Common use of Default or late payment Clause in Contracts

Default or late payment. In case of default or late payment, including partial payment, the Client shall be liable to pay late payment penalties due the day following the payment due date and OVH shall have the right to charge interest on the overdue amount at 3 (three) time the applicable statutory interest rate in Singapore, accruing on a daily basis from the due date up to the date of actual payment, whether before or after judgement. In addition, the Client shall be liable to reimburse to OVH any reasonable recovery cost incurred by OVH in order to be paid. Furthermore, any default or delay of payment (including partial) of the sums due by the Client under the Contract which persists for more than four (4) days after notification of default or delay of payment sent to the Client by email, shall result by right, and without requiring any additional notification or formal notice, in (a) the immediate demand of all of the sums remaining due by the Client under the Contract regardless of their payment terms, and (b) the right of OVH to decide to immediately suspend and without prior notice all or part of the Client Services (including those which have been paid for), to refuse any new Order or renewal of Services to the Client and to terminate all or part of the Contract