INTEREST ON DELAYED PAYMENT. With respect to default in making any payment due in terms of this Agreement by one Party to the other, the defaulting Party shall be liable to pay interest at PLR on the total sum outstanding and for the period the payment has remained over due. Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within such thirty (30) days, the Seller shall be entitled to encash the Security Deposit and/or the Financial Coverage BG and suspend Coal supplies in accordance with Clause 13. For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Security Deposit and/or the Financial Coverage BG.
INTEREST ON DELAYED PAYMENT. In the event of delay in payment/adjustment of any amount payable/recoverable pursuant to the provisions of this Agreement, the Seller/the Purchaser shall be entitled to charge interest on such sum remaining outstanding for the period after the due date till such time the payment is made. The interest charged by the Seller/ Purchaser pursuant to this Clause shall be at the rate of PLR.
INTEREST ON DELAYED PAYMENT. In cases of any default in making any payment due in terms of this Agreement by any Party to the other Party, the defaulting Party shall be liable to pay interest at the Interest Rate on the total sum outstanding and for the entire period for which the payment has remained over-due. Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within 30 (thirty) days, the Seller shall be entitled to invoke the Performance Security and/ or the Financial Coverage BG and suspend Coal supplies in accordance with Clause 14. For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Performance Security and/ or the Financial Coverage BG.
INTEREST ON DELAYED PAYMENT. In the event that a wire is delayed, the interest owed shall be charged at the Federal Funds “offered” rate as published by The Wall Street Journal and shall accrue on the amount of the delayed payment from the date due until the date paid.
INTEREST ON DELAYED PAYMENT. In case interest is charged on the Allottee on any payments in terms of this Agreement, the Allottee shall be liable to pay GST/taxes as applicable on such interest. The interest together with applicable GST/taxes shall be paid immediately on demand made in that respect by the Owners/Developer to the Allottee.
INTEREST ON DELAYED PAYMENT. All amounts due and owing to the Providing Party hereunder but not paid by the Receiving Party on the due date thereof shall bear interest at the prime rate established by Citibank, N.A. from time to time. Such interest shall accrue on the balance of unpaid amounts from time to time outstanding from the date on which portions of such amounts become due and owing until payment thereof in full.
INTEREST ON DELAYED PAYMENT. If the Installment payment is not received on the due date, interest at the rate of LIBOR plus 1.0% will be charged from that date until payment is made.
INTEREST ON DELAYED PAYMENT. 1. If the State, Operating Right Holder or Building Facilities Operator delays payment under the Agreement, each party shall respectively pay to the other party interest on delayed payment for the number of days during the period from the next day (including this day) from the day such amount payable was required to be paid (hereinafter referred to as the “Performance Date” in this article) until the day the payment was made (including this day). The State shall pay interest on delayed payment in such amount computed by multiplying the rate stipulated in the Rate of Interest on Delayed Payment towards Delay in Payment under Government Contracts (Public Notice No. 991 of the Ministry of Finance of 1949) as of the Performance Date. The Operating Right Holder and the Building Facilities Operator shall pay interest on delayed payment in such amount calculated by multiplying the rate stipulated in the Rate of Interest on Delayed Payment towards Government Claims (Public Notice No. 8 of the Ministry of Finance of 1957). The interest on delayed payment under these circumstances shall be computed on a per diem basis on the basis of 365 days in a year.
INTEREST ON DELAYED PAYMENT. AVB shall be entitled to interest on the amount overdue at the rate of 2% per month or part thereof, compounded monthly.
INTEREST ON DELAYED PAYMENT. In the event of delay in payment/adjustment of any amount payable/recoverable pursuant to the provisions of this Agreement, the Seller/the Purchaser shall be entitled to charge interest on such sum remaining outstanding for the period after the due date till such time the payment is made. The interest charged by the Seller/the Purchaser pursuant to this Clause 13 shall be at the Interest Rate as per Clause 1.1.36. Interest on Delayed Payment in case of IRLC and Usance LC shall be applicable after 5 days from date of raising of invoice to date of receipt of funds in CIL / Seller’s bank account. Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within 30 (thirty) days, the Seller shall be entitled to invoke the Contract Performance Guarantee and suspend Coal supplies in accordance with Clause 15.
