Penalty for Delayed Payments Sample Clauses
The Penalty for Delayed Payments clause establishes a financial consequence for parties who fail to make payments by the agreed-upon due date. Typically, this clause specifies a fixed fee or an interest rate that accrues on overdue amounts, applying to invoices or scheduled payments that remain unpaid beyond the deadline. By imposing a monetary penalty, the clause incentivizes timely payment and compensates the receiving party for the inconvenience or financial impact of late payments.
Penalty for Delayed Payments. If the Authorisee fails to make the Annual Lease rental payments to TSRTC, the Advance Annual Lease Rentals(Security Deposit), (6 months payments on advance basis) and yearly enhancement of advance Annual Lease Rental within the stipulated period, a penalty @ 18% per annum on the outstanding amounts would be effective from and including the due date to excluding the date of payment.
Penalty for Delayed Payments. The Municipality shall pay interest at an annual rate equal to ▇▇▇▇▇ Fargo Bank, N.A.’s prime rate plus one and one-half percent (1 ½%) (said amount of interest not to exceed any limitation provided by law) on Fees not paid and received within sixty (60) days from date of receipt by the Consultant’s monthly invoice, such interest being calculated from the due date of the payment, so long as said delay is not caused by the Consultant.
Penalty for Delayed Payments. Penal / Overdue Charges 3% per month till the time such amounts remain unpaid
Penalty for Delayed Payments. Payments owed to the Consultant but not made within sixty (60) days of the receipt of an invoice shall bear simple interest at the rate of one percent (1%) per month commencing upon the 61st day following such invoice receipt where the Consultant affirmatively advises the Municipality in writing following the Due Date but prior to the 61st day following the receipt of an invoice that it will seek interest on an unpaid invoice.