Common use of Interest on Outstanding Balance Clause in Contracts

Interest on Outstanding Balance. If you fail to make a payment in full or in part, the outstanding balance shall bear interest from the Value Date at the rate of 4 per cent per annum above the base rate of the Bank of England. Such interest / charges will accrue from the due date until Xendpay are in receipt of settlement in full, in clear funds by the Client.

Interest on Outstanding Balance. If you fail to make a payment in full or in part, the outstanding balance shall bear interest from the Value Date at the rate of 4 per cent per annum above the base rate of the Bank of England. Such interest / charges will accrue from the due date until Xendpay RationalFX are in receipt of settlement in full, in clear funds by the Client.