Non-Payment Penalty Clause Samples
A Non-Payment Penalty clause establishes consequences for a party's failure to make payments as required under a contract. Typically, this clause specifies additional charges, such as late fees or interest, that accrue if payment deadlines are missed, and may outline further actions like suspension of services or acceleration of remaining amounts due. Its core function is to incentivize timely payment and compensate the non-breaching party for the inconvenience or financial impact of delayed payments.
Non-Payment Penalty. On any portion of a civil penalty more than ninety (90) calendar days past due, Respondent must pay a non-payment penalty of not more than six percent (6%) per annum, which will accrue from the date the penalty payment became due and is not paid, as provided in 31 U.S.C. § 3717(e)(2) and 31 C.F.R. § 901.9(d). This non- payment penalty is in addition to charges which accrue or may accrue under subparagraphs (a) and (c) and will be assessed monthly. 40 C.F.R. § 13.11(c).
Non-Payment Penalty. A 10 percent quarterly non-payment penalty pursuant to 42 U.S.C. § 7413(d)(5); and
Non-Payment Penalty. 12.1. In those cases where Borrowers fail to pay the amount of any of the instalments on the deadlines stipulated, the debt will be passed to the Lender’s Collections Department for handling. The Lender will notify the Borrower of this circumstance through an email, text message and/or postal correspondence, as well as by making telephone calls to the numbers the Borrower provided to the Lender when contracting the Loan or subsequently, provided that the Borrower has demonstrated the ownership of the new telephone number or, in those cases where it is owned by a third party, that the Borrower has the express consent of the said third party.
12.2. In the event that payment does not occur within the term foreseen for the purpose and if the requirements foreseen are met, Borrowers are giving their prior and informed consent through their acceptance of these General Contract Terms and Conditions for the receipt of any and all telephone calls and automatic communications without human intervention to the telephone numbers provided as may be necessary and pertinent until such time as the debt is effectively paid.
12.3. In those cases where the Borrower, within the term of thirty (30) days, fails to comply, or only complies defectively or partially, with the obligations derived from the Loan Agreement, the Lender is expressly authorized from the present moment to assign its right to claim the late payments to a Third Party. The assignment of this right may include the processing of the Borrower’s personal details, the inclusion of the said details on public databases and the databases of information services regarding personal credit and solvency, and the assignment of the Borrower’s personal details to the assignee of the aforesaid right in accordance with the provisions contained in section 20 with respect to the credit information systems requirements contained in Fundamental Law 3/2018 dated December 5th, 2018, the Personal Data Protection and digital rights guarantee.
12.4. Borrowers will be in default starting from the day after the date stipulated for any of the monthly payments foreseen in the Particular Contract Terms and Conditions and will be obliged to pay the Lender a non‐payment fee of 30 euros for each unpaid instalment, payable one single time on the fourth calendar day following the date of the non‐payment of any of the Loan instalments.
12.5. Any sums received by the Lender when the Borrower is in a situation of default, whether for one or more ...
Non-Payment Penalty. Following the occurrence of any Payment Event of Default and in addition to all other rights and remedies provided by this Agreement or applicable law, Lender may increase the applicable Minimum Interest by 0.015 times the Outstanding Advance Balance for each payment not timely made under this Agreement; provided that for the first two (2) Payment Events of Default and for purposes of this Section 8.2 only, the Company shall have thirty (30) days to cure such instances of a Payment Event of Default without a corresponding increase to the Minimum Interest; provided, further that the applicable Minimum Interest will be increased regardless of whether Lender notifies the Company of any Payment Event of Default. If the Company has not fully cured such Payment Event of Default at the end of such thirty (30) day period, the applicable Minimum Interest shall increase as described above. Beginning with the third Payment Event of Default and continuing with each Payment Event of Default thereafter, the applicable Minimum Interest shall increase by 0.015 times the Outstanding Advance Balance upon the occurrence of each such Payment Event of Default regardless of whether or not such Payment Event of Default is subsequently cured. By way of example only, if the applicable Minimum Interest is 0.50 times the Outstanding Advance Balance at the time of a Payment Event of Default causing an increase in the applicable Minimum Interest, the applicable Minimum Interest would increase to 0.515 times the Outstanding Advance Balance. For the avoidance of doubt, if the Minimum Interest is increased pursuant to this Section 8.2 during any measurement period set forth on Schedule 11.2, such increase shall apply to each subsequent measurement period set forth on Schedule 11.2.
Non-Payment Penalty. Unless other arrangements are made in writing and signed by the parties, non-payment of Eligible Costs and other costs owed by the Eligible Student or his/her parents or guardians will result in the Eligible Student being prohibited from enrolling in any Eligible Courses until the first available registration period following the time at which the sums owed are paid.