Common use of Penalty For Late Payments Clause in Contracts

Penalty For Late Payments. Many Lessors will seek to impose a penalty amount when the Lessee does not pay the equipment rental amount on time. If this will be the case, then the number of days after a missed payment’s due date should be set as a grace period made given to the Lessee. It will be expected that the first day the penalty is added to the Equipment Xxxxxx’s account will be the final day of the grace period. Additionally, a record of the exact penalty amount should be solidified in the statement being made. Once done, this statement shall declare that upon a certain number of days after the missed payment date, the penalty amount will be added to the Lessee’s bill. (11)

Penalty For Late Payments. Many Lessors will seek to impose a penalty amount when the Lessee does not pay the equipment rental amount on time. If this will be the case, then the number of days after a missed payment’s due date should be set as a grace period made given to the Lessee. It will be expected that the first day the penalty is added to the Equipment XxxxxxLessee’s account will be the final day of the grace period. Additionally, a record of the exact penalty amount should be solidified in the statement being made. Once done, this statement shall declare that upon a certain number of days after the missed payment date, the penalty amount will be added to the Lessee’s billxxxx. (11)