Common use of Interest Penalty Clause in Contracts

Interest Penalty. The designated payment office will pay an interest penalty automatically, without request from the Contractor, if payment is not made by the due date and the conditions listed in paragraphs (a)(4)(i) through (a)(4)(iii) of this clause are met, if applicable. However, when the due date falls on a Saturday, Sunday, or legal holiday, the designated payment office may make payment on the following working day without incurring a late payment interest penalty.

Interest Penalty. The An interest penalty shall be paid automatically by the designated payment office will pay an interest penalty automaticallyoffice, without request from the Contractor, if payment is not made by the due date and the conditions listed in paragraphs (a)(4)(ia) (4) (i) through (a)(4)(iiia) (4) (iii) of this clause are met, if applicable. However, when the due date falls on a Saturday, Sunday, or legal holidayholiday when Federal Government offices are closed and Government business is not expected to be conducted, the designated payment office may make payment be made on the following working business day without incurring a late payment interest penalty.

Interest Penalty. The An interest penalty shall be paid automatically by the designated payment office will pay an interest penalty automaticallyoffice, without request from the Contractor, if payment is not made by the due date and the conditions listed in paragraphs (a)(4)(ia)(4)(1) through (a)(4)(iii) of this clause are met, if applicable. However, when the due date falls on a Saturday, Sunday, or legal holidayholiday when Federal Government offices are closed and Government business is not expected to be conducted, the designated payment office may make payment be made on the following working business day without incurring a late payment interest penalty. (i) A proper invoice was received by the designated billing office.