Payment Delinquency Clause Samples
The Payment Delinquency clause defines the consequences and procedures that apply when a party fails to make payments on time as required by the agreement. Typically, this clause outlines the grace period allowed for late payments, any interest or penalties that may accrue, and the steps the non-breaching party can take to recover overdue amounts, such as suspending services or initiating collection actions. Its core function is to incentivize timely payments and provide a clear framework for addressing late or missed payments, thereby reducing uncertainty and financial risk for the parties involved.
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Payment Delinquency. Notwithstanding the provisions of Section 19.03 of the General Conditions of the Master Service Contract, in the case of unjustified failure to pay when due invoices are not challenged within a timely manner by ECOPETROL, in accordance with the provisions of this Clause, ECOPETROL shall pay CENIT (i) interest in pesos at the maximum penalty Rate authorized by the Financial Superintendence each day the balance due is unpaid, or (ii) interest due in dollars at the maximum annual penalty Rate of Libor (+4), which under no circumstances may be more than the usury Rate established by Colombian law or less than the consumer price index for the immediately preceding Calendar Year, for each day the balance due is unpaid. Invoices for collection of interest shall be paid by ECOPETROL within thirty (30) Days following the date they are submitted by CENIT. Invoices issued, as well as this Master Service Contract, are enforceable per se as a judgment debt, and ECOPETROL and CENIT expressly waive any formal private or legal declarations of default.
Payment Delinquency. CHARGE Payment shall be made in accordance with the terms of this SALES CONTRACT. Seller reserves the right to charge interest at the rate of 1.5% per month (but not more than the maximum percentage permitted by law) on all balances not paid by Purchaser within the designated net terms. Seller reserves the right at any time to revoke any credit extended to Purchaser because of Purchaser's failure to pay for any goods when due or for any other reason deemed to be good and sufficient by Seller. Seller shall have no obligation to make sale or shipment of any products to Purchaser, in any manner, if at any time the financial responsibility of Purchaser becomes impaired or unsatisfactory to Seller, or if at the time of such sale or shipment, Purchaser is delinquent in the payment of any account to Seller. In the event Purchaser shall be in default of any terms and conditions hereof, or becomes insolvent or proceedings are instituted to declare Purchaser bankrupt, or a receiver is appointed for Purchaser in any court, Seller may at its option terminate this SALES CONTRACT and/or declare any and all claims or demands against Purchaser held by Seller immediately due and payable, together with any and all attorneys’ fees and costs incurred by Seller in enforcing its rights hereunder, all of which Seller may sue for and recover from Purchaser.
Payment Delinquency. In addition to all other rights that Voalte may have under Applicable Law or at equity, in the event that Customer fails to pay Fees to Voalte when due, Voalte will have the right to suspend or terminate Customer’s rights to any or all of the Solutions, including any Support Services, until the delinquent amounts are paid in full, together with interest. Any late payments shall begin accruing interest as of the first day after the due date at a rate equal to the greater of 2% above the Prime Rate or the maximum interest rate permitted under Applicable Law. If Customer has failed to pay Fees on a timely basis more than 2 times during a single calendar year, Voalte shall have the right, if it chooses, to require Customer to pay and at all times maintain a Fee Deposit in an amount determined by Voalte. At termination of this Agreement, the Fee Deposit, less any amounts applied from the Fee Deposit against unpaid Fees, will be returned to Customer.
Payment Delinquency. 20.1 Should the Lessee be delinquent in the payment of any amount due therefrom to the Lessor according to this Agreement, the Lessee shall pay the Lessor, as applicable, commencing on the first delinquency date, interest in arrears at a rate of Prime + 0.75% per month. Notwithstanding the aforesaid, it is agreed that for an unusual delinquency, including such which is not under the Lessee’s control, of up to 14 days, no interest in arears shall be charged.
20.2 The interest will be calculated for the period from the date on which the Lessee should have paid the amount in arrears until the date on which it had actually paid it.
20.3 Should the delinquent payment relate to an amount paid by the Lessor to a third party instead of the Lessee and which the Lessee should have paid to such third party, the said interest will be calculated for the period from the date on which the Lessor had paid the delinquent payment to the third party, until the payment thereof by the Lessee, provided that the Lessor had notified the Lessee of the demand and its intention to bear the payment, and allowed it to pay the amount and/or defend against any such demand. Should the Lessor pay the third party any interest and/or a fine in arears, due to the Lessee’s delinquency in payment, the interest and/or fine in arrears, shall be deemed as part of the debt principal which the Lessee must repay to the Lessor, as applicable.
Payment Delinquency. BUYER agrees to be bound by all the ordinances of the CITY pertaining to the purchase and use of water and, in particular, authorizes CITY to shut off the supply of water to BUYER for any delinquency of more than sixty (60) days in the payment of any bill for water furnished to BUYER.
Payment Delinquency. Any delinquency in the payment of charges or costs or fees arising out of the terms of this Agreement, whether for fixed, operating, or other expenses, or payments otherwise required, which are delinquent for more than thirty (30) days, shall result in the deprivation of flight privileges of the delinquent party. Any delinquency that continues thereafter for a period of sixty (60) days shall be grounds for immediate termination of this Agreement. No such termination relieves any party of obligations incurred or accrued prior to the termination. If any party pays (directly or by contribution to the separate account) an amount required to be paid by another party but which has not been timely paid, the paying party shall be entitled to immediate reimbursement from the party which failed to make timely payment. Delinquent payments shall bear interest at 12% per annum, compounded monthly, until paid.; such interest shall be payable into the separate account or to a party which has paid an amount payable by the delinquent party, as the case may be.
Payment Delinquency. I (we) understand that all past due tuition and fees must be current by the first day of school for our child(ren) to begin attending classes. Any request for an exception must be made in writing prior to the beginning of school to the MCCL Board of Directors. In addition, I (we) understand that a late fee of $50 will be applied to all payments received after the 10th of each month. For accounts in arrears exceeding the late payment policy guidelines, I (we) agree to pay all costs of collection of delinquent payments, including, without limitation, reasonable collection agency fees, attorney’s fees, and court costs.