Common use of Late Payment Penalties and Payment Currency Clause in Contracts

Late Payment Penalties and Payment Currency. Any amount not paid when due shall bear interest from the due date until paid in full at 12%, or the maximum amount allowed by law. All payments are based upon the United States dollar and will be paid in United States dollars and or its equivalent amount in Yuan. The conversion rate between the currencies is based upon the prevailing exchange rate at a major United States or Chinese bank. Payments will be made by wire transfers to the account designated by AmericaTowne. AmericaTowne may assign its rights to payments in this Agreement.