Payment Default. If the CUSTOMER has not made payment by the end of the payment period, it will auto- matically be in default of payment. No payment reminder on our part is required. In the event of default in payment, we may charge interest on arrears pursuant to § 288 of the German Civil Code at the current rate of 9 % above the prime rate plus a flat fee pursuant to § 288 (5) of the German Civil Code (currently EUR 40).
Payment Default. 7.1 LEONI‘s claims for payment become due upon conclusion of the contract and are also payable before LEONI has rendered its services in full. The Customer will be in default if the Customer does not pay within 14 days of the invoice date.