Common use of Overdue Accounts Clause in Contracts

Overdue Accounts. The Recipient shall pay, where the account is overdue and in addition to any amount payable, interest on that amount at the Interest Rate, in accordance with the Interest and Administrative Charges Regulations, which may be amended from time to time. The interest, calculated daily and compounded monthly, will accrue starting on the Due Date and ending on the day before the date on which the payment is received by the Agency.

Overdue Accounts. The Recipient shall pay, where the account is overdue and in addition to any amount payable, interest on that amount at the Interest Rate, in accordance with the Interest and Administrative Charges Regulations, which may be amended from time to timeRegulation. The interest, calculated daily and compounded monthly, will shall accrue starting on the Due Date and ending on the day before the date on which the payment is received by the Agency.