Interest on Final Payment Clause Samples
Interest on Final Payment. Any amount paid pursuant to this Section 3.3 after the Closing Date shall bear interest from the Closing Date through but excluding the date of payment, at the Applicable Rate. Such interest shall accrue daily on the basis of a year of three hundred sixty-five (365) days calculated for the actual number of days for which due and shall be payable together with the amount payable pursuant to this Section 3.3.
Interest on Final Payment. Final payment on the Contract Price, including retainage, shall be due and owing no later than 30 Days after Contract completion and acceptance of the Work. Late-payment interest on such final payment shall thereafter accrue at the rate of one and one-half percent per month until paid.