Common use of Non-Payment – Late payment Clause in Contracts

Non-Payment – Late payment. In the event any compensation is not paid when due, it will accrue interest at the rate of ten percent (10%) for the first thirty (30) days then the non-payment of compensation or late payment will accrue interest at the maximum allowable rate until paid. If any compensation is not paid after ninety days, the Consultant may elect to accept common stock in lieu of cash payment.