": "amount-payable", "type": "clause", "offset": [289, 303]}, {"key": "performance-date", "type": "clause", "offset": [361, 377]}, {"key": "this-article", "type": "definition", "offset": [382, 394]}, {"key": "the-payment", "type": "clause", "offset": [410, 421]}, {"key": "the-state-shall", "type": "clause", "offset": [453, 468]}, {"key": "pay-interest", "type": "clause", "offset": [469, 481]}, {"key": "the-rate", "type": "definition", "offset": [540, 548]}, {"key": "rate-of-interest", "type": "definition", "offset": [567, 583]}, {"key": "delay-in-payment", "type": "clause", "offset": [611, 627]}, {"key": "government-contracts", "type": "clause", "offset": [634, 654]}, {"key": "public-notice", "type": "clause", "offset": [656, 669]}, {"key": "the-ministry-of-finance", "type": "clause", "offset": [681, 704]}, {"key": "the-performance", "type": "clause", "offset": [720, 735]}, {"key": "government-claims", "type": "definition", "offset": [954, 971]}, {"key": "the-interest", "type": "definition", "offset": [1030, 1042]}, {"key": "per-diem-basis", "type": "definition", "offset": [1111, 1125]}, {"key": "basis-of", "type": "clause", "offset": [1133, 1141]}, {"key": "days-in", "type": "definition", "offset": [1146, 1153]}, {"key": "a-year", "type": "definition", "offset": [1154, 1160]}, {"key": "equal-amounts", "type": "clause", "offset": [1317, 1330]}, {"key": "scope-of-the", "type": "clause", "offset": [1342, 1354]}], "size": 2, "samples": [{"hash": "b6w25sZ45mz", "uri": "/contracts/b6w25sZ45mz#interest-on-delayed-payment", "label": "Agreement to Implement Right to Operate Public Facility", "score": 26.6536618754, "published": true}], "hash": "679a382b79ddd44a5cf15132acc6a321", "id": 9}, {"snippet": "In the event of delay in payment/adjustment of any amount payable/recoverable pursuant to the provisions of this Agreement, the Seller/the Purchaser shall be entitled to charge interest on such sum remaining outstanding for the period after the due date till such time the payment is made. The interest charged by the Seller/the Purchaser pursuant to this Para 11 shall be at the Interest Rate. Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within 15 (fifteen) days, the Seller shall be entitled to invoke the Performance Security and suspend Coal supplies in accordance with Para 12 of this Annexure C. For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Para from the Performance Security.", "snippet_links": [{"key": "delay-in-payment", "type": "clause", "offset": [16, 32]}, {"key": "adjustment-of", "type": "clause", "offset": [33, 46]}, {"key": "amount-payable", "type": "clause", "offset": [51, 65]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [94, 122]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [135, 154]}, {"key": "to-charge", "type": "clause", "offset": [167, 176]}, {"key": "interest-on", "type": "definition", "offset": [177, 188]}, {"key": "the-period", "type": "clause", "offset": [224, 234]}, {"key": "due-date", "type": "clause", "offset": [245, 253]}, {"key": "the-payment", "type": "clause", "offset": [269, 280]}, {"key": "interest-charged", "type": "clause", "offset": [294, 310]}, {"key": "by-the-seller", "type": "clause", "offset": [311, 324]}, {"key": "the-interest-rate", "type": "clause", "offset": [376, 393]}, {"key": "without-prejudice-to-the-foregoing", "type": "clause", "offset": [395, 429]}, {"key": "in-the-event-the", "type": "clause", "offset": [431, 447]}, {"key": "fails-to-pay", "type": "clause", "offset": [458, 470]}, {"key": "overdue-amount", "type": "clause", "offset": [475, 489]}, {"key": "the-seller-shall", "type": "clause", "offset": [540, 556]}, {"key": "security-and", "type": "clause", "offset": [595, 607]}, {"key": "in-accordance-with", "type": "definition", "offset": [630, 648]}, {"key": "removal-of", "type": "definition", "offset": [681, 691]}, {"key": "for-the-seller", "type": "clause", "offset": [745, 759]}, {"key": "interest-due", "type": "definition", "offset": [785, 797]}, {"key": "terms-of", "type": "definition", "offset": [801, 809]}], "size": 1, "samples": [{"hash": "5DlhWbrlvgL", "uri": "/contracts/5DlhWbrlvgL#interest-on-delayed-payment", "label": "Standard Terms of the Agreement", "score": 31.447826088, "published": true}], "hash": "e16eab5d333029f3cd459f3cf8995f87", "id": 10}], "next_curs": "CmQSXmoVc35sYXdpbnNpZGVyY29udHJhY3RzckALEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiRpbnRlcmVzdC1vbi1kZWxheWVkLXBheW1lbnQjMDAwMDAwMGEMogECZW4YACAA", "clause": {"title": "INTEREST ON DELAYED PAYMENT", "size": 100, "children": [["ownership-insurance-upon-delivery", "Ownership/Insurance upon Delivery"], ["delivery", "Delivery"], ["builders-notice-of-delay", "BUILDER's Notice of Delay"]], "parents": [["notice-of-delayed-payment-and-interest-on-delayed-payment", "Notice of Delayed Payment and Interest on Delayed Payment"], ["settlement", "Settlement"], ["extras-deposits", "Extras & Deposits"], ["deemed-delivered-quantity", "Deemed Delivered Quantity"], ["miscellaneous", "Miscellaneous"]], "id": "interest-on-delayed-payment", "related": [["interest-on-overdue-payments", "Interest on Overdue Payments", "Interest on Overdue Payments"], ["interest-on-delinquent-payments", "Interest on Delinquent Payments", "Interest on Delinquent Payments"], ["interest-on-arrears", "INTEREST ON ARREARS", "INTEREST ON ARREARS"], ["interest-on-late-payment", "Interest on late payment", "Interest on late payment"], ["interest-on-payments", "Interest on Payments", "Interest on Payments"]], "related_snippets": [], "updated": "2025-07-07T16:38:45+00:00", "also_ask": ["What is the optimal interest rate to deter late payments without violating usury laws?", "How can the clause be drafted to ensure enforceability in different jurisdictions?", "What are the most common loopholes or defenses used to avoid paying interest on delayed payments?", "Should the clause specify simple or compound interest, and how does this impact risk?", "How does this clause compare to statutory interest provisions in relevant jurisdictions?"], "drafting_tip": "Specify the interest rate, define the calculation method, and set the payment period to ensure clarity, prevent disputes, and facilitate enforceability.", "explanation": "The 'Interest on Delayed Payment' clause establishes that if a payment is not made by the agreed-upon due date, the party owing money must pay additional interest on the overdue amount. Typically, this clause specifies the interest rate to be applied and the period over which it accrues, such as a percentage per annum calculated from the date payment was due until it is received. Its core function is to incentivize timely payments and compensate the receiving party for the financial impact of late payments."}, "json": true, "cursor": ""}}