Common use of PAYMENTS Clause in Contracts

PAYMENTS. Licensee acknowledges and confirms that timely payment(s) in accordance with the Payment Schedule in Article 8 of the Special Terms and Conditions shall be of the essence of this Agreement and a condition precedent for the grant of rights herein. In the event of any late payment, and notwithstanding any rights and remedies available to Licensor at law and in equity, Licensee shall pay to Licensor interest thereon in the sum of 5% per annum until paid. Licensee shall pay to Licensor any and all costs, including reasonable attorneys’ fees, incurred by Licensor in collecting any sums due hereunder.

PAYMENTS. Licensee acknowledges and confirms that timely payment(s) in accordance with the Payment Schedule in Article 8 10 of the Special Terms and Conditions shall be of the essence of this Agreement and a condition precedent for the grant of rights herein. In the event of any late payment, and notwithstanding any rights and remedies available to Licensor at law and in equity, Licensee shall pay to Licensor interest thereon in the sum of 5% per annum until paid. Licensee shall pay to Licensor any and all costs, including reasonable attorneys’ fees, incurred by Licensor in collecting any sums due hereunder.