Interest on overdue payment Clause Samples
The 'Interest on overdue payment' clause establishes that if a payment is not made by its due date, the party owing the money must pay additional interest on the overdue amount. Typically, this clause specifies the interest rate to be applied, how it is calculated (such as daily or monthly), and when the interest begins to accrue. Its core function is to incentivize timely payments and compensate the party awaiting payment for the delay, thereby reducing the risk of late payments and providing a clear consequence for non-compliance.
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Interest on overdue payment. Any undisputed sums past due hereunder by thirty (30) days or more, shall bear interest at nine percent (9%) per annum, calculated from the date such sum is due.
Interest on overdue payment. If a Party Defaults in due and punctual payment of a Tax Invoice:
(a) clauses 27.1 to 28.1(d)(i) apply; and
(b) the overdue payments attract interest payable at the Prescribed Rate from the Due Date of the Tax Invoice until the Default is remedied.
Interest on overdue payment. In the event that the Purchaser does not fulfil its payment obligations, the Contractor is entitled to interest pursuant to act of 17 December 1976 relating to interest on overdue payment etc.
Interest on overdue payment. If User Defaults in due and punctual payment of a Tax Invoice:
(a) clauses 28.1 to 29.1(d)(i) apply; and
(b) the overdue payment attracts interest payable at the Prescribed Rate from the Due Date of the Tax Invoice until the Default is remedied.
Interest on overdue payment. If there are no reason to complaints regarding delivery or invoices and SLL does not effect payment of an invoice within the time stipulated in section 9.3 above, the Supplier shall be entitled to interest on overdue payment equivalent to the interest rate stipulated in 6 § of the Swedish Interest Act (1975:635) until SLL has effected payment.
Interest on overdue payment. Payments due and unpaid under the Contract Documents shall bear interest from the date payment is due. The rate of interest that accrues on an overdue payment is the rate in effect on September 1 of the fiscal year in which the payment becomes overdue. The rate in effect on September 1 is equal to the sum of one percent and the prime rate as published in the Wall Street Journal on the first day of July of the preceding fiscal year that does not fall on a Saturday or Sunday. Interest on an overdue payment stops accruing on the date the governmental entity or vendor mails or electronically transmits the payment.
Interest on overdue payment. The Client agrees that in addition to all other rights and remedies of the Consultant if the Client fails to pay all moneys as and when due, the Consultant shall be entitled to payment of interest on overdue accounts. The interest shall be calculated on daily balances at the current CBA Corporate Overdraft Reference Rate plus 2% per annum on all moneys which are not paid by the due date.
Interest on overdue payment. In the event that the obligations under the Secured Note are not paid in full when due or after acceleration by SSi pursuant to the terms hereof, any unpaid principal and interest under the Secured Note shall bear interest from such date, at a fluctuating rate per annum equal to the Prime Rate plus 5%, or the highest rate per annum permitted by applicable law, whichever is less, until paid in full, whether before or after judgment. For purposes of this Agreement, "Prime Rate" means the rate publicly announced from time to time by First Interstate Bank as its prime rate.
Interest on overdue payment. If the Customer fails to make payment at the agreed time, the Supplier shall be entitled to interest on the amount overdue for payment pursuant to the act of 17 December 1976, no. 100 relating to interest on overdue payments, etc.