Common use of Interest on late payment Clause in Contracts

Interest on late payment. If the contractor does not honour the obligation to pay the amount due by the date set by the contracting authority in the debit note, the amount due bears interest at the rate indicated in Article II.20.8. Interest on late payments will cover the period starting on the day after the due date for payment and ending on the date when the contracting authority receives the full amount owed. Any partial payment is first entered against charges and interest on late payment and then against the principal amount.

Interest on late payment. If the contractor Contractor does not honour the obligation to pay the amount due by the date set by the contracting authority Commission or the Participating Member State in the debit notequestion, the amount due bears interest at the rate indicated in Article II.20.8II.18.5. Interest on late payments will cover the period starting on the day after the due date for payment and ending on the date when the contracting authority Commission or the Participating Member State in question receives the full amount owed. Any partial payment is first entered against charges and interest on late payment and then against the principal amount.

Interest on late payment. If the contractor does not honour the obligation to pay the amount due by the date set by the contracting authority in the debit note, the amount due bears interest at the rate indicated in Article II.20.8II.21.8. Interest on late payments will cover the period starting on the day after the due date for payment and ending on the date when the contracting authority receives the full amount owed. Any partial payment is first entered against charges and interest on late payment and then against the principal amount.