Common use of Late Fee Penalty Clause in Contracts

Late Fee Penalty. There may be times when one or more Roommates face the possibility of failing to submit the rent in a timely manner. If the Landlord intends to impose a late fee upon a Roommate who has not paid the rent after a certain number of days then select the checkbox corresponding to the “Late Fee” statement in Article VI. (22) Late Fee Details. Document the late fee amount that will be assessed to a Roommate’s account if he or she has not paid rent within a given number of days from its due date and the maximum number of days that may pass after the due date when an unpaid rent bill may be satisfied without this penalty being imposed to the spaces provided.