Common use of Interest Charge Clause in Contracts

Interest Charge. In addition to the Service Fee and Late Payment Fees set out in clauses 3.2.1 and 3.2.2 respectively, an interest charge of 1.0% of the Advertising Total applies for allowing payment deferral to the Pay Later Date (where applicable). The Interest Charge has been included in the Pay Later Total. If you pay the Pay Later Total in full before the Pay Later Date (because your bill’s Pay Later Due Date arises before the Pay Later Date or for any other reason) then we will reduce the interest charge in proportion to the number of days for which payment deferral was provided.