Common use of Defaulted payment Clause in Contracts

Defaulted payment. If the Customer fails to pay agreed fees on due date, a situation of default of payment exists. When default of payment occurs, interest on late payment shall be charged (cf. Paragraph 8). Late payment exceeding 30 days shall provide Supplier with the right to choose between maintaining the Agreement and claiming interest as specified above, or terminating the Agreement with 30 days' notice. The right to termination shall no longer apply if payment of the amount due with the addition of interest incurred up to and including date of payment is made prior to the expiry of the aforementioned 30 day period. In the case of defaulted payment, the Supplier may with 5 working days written notice, in its sole discretion cease any delivery or service to the Customer under the terms of this Agreement and any other agreements between the parties until such time as correct payment is made, including interest on late payment.