Common use of Payment Delinquency Clause in Contracts

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. 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 will pay CENIT (i) interest payable in pesos at the maximum penalty Rate rate authorized by the Financial Superintendence each day the balance due is unpaid, or (ii) interest due payable in dollars at the maximum annual penalty Rate rate of Libor (+4), which under no circumstances may be more than the usury Rate rate established by Colombian law or less than the consumer price index for the immediately preceding prior Calendar Year, for each day the balance due is remains unpaid. Invoices for collection of interest shall be paid by ECOPETROL within thirty (30) Days following the date they are submitted by CENIT. Invoices issuedIssued invoices, 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.