Common use of Late Payment and other Charges Clause in Contracts

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.

Late Payment and other Charges. a. Resident agrees to pay a late charge of $23 20 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.