Common use of INTEREST ON OVERDUE INSTALMENTS Clause in Contracts

INTEREST ON OVERDUE INSTALMENTS. 6.1 Unless otherwise provided herein, all monies payable by the PURCHASER in terms hereof and unpaid on due date shall bear interest at 3% (three percent) above the prime bank commercial overdraft lending rate charged by ABSA Bank on an unsecured basis from time to time. (In the case of a dispute as to the rate so payable, the rate shall be certified by any manager or assistant manager of any branch of the said bank, whose decision shall be final and binding on the parties.) 6.2 Interest as aforesaid shall be calculated from the due date for payment of the unpaid amount to the actual date of payment thereof (both dates inclusive) which interest shall be capitalized monthly in arrears on the last day of each calendar month that such amount remains unpaid. 6.3 Each payment made by the PURCHASER shall be allocated first to the payment of interest and then to the payment of any other monies due in terms hereof and thereafter to the reduction of the purchase price. 6.4 In the event of a delay in the Registration of Transfer attributable (directly or indirectly) to the PURCHASER, the PURCHASER shall be liable to the SELLER for interest, at the rate referred to in Clause 6.1, on the purchase price reckoned from the date which the SELLER’S ATTORNEYS certify Registration of Transfer would in their opinion have been effected had it not been for such a delay, until the actual date of Registration of Transfer. The said certificate of the SELLER’S ATTORNEYS shall be final and binding on the parties. 6.5 In the event that there is a delay in the OCCUPATION DATE, the delay being attributable (directly or indirectly) to the PURCHASER, the PURCHASER shall be liable to the SELLER for interest, at the rate referred to in clause 6.1, on the purchase price reckoned from the date the ARCHITECT certifies the UNIT would have been ready for beneficial occupation had it not been for such delay, until the OCCUPATION DATE. The ARCHITECT’S said certificate shall be final and binding on the parties.