LATE PAYMENT/PREPAYMENT Clause Samples
The LATE PAYMENT/PREPAYMENT clause governs the terms under which payments may be made after their due date or ahead of schedule. It typically outlines any penalties, interest charges, or fees that apply if a payment is late, as well as the conditions under which a party may pay off their obligations early, sometimes specifying whether prepayment penalties or discounts apply. This clause ensures both parties understand the financial consequences of deviating from the agreed payment schedule, thereby promoting timely payments and providing flexibility for early settlement while protecting the interests of the receiving party.
LATE PAYMENT/PREPAYMENT. Any payment not made within 30 days after it is due is subject to a late charge of $ 25.00 or --5--% of the installment due. Amounts in default shall bear interest at a rate of 14 % per annum. All or part of the principal balance on the Note may be paid prior to maturity without penalty.
LATE PAYMENT/PREPAYMENT. Any installment payment not made within five (5) days after the due date thereof shall be subject to a late charge of five percent (5%) of the amount due. All amounts in default shall bear interest at a rate of eighteen percent (18%) per annum. All or part of the principal balance on the Note may be paid in whole or in part at any time prior to maturity without penalty.