Common use of Payment and Deposit Clause in Contracts

Payment and Deposit. 4.1 Within 7 days of the Booking Date, the Hirer shall pay a deposit to the Manager calculated by reference to the agreed Charge Method as follows: 4.1.1 for the Package Rate Option, 50% of the amount payable based on the Minimum Number or the confirmed numbers of Invitees under clause 3.2.2 (whichever is higher at that point); or 4.1.2 for the Room Hire Option, 50% of each of the Room Hire Charge, the Equipment Charge, the Service Charge and the Catering Char ge based on the Minimum Number or the confirmed numbers of Invitees under clause 3.1.3(b) (whichever is higher at that point), 4.2 and the amount of the deposit paid (and any additional deposit paid under this clause 4) will be credited against the overall charges. In the event of a cancellation, the deposit (and any additional deposit paid under this clause 4) will be used towards satisfaction of any cancellation charges incurred under clause 5, and any balance not used towards satisfaction of any cancellation charges and/or any other liabilities owing to the Manager or the Owner shall be refunded. 4.3 If, after payment of the deposit but before payment of the balance, there is an increase to the Minimum Number or the confirmed number of Invitees under clause 3.1.3(b) or clause 3.2.2 (whichever is applicable) or if there is any other change which resu lts in an increase in any of the overall charges payable by the Hirer, the deposit shall be recalculated in accordance with clause 4.1 but taking account of any and all such aforementioned applicable increases, as known at that point, and the Hirer shall, on demand pay to the Manager the difference between the previous deposit(s) paid and the recalculated deposit. 4.4 The full balance of all outstanding sums (or as close to full balance as can be ascertained at that point) shall be paid no later than one month before the start of the Hire Period. If a booking is confirmed less than one month before the start of the Hir e Period starts, full payment (or as close to full payment as can be ascertained at that point) is required to be paid on the Bookin g Date, as follows, depending upon the agreed Charge Method: a) for the Package Rate Option, 100% of the amount payable under the Package Rate Option based on the Minimum Number or the confirmed numbers of Invitees under clause 3.2.2 (whichever is higher at that point); or b) for the Room Hire Option 100% of each of the Room Hire Charge, the Equipment Charge, the Service Charge and the Catering Charge based on the Minimum Number or the confirmed numbers of Invitees under clause 3.1.3(b) (whichever is higher at that point). 4.5 If there is an increase to the Minimum Number or the confirmed number of Invitees under clause 3.1.3(b) or clause 3. 2.2 (whichever is applicable) or if there is any other change which results in an increase in any of the overall charges payable by the Hirer, following payment of the balance (or, as the case may be, the full payment) under clause 4.4, the Hirer shall pay to the Manager, on demand, the full balance owing in respect of such increase or change (or as close to full balance as can be ascertained at that point). 4.6 An invoice for any and all outstanding charges and/or further charges payable by the Hirer, beyond those already paid, will b e issued after the Hire Period and shall be paid by the Hirer within 30 days of issue. 4.7 In the event that the Hirer makes an overpayment, the Manager, shall pay the amount of such overpayment to the Hirer within 30 days after the end of the Hire Period, to the extent that such amount still constitutes an overpayment at that point. 4.8 All prices in relation to this Agreement are stated exclusive of VAT and VAT shall be payable by the Hirer in addition where applicable. 4.9 If the Hirer fails to pay any amount properly due and payable by it under this Agreement, the Manager shall have the right to charge interest on the overdue amount at the rate of 4% per annum above the base rate for the time being of HSBC Bank Plc accruing on a daily basis from the date of default up to the date of actual payment, whether before or after judgment.

Appears in 2 contracts

Samples: Terms & Conditions, Terms & Conditions

AutoNDA by SimpleDocs

Payment and Deposit. 4.1 Within 7 days of the Booking Date, the Hirer shall pay a deposit to the Manager calculated by reference to the agreed Charge Method as follows: 4.1.1 for the Package Rate Option, 50% of the amount payable based on the Minimum Number or the confirmed numbers of Invitees under clause 3.2.2 (whichever is higher at that point); or 4.1.2 for the Room Hire Option, 50% of each of the Room Hire Charge, the Equipment Charge, the Service Charge and the Catering Char ge Charge based on the Minimum Number or the confirmed numbers of Invitees under clause 3.1.3(b) (whichever is higher at that point), 4.2 , and the amount of the deposit paid (and any additional deposit paid under this clause 4) will be credited against the overall charges. In the event of a cancellation, the deposit (and any additional deposit paid under this clause 4) will be used towards satisfaction of any cancellation charges incurred under clause 5, and any balance not used towards satisfaction of any cancellation charges and/or any other liabilities owing to the Manager or the Owner shall be refunded. 4.3 4.2 If, after payment of the deposit but before payment of the balance, there is an increase to the Minimum Number or the confirmed number of Invitees under clause 3.1.3(b) or clause 3.2.2 (whichever is applicable) or if there is any other change which resu lts results in an increase in any of the overall charges payable by the Hirer, the deposit shall be recalculated in accordance with clause 4.1 but taking account of any and all such aforementioned applicable increases, as known at that point, and the Hirer shall, on demand pay to the Manager the difference between the previous deposit(s) paid and the recalculated deposit. 4.4 4.3 The full balance of all outstanding sums (or as close to full balance as can be ascertained at that point) shall be paid no later than one month before the start of the Hire Period. If a booking is confirmed less than one month before the start of the Hir e Hire Period starts, full payment (or as close to full payment as can be ascertained at that point) is required to be paid on the Bookin g Booking Date, as follows, depending upon the agreed Charge Method: : a) for the Package Rate Option, 100% of the amount payable under the Package Rate Option based on the Minimum Number or the confirmed numbers of Invitees under clause 3.2.2 (whichever is higher at that point); or b) for the Room Hire Option 100% of each of the Room Hire Charge, the Equipment Charge, the Service Charge and the Catering Charge based on the Minimum Number or the confirmed numbers of Invitees under clause 3.1.3(b) (whichever is higher at that point). 4.5 If there is an increase to the Minimum Number or the confirmed number of Invitees under clause 3.1.3(b) or clause 3. 2.2 (whichever is applicable) or if there is any other change which results in an increase in any of the overall charges payable by the Hirer, following payment of the balance (or, as the case may be, the full payment) under clause 4.4, the Hirer shall pay to the Manager, on demand, the full balance owing in respect of such increase or change (or as close to full balance as can be ascertained at that point). 4.6 An invoice for any and all outstanding charges and/or further charges payable by the Hirer, beyond those already paid, will b e issued after the Hire Period and shall be paid by the Hirer within 30 days of issue. 4.7 In the event that the Hirer makes an overpayment, the Manager, shall pay the amount of such overpayment to the Hirer within 30 days after the end of the Hire Period, to the extent that such amount still constitutes an overpayment at that point. 4.8 All prices in relation to this Agreement are stated exclusive of VAT and VAT shall be payable by the Hirer in addition where applicable. 4.9 If the Hirer fails to pay any amount properly due and payable by it under this Agreement, the Manager shall have the right to charge interest on the overdue amount at the rate of 4% per annum above the base rate for the time being of HSBC Bank Plc accruing on a daily basis from the date of default up to the date of actual payment, whether before or after judgment.

Appears in 2 contracts

Samples: Terms & Conditions, Terms & Conditions

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!