Late Payment and other Charges Sample Clauses
The 'Late Payment and other Charges' clause establishes the consequences and additional fees that apply when a party fails to make payments on time under the agreement. Typically, this clause specifies the interest rate or penalty fee that will accrue on overdue amounts and may outline other administrative charges or costs incurred due to late payment. Its core practical function is to incentivize timely payments, compensate the non-breaching party for delays, and provide a clear mechanism for handling late payments, thereby reducing disputes and financial uncertainty.
Late Payment and other Charges. Any invoice not properly disputed as provided below and not paid in full by the stated date on the invoice shall be subject to a late payment charge of one and one-half percent (1.5%) or twenty-five dollars ($25.00) per credit bureau report, service and/or solution, whichever is greater, per month on the delinquent account balance until paid in full.
a. NCC reserves the right to assess a fee of $25.00 for any check returned for insufficient funds or not paid when presented for payment.
Late Payment and other Charges a. Resident agrees to pay a late charge of $23 if Resident’s payment is not received in the Central Cashier’s Office by the payment due date. The Resident and the University agree that University will sustain damage resulting from any late payment, including but not limited to added accounting, administrative, and management expenses and costs, and that it will be impracticable and extremely difficult to specify the actual amount of such damage. The parties agree that this late payment charge represents a fair and reasonable estimate of damages that University will incur by reason of the late payment, and such charges are accepted as the amount of liquidated damages. Resident bears the risk of loss or delay of any payment made by mail. This late charge, which shall be considered to be “additional rent,” does not establish a grace period; the University may serve a Three-Day Notice to Pay Rent or Quit if rent is not paid on its due date.
b. Resident shall pay a one-time $20 activity fee which is required regardless of the effective date of the Contract.
c. If Resident chooses to have a monthly or quarterly installment payment plan, Resident shall also pay a one-time $30 administrative charge for ▇▇▇▇▇▇▇▇.
d. If Resident passes a check or e-check of insufficient funds, Resident agrees to pay the University for the amount of the check or e-check plus a service charge of $35. The University may refuse a personal check as the form of room and board payment to cure a Three-Day Notice to Pay Rent or Quit.
e. Keys are given to Resident upon move-in. It is a breach of Contract to duplicate University keys, and violators will be subject to disciplinary action. Additional locks or deadbolts are not to be installed by Resident. In the event of lost, stolen, or misplaced keys, and/or damaged locks, Resident agrees to pay $120 for a non-electronic key to the front/main door, $10 for non-electronic key to the bedroom, mailbox, or any other issued key, and $450 for repair and/or replacement of an electronic lock caused by intentionally tampering or damaging an electronic lock.
Late Payment and other Charges