Common use of Unpaid Debts Clause in Contracts

Unpaid Debts. Interest will be charged each month on any unpaid balance at the rate of one percent per month, or fraction thereof (12% APR). In the event of unpaid debts the University and State of Oregon collection procedures will prevail and collection charges will be assessed. You will be responsible for attorney fees and any other costs and charges incurred in the enforcement of collection. The debt may be assigned to a commercial collection agency and/or the Department of Revenue, and will be assessed a 15% - 25% referral charge. In addition, the collection agency will add the cost of their service to your account. The collection fees could range from 20% - 33% of the amount referred. You are responsible for keeping the University Business Office informed of any name or address change until all liabilities and claims, if any, have been met satisfactorily. Unpaid debts to the University may preclude subsequent enrollment in the University. Upon leaving the residence halls, the outstanding balance of this contract becomes due.