Interest on Late Payments. (1) The Buyer must pay interest at the Default Rate: (a) on any amount payable under this contract which is not paid when due; and (b) on any judgement for money payable under this contract. (2) Interest continues to accrue: (a) under clause 9.9(1)(a), from the date it is due until paid; and (b) under clause 9.9(1)(b), from the date of judgement until paid. (3) Any amount payable under clause 9.9(1)(a) in respect of a period prior to settlement must be paid by the Buyer at settlement. If this contract is terminated or if any amount remains unpaid after settlement, interest continues to accrue. (4) Nothing in this clause affects any other rights of the Seller under this contract or at law.
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Samples: Contract for Residential Lots in a Community Titles Scheme, Contract for Houses and Residential Land, Contract for Residential Lots in a Community Titles Scheme
Interest on Late Payments. (1) The Buyer must pay interest at the Default Rate:
(a) on any amount payable under this contract which is not paid when due; and
(b) on any judgement for money payable under this contract.
(2) Interest continues to accrue:
(a) under clause 9.9(1)(a), from the date it is due until paid; and
(b) under clause 9.9(1)(b), from the date of judgement until paid.
(3) Any amount payable under clause 9.9(1)(a) in respect of a period prior to settlement must be paid by the Buyer at settlement. If this contract is terminated or if any amount remains unpaid after settlement, interest continues to accrue.
(4) Nothing in this clause affects any other rights of the Seller under this contract or at law.
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