Common use of Default interest payable Clause in Contracts

Default interest payable. If the Purchaser fails to pay any amount payable by it under the Supply Agreement or these terms on its due date, default interest shall accrue on the overdue amount from the due date to, and including, the date of payment but without prejudice to the Suppliers rights or remedies in respect of the Purchaser’s default in failing to make payment on the due date. The default interest rate shall be 15% per annum and shall be immediately payable by the Purchaser on demand by the Supplier.