Common use of Premium payment Clause in Contracts

Premium payment. The insurance shall have an annual premium. The first payment of the insurance premium shall be affected on concluding the contract each fol- lowing payment is due on the first day of the next period to be covered under the contract. The Insurer may allow for the partial payments of the premium in monthly, quarterly or half-yearly instalments. In these cases the Insurer may claim a surcharge. If the premium is paid by instalments, payment shall be due on the first day of the next period to be covered by the contract. Modification of scheduling the premium may be possible on the anniver- sary of the annual insurance contract by a written notice at least within 30 days of expiry. Insurer may prolong the termination of the contract and the deadline for making use of the legal way for an additional 30 days provided that Insurer summons Contractor for payment in a written notice containing a reference to the above condition within 30 days of the due date.

Premium payment. The insurance shall have an annual premium. The first payment of the insurance premium shall be affected on concluding the contract each fol- lowing following payment is due on the first day of the next period to be covered cov- ered under the contract. The Insurer may allow for the partial payments pay- ments of the premium in monthly, quarterly or half-yearly instalments. In these cases the Insurer may claim a surcharge. If the premium is paid by instalments, payment shall be due on the first day of the next period peri- od to be covered by the contract. Modification of scheduling the premium may be possible on the anniver- sary anniversary of the annual insurance contract by a written notice at least within 30 days of expiry. Insurer may prolong the termination of the contract and the deadline for making use of the legal way for an additional 30 days provided that Insurer summons Contractor for payment in a written notice containing a reference to the above condition within 30 days of the due date.