Common use of Interest, Penalties, and Late Charges Clause in Contracts

Interest, Penalties, and Late Charges. 1. Without waiving any other right of action available to the Airports Authority in the event of default in payment of charges and fees hereunder, if the Contractor fails to make a payment when due and said failure continues for a consecutive period of thirty (30) Days, the Airports Authority will assess late charges. Late charges may consist of interest and penalties. Thereafter, late charges will be assessed for each additional 30-Day period or portion thereof that the payment is late. 2. The interest rate shall be at the rate per annum which is four percent (4%) higher than the prime rate as published in The Wall Street Journal on the date such payment was due. 3. In addition to interest, monthly late penalty charges at the rate of six percent (6%) per annum (or as established periodically) of the amount due will be assessed on the unpaid portion of accounts more than ninety (90) Days past due.

Interest, Penalties, and Late Charges. 1. Without waiving any other right of action available to the Airports Authority in the event of default in payment of charges and fees hereunder, if the Contractor fails to make a payment when due and said failure continues for a consecutive period of thirty (30) Daysdays, the Airports Authority late charges will assess late chargesbe assessed. Late charges may consist of interest and penalties. Thereafter, late charges will be assessed for each additional 30-Day day period or portion thereof that the payment is late. 2. The interest rate shall be at the rate per annum which is four percent (4%) higher than the prime rate as published in The Wall Street Journal on the date such payment was due. 3. In addition to interest, monthly late penalty charges at the rate of six percent (6%) per annum (or as established periodically) of the amount due will be assessed on the unpaid portion of accounts more than ninety (90) Days days past due.

Interest, Penalties, and Late Charges. (1. ) Without waiving any other right of action available to the Airports Authority in the event of default in payment of charges and fees hereunder, if the Contractor fails to make a payment when due and said failure continues for a consecutive period of thirty (30) Daysdays, the Airports Authority late charges will assess late chargesbe assessed. Late charges may consist of interest and penalties. Thereafter, late charges will be assessed for each additional 30-Day thirty (30)-day period or portion thereof that the payment is late. (2. ) The interest rate shall be at the rate per annum which is four percent (4%) higher than the prime rate as published in The Wall Street Journal on the date such payment was due. (3. ) In addition to interest, monthly late penalty charges at the rate of six percent (6%) per annum (or as established periodically) of the amount due will be assessed on the unpaid portion of accounts more than ninety (90) Days days past due.