Delay with payment Clause Samples

Delay with payment. If the purchase sum is not paid at the agreed time, the seller may demand penalty interest on the amount per commenced month that has fallen due for payment. The interest rate will be that which is set at any point in time pursuant to the Norwegian Act relating to Interest on Overdue Payments. Breach of payment for over 90 days gives the seller the right to cancel the agreement with a 30‐day deadline. In such case, the purchaser shall pay interest costs to the seller in accordance with applicable legal precedents. If the purchaser pays before expiry of the 30‐day deadline, the right to cancel ceases to exist.