Common use of Payment Due Dates and Interest Clause in Contracts

Payment Due Dates and Interest. Should the Owner fail to pay a proper invoice within thirty calendar days of receipt by the Owner of the certification of the Application for Payment by the Design Professional., the Contractor shall notify the Owner in writing by certified or statutory mail and shall reference O.C.G.A § 13-4-4 (mutual departure from contract terms) . If the Owner fails to pay within five business days of receipt of the notice, the Contractor shall receive, in addition to the sum named in the proper invoice, interest thereon at the rate of one half percent per month on the unpaid balance as may be due.