Common use of Interest on Unpaid Balances Clause in Contracts

Interest on Unpaid Balances. Customer agrees to pay the Contractor, or its appropriate affiliate or franchisee, as directed by the Contractor, upon demand, for all rentals and other amounts owed by Renters under a Rental Agreement for Business Use not paid by such Renter. As provided by sections 215.422 and 218.74, Florida Statutes, bills must be paid within 40 days of a state government Customer receiving an invoice, and within 45 days of a local government Customer receiving an invoice. For amounts not paid within the statutory time periods for state and local government Customers, Customer agrees to pay interest on the unpaid balance at the applicable statutory rate.