Common use of Outstanding Charges Clause in Contracts

Outstanding Charges. 8.1 The Client agrees to pay any costs incurred by Have a Safe Trip for the collection of outstanding money owed to Have a Safe Trip by the Client. 8.2 Where payment of any amount due is not made on due date: 8.2.1 Have a Safe Trip may charge interest on the outstanding amount at the prime overdraft rate (percent per annum) charged by Have a Safe Trip’s Corporate bankers from time to time, as evidenced by any manager of such bank, whose authority it shall not be necessary to prove. Such interest shall be calculated from the due date of payment to the date of actual payment, both days inclusive, calculated on the daily amount outstanding and compounded monthly in arrears, and 8.2.2 Have a Safe Trip shall be entitled to suspend the Service with immediate effect. 8.2.3 Should either Party be provisionally or finally liquidated or be placed in judicial management, whether provisionally or final; the other Party may, terminate this Agreement on written notice to such Party.