Common use of Penalties for Late or Underpayment Clause in Contracts

Penalties for Late or Underpayment. In the event of any delay in paying any of the fees or Taxes listed above in Sections 11.02 (a)-(d) Project Company shall be fined two percent (2%) of each annual fee, for every month that payment is delayed. In the event the Project Company has, pursuant to this Agreement, underpaid its Taxes, Government shall, subject to Lao PDR Law, assess interest and penalties over such unpaid fees or Taxes. If Project Company has overpaid its fees or Taxes, then it shall be entitled to reimbursement or credit against Taxes then or thereafter due to Government, in accordance with Lao PDR Law.

Penalties for Late or Underpayment. In the event of any delay in paying any of the fees or Taxes listed above in Sections 11.02 10.02 (a)-(da)-(e) Project Company shall be fined two percent (2%) of each annual fee, for every month that payment is delayed. In the event the Project Company has, pursuant to this Agreement, underpaid its Taxes, Government shall, subject to Lao PDR Law, assess interest and penalties over such unpaid fees or Taxes. If Project Company has overpaid its fees or Taxes, then it shall be entitled to reimbursement or credit against Taxes then or thereafter due to Government, in accordance with Lao PDR Law.