Common use of INTEREST ON OVERDUE INSTALMENTS Clause in Contracts

INTEREST ON OVERDUE INSTALMENTS. 6.1 Unless otherwise provided herein, all monies payable by the PURCHASER in terms hereof and unpaid on due date shall bear interest at 3% (three percent) above the prime bank commercial overdraft lending rate charged by ABSA Bank on an unsecured basis from time to time. (In the case of a dispute as to the rate so payable, the rate shall be certified by any manager or assistant manager of any branch of the said bank, whose decision shall be final and binding on the parties.)

INTEREST ON OVERDUE INSTALMENTS. 6.1 Unless otherwise provided herein, all 5.1 All monies payable by the PURCHASER Purchaser in terms hereof and unpaid on due date shall bear interest at 34% (three percent) above the prime bank commercial overdraft lending rate charged by ABSA Bank to its best grade customers on an unsecured basis from time to time. (In the case of a dispute as to the rate so payable, payable the rate shall be certified by any manager or assistant manager of any branch of the said bank, whose decision shall be final and binding on the parties.)