Common use of Interest; Penalties Clause in Contracts

Interest; Penalties. We may not charge you a penalty if you pay the Resident's itemized statement on time. Payment is on time if it is made within 45 days of the date the bill is postmarked, or 30 days after the end of the billing period, whichever is later. The interest penalty we charge is

Interest; Penalties. We may not charge you a penalty if you pay the Resident's itemized statement on time. Payment is on time if it is made within 45 days of the date the bill is postmarked, or 30 days after the end of the billing period, whichever is later. The interest penalty we charge isis ____% of the amount due, calculated on either a ( ) daily or ( ) monthly basis. For any bill delinquent over one month, penalties will be calculated on either a ( ) simple or ( ) compound basis.4