Common use of Overdue Payments Clause in Contracts

Overdue Payments. Any payment owed by Medical Practice to Modernizing Medicine hereunder and not paid to Modernizing Medicine from Medical Practice’s account (e.g. due to low balance, a stop payment order, or any other reason) (an “Overdue Payment”) may accrue, at Modernizing Medicine’s discretion, late charges at the rate of one and one-half percent (1.5%) of the outstanding balance per month, or at the maximum rate permitted by law, whichever is lower, from the date such payment was due until the date paid.