Common use of Late Fees Clause in Contracts

Late Fees. In the event that Permittee shall fail to pay the Annual Permit Fee on or before the day which is thirty (30) days after the day on which payment is due, there shall be finance charges added to such unpaid amount beginning with the date the invoice was due at an annual percentage rate of the lesser of ten (10%) or the highest rate allowed by applicable law until paid. In addition to the finance charges, there will be a twenty-five dollar ($25) late fee added to the unpaid amount thirty (30) days after the date the installment was due. The late fee and finance charges will be added in order to compensate Authority for the extra administrative expenses incurred in collecting delinquent accounts. The late fee and finance charges may be adjusted periodically by the Authority, as approved by Authority’s Board of Directors.

Late Fees. In the event that Permittee shall fail to pay the Annual Permit Fee on or before the day which is thirty (30) days after the day on which payment is due, there shall be finance charges added to such unpaid amount beginning with the date the invoice was due at an annual percentage rate of the lesser of ten (10%) or the highest rate allowed by applicable law until paid. In addition to the finance charges, there will be a twenty-five dollar ($2525.00) late fee added to the unpaid amount thirty (30) days after the date the installment was due. The late fee and finance charges will be added in order to compensate Authority for the extra administrative expenses incurred in collecting delinquent accounts. The late fee and finance charges may be adjusted periodically by the Authority, as approved by Authority’s Board of Directorsat its sole discretion.