Payment of Assessments. Each MEMBER shall promptly pay all assessments hereunder, and in each case no later than the forty-fifth (45th) day after the BOARD has given the MEMBER written notice of the assessment, with no grace period whatsoever. Thereafter, payment is subject to a 5% penalty with the interest of 1½% per month or portion thereof.
Appears in 4 contracts
Samples: Joint Self Insurance Agreement, Joint Self Insurance Agreement, Joint Self Insurance Agreement
Payment of Assessments. Each MEMBER shall promptly pay all assessments hereunder, and in each case no later than the forty-fifth (45th) day after the BOARD has given the MEMBER written notice of the assessment, with no grace period whatsoever. Thereafter, payment is subject to a 5% penalty with the interest of 1½% 1 ½% per month or portion thereof.
Appears in 1 contract
Samples: Joint Self Insurance Agreement
