Common use of Interest on Late Fees Clause in Contracts

Interest on Late Fees. 1. DOE will notify the Purchaser of amounts due only when unpaid or underpaid by the dates specified in paragraph B above. Interest will be levied according to the fol- lowing formula: Interest=Unpaid balance due to DOE for as- signed three month period × Quarterly Treasury rate plus six percent (6%) × Num- ber of months late including month of pay- ment (fractions rounded up to whole months) ÷ 12

Interest on Late Fees. 1. DOE will notify the Purchaser of amounts due only when unpaid or underpaid by the dates specified in paragraph B above. Interest will be levied according to the fol- lowing following formula: Interest=Interest = Unpaid balance due to DOE for as- signed assigned three month period × Quarterly Treasury rate plus six percent (6%) × Num- ber Number of months late including month of pay- ment payment (fractions rounded up to whole months) ÷ 12