Common use of Delinquency Charge Clause in Contracts

Delinquency Charge. Any sum payable by Permittee to Port under any provision of this Permit which is not paid for a period of 10 calendar days (30 calendar days for unpaid sums for utilities) after it becomes due and payable shall be subject to a delinquency charge, for violation of this Permit and as liquidated damages, of $50.00, plus a sum equal to 0.05% (five one-hundredths of one percent) per day of such delinquent payment,but not to exceed the maximum interest rate permitted by applicable law, for each day from the date such payment became due and payable until payment has been received by Port. Unpaid delinquency charges that accrue may be compounded monthly at the Port’s sole election. The delinquency charges provided by this Section 26 are in addition to all other remedies that Port may have that are provided by this Permit or otherwise by law or in equity with respect to any payment that has become due and has not been paid. The Port as a courtesy may send invoices to Permittee for Rent hereunder, but the Port’s failure to send an invoice, or Permittee’s late receipt of an invoice, shall in no event excuse or justify Permittee’s non-payment of such Rent or payment of such Rent later than the applicable due date specified in Paragraph E of this Permit.