Common use of Penalty for Late Remittances Clause in Contracts

Penalty for Late Remittances. All remittances must be mailed no later than the fifteenth (15th) day of the following month. If a contractor’s remittance is late by more than 20 days, more than once in a calendar year, they will pay $150.00 to cover administration costs for such late payments on each occasion after the first late remittance.

Penalty for Late Remittances. All remittances must be mailed no later than the fifteenth (15th) day of the following month. If payments are consistently late the Trustees may impose a contractor’s remittance is late by more than 20 days, more than once in a calendar year, they will pay $150.00 penalty not to cover administration costs for such late payments on each occasion after exceed ten percent (10%) of the first late remittanceoutstanding balance.

Penalty for Late Remittances. All remittances must be mailed no later than the fifteenth (15th) day of the following month. If a contractor’s remittance is payments are consistently late, the Trustees may impose an interest charge on late remittances prescribed by more than 20 days, more than once in a calendar year, they will pay $150.00 to cover administration costs for such late payments on each occasion after the first late remittanceBoard of Trustees.