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 Authority, in the event the Contractor fails to make deposits of Operating Receipts according to the deposit schedule approved by the Authority, late charges may be assessed for each day in which the deposits have not been made. Late charges may consist of interest and penalties. (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 thirty (30) days past due.

Interest, Penalties, and Late Charges. (1) Without waiving any other right of action available to the Authority, in the event the Contractor fails to make deposits of Operating Receipts according to the deposit schedule approved by the Authority, the Authority may assess late charges may be assessed for each day in which the deposits have not been made. Late charges may consist of interest and penalties. (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 thirty (30) days past due.