Common use of LATE PAYMENT COMPENSATION (TA’WIDH Clause in Contracts

LATE PAYMENT COMPENSATION (TA’WIDH. (a) In the event of delay or failure to pay any of the monthly payment(s) or any other payment(s) on the due date from the date of the first disbursement of the Facility until the final payment date of the Selling Price, the Customer shall pay to the Bank the late payment compensation at the prevailing rate as prescribed in the Letter of Offer. The late payment compensation shall be computed on a monthly basis.

LATE PAYMENT COMPENSATION (TA’WIDH. (a) In the event of delay or failure to pay any of the monthly payment(s) or any other payment(s) on the due date from the date of the first disbursement of the Facility until the final payment date of the Selling Deferred Sale Price, the Customer shall pay to the Bank the late payment compensation at the prevailing rate as prescribed in the Letter of Offer. The late payment compensation shall be computed on a monthly basis.