Common use of Late Payments and Interest Clause in Contracts

Late Payments and Interest. Should Owner fail to timely pay as required by Section 4.3.3, CM/GC shall provide Notice to Owner in writing by certified mail. If Owner fails to pay within seven (7) days of receipt of the Notice, CM/GC shall receive, in addition to the payment due, interest thereon at the rate of one half percent (1/2%) per month.

Late Payments and Interest. Should the Owner fail to timely pay as required by Section 4.3.3this Section, the CM/GC shall provide Notice to notify the Owner in writing by certified mail. If the Owner fails to pay within seven (7) five business days of receipt of the Noticenotice, the CM/GC shall receive, in addition to the payment due, interest thereon at the rate of one half percent (1/2%) per month.