Common use of Penalty Interest Clause in Contracts

Penalty Interest. ‌ (a) The Owner shall pay penalty interest on any amount of a Charge Payment:‌ (i) which the Owner is liable to pay; and (ii) which has not been paid by the Owner by the Charge Payment Date, calculated at the rate for the time being fixed under section 2 of the Penalty Interest Rates Xxx 0000 (Vic) (“Penalty Interest”). (b) The Penalty Interest must be calculated, paid by the Owner and recovered by Council in accordance with sections 172(2), 172(2A) and 172(4) of the Local Government Act.

Penalty Interest. ‌ (a) The Owner shall pay penalty interest on any amount of a Charge Payment:‌Payment: (i) which the Owner is liable to pay; and (ii) which has not been paid by the Owner by the Charge Payment Date, calculated at the rate for the time being fixed under section 2 of the Penalty Interest Rates Xxx 0000 (Vic) (“Penalty Interest”). (b) The Penalty Interest must be calculated, paid by the Owner and recovered by Council MCC in accordance with sections 172(2), 172(2A) and 172(4) of the Local Government Act.

Penalty Interest. ‌ (a) The Owner shall pay penalty interest on any amount of a Charge Payment:‌ (i) which the Owner is liable to pay; and (ii) which has not been paid by the Owner by the Charge Payment Date, calculated at the rate for the time being fixed under section 2 of the Penalty Interest Rates Xxx 0000 (Vic) (“Penalty Interest”). (b) The Penalty Interest must be calculated, paid by the Owner and recovered by Council WCC in accordance with sections 172(2), 172(2A) and 172(4) of the Local Government Act.

Penalty Interest. ‌ (a) The Owner shall pay penalty interest on any amount of a Charge Payment:‌Payment: (i) which the Owner is liable to pay; and (ii) which has not been paid by the Owner by the Charge Payment Date, calculated at the rate for the time being fixed under section 2 of the Penalty Interest Rates Xxx 0000 Act 1983 (Vic) (“Penalty Interest”). (b) The Penalty Interest must be calculated, paid by the Owner and recovered by Council in accordance with sections 172(2), 172(2A) and 172(4) of the Local Government Act.Act.‌‌

Penalty Interest. ‌ (a) The Owner shall pay penalty interest on any amount of a Charge Payment:‌Payment: (i) which the Owner is liable to pay; and (ii) which has not been paid by the Owner by the Charge Payment Date, calculated at the rate for the time being fixed under section 2 of the Penalty Interest Rates Xxx 0000 (Vic) (“Penalty Interest”). (b) The Penalty Interest must be calculated, paid by the Owner and recovered by Council INSERT COUNCIL ABBREVIATION in accordance with sections 172(2), 172(2A) and 172(4) of the Local Government Act.

Penalty Interest. ‌ (a) The Owner shall pay penalty interest on any amount of a Charge Payment:‌ (i) Payment: which the Owner is liable to pay; and (ii) and which has not been paid by the Owner by the Charge Payment Date, calculated at the rate for the time being fixed under section 2 of the Penalty Interest Rates Xxx 0000 (Vic) (“Penalty Interest”). (b) . The Penalty Interest must be calculated, paid by the Owner and recovered by Council [INSERT LOCAL GOVERNMENT ABBREVIATION] in accordance with sections 172(2), 172(2A) and 172(4) of the Local Government Act.