Common use of INTEREST ON UNPAID MONIES Clause in Contracts

INTEREST ON UNPAID MONIES. Any monies payable under this Contract, (or any judgment given in respect of this Contract) not paid when due, will attract Interest from the due date to the date of payment at the rate prescribed in Item 21 and the party, to whom those monies are owed, when such monies are paid, may recover the interest thereon from the other party as liquidated damages.

INTEREST ON UNPAID MONIES. Any monies payable under this Contract, (or any judgment given in respect of this Contract) not paid when due, will attract Interest from the due date date, to the date of payment at the rate prescribed in Item 21 (21) and the party, to whom those monies are owed, when such monies are paid, may recover the interest thereon from the other party as liquidated damages.