Common use of Late Payments and Calculation of Interest Clause in Contracts

Late Payments and Calculation of Interest. 7.3.1 If the Buyer fails to make any payment under the Agreement, the Buyer shall, from the due date of such payment, pay interest of the unpaid amount at a rate of one (1)% per month. Such interest shall be payable without any further notice from the Seller to the Buyer. 7.3.2 If the Products are to be delivered successively, the Seller is entitled to withhold a delivery if the Buyer has defaulted on payment for one or more previous deliveries.