Common use of Overdue Clause in Contracts

Overdue. The Recipient shall pay, where the account is overdue, and in addition to any amount payable, interest on that amount at the Interest Rate, in accordance with the Interest and Administrative Charges Regulation. The interest, calculated daily and compounded monthly, shall accrue from the Due Date until payment is received.

Overdue. The Recipient Proponent shall pay, where the account is overdue, and in addition to any amount payable, interest on that amount at the Interest Rate, in accordance with the Interest and Administrative Charges Regulation. The interest, calculated daily and compounded monthly, shall accrue from the Due Date due date until payment is received.