Common use of Interest on Late Payments, Addition Charges Clause in Contracts

Interest on Late Payments, Addition Charges. If the Tenant makes late payments of Rent, the Landlord or the Landlord’s Agent may calculate and charge interest on that late payment at a rate equivalent to 3% over the bank base rate of Natwest Bank plc at the time from the Rent Due Date or the date on which any other sum payable under this Agreement is due until the date of payment. If payment is any longer than 24 hours late, then an administration fee of £40.00 will be charged. The Landlord or the Landlord’s Agent reserves the right to apply further administration fee of £40.00 each time it becomes necessary to further contact the tenant or the tenants guarantor in order to obtain late rent. If a Tenant fails to attend an agreed prearranged meeting with the Landlord or the Landlord’s Agent without giving 24 hours notice, an administration fee of £40.00 will be charged to the tenant. Unsolicited payments made to the Landlord or the Landlord’s Agent will be subject to a £25.00 administration charge.

Interest on Late Payments, Addition Charges. If the Tenant makes late payments of Rent, the Landlord or the Landlord’s Agent may calculate and charge interest on that late payment at a rate equivalent to 3% over the bank base rate of Natwest Bank plc at the time from the Rent Due Date or the date on which any other sum payable under this Agreement is due until the date of payment. If payment is any longer than 24 hours late, then an administration fee of £40.00 will be charged. The Landlord or the Landlord’s Agent reserves the right to apply further administration fee of £40.00 each time it becomes necessary to further contact the tenant or the tenants tenant’s guarantor in order to obtain late rent. If a Tenant fails to attend an agreed prearranged meeting with the Landlord or the Landlord’s Agent without giving 24 hours notice, an administration fee of £40.00 will be charged to the tenant. Unsolicited payments made to the Landlord or the Landlord’s Agent will be subject to a £25.00 administration charge.