Overdue Fee Sample Clauses
The Overdue Fee clause establishes a financial penalty for late payments under a contract. Typically, this clause specifies a set fee or a percentage of the outstanding amount that accrues if payment is not made by the agreed deadline. By imposing additional costs on late payments, the clause incentivizes timely payment and compensates the party owed for the inconvenience or financial impact of delayed funds.
Overdue Fee. An overdue fee at the rate as stipulated in the Confirmation Letter and/or in the List of Service Charges (as the case may be) shall be imposed and debited to the Card Account in the event that the Minimum Payment is not paid on or before the Payment Due Dates for two (2) or more consecutive months each time.
Overdue Fee. Where Party B delays payment of rental and other expenses, it shall pay to Party A an overdue fee at a daily rate of 0.5% of the overdue amount. Where failure to make payment lasts for more than 10 days (inclusive), Party A shall be entitled to terminate this Contract, repossess the Premises and forfeit the deposit as liquidated damages.
Overdue Fee. You acknowledge that in addition to any interest payable on overdue accounts, we will charge you an overdue fee of $10.00 per fortnight plus GST for each account which remains outstanding, unless otherwise agreed. You acknowledge that this represents a reasonable administration charge for the cost of recovering overdue accounts.