Common use of ARREARS Clause in Contracts

ARREARS. 6.1. If the Rent is not received by the Due Date (or the next Working Day if the Due Date is not a recognised Working Day) specified on the Tenancy Offer and there is no Deferred Payment Agreement in place, the Landlord reserves the right to charge the Tenant a late payment fee where the rent payment has been outstanding for 14 days or more (from the date set out in the tenancy agreement) at no more than 3% above the Bank of England’s base rate for each day that the payment has been outstanding.

ARREARS. 6.15.1.1.1. If the Rent is not received by the Due Date (or the next Working Day if the Due Date is not a recognised Working Day) specified on the Tenancy Offer and there is no Deferred Payment Agreement in place, the Tenant agrees to pay The Landlord reserves the right to charge the Tenant a late payment fee Late Payment Fee where the rent payment has been outstanding for 14 days or more (from the date set out in the tenancy Tenancy agreement) at no more than 3% above the Bank of England’s base rate for each day that the payment has been outstanding.