Common use of Penalty Interest Clause in Contracts

Penalty Interest. 12.1 In the event of there being any delay in connection with the registration of transfer for which the Purchaser is responsible, the Purchaser, in addition to any other payment which may be due in terms of this Agreement, shall pay a penalty interest calculated at the rate of 10% (Ten percent) per annum on the purchase price calculated from the date that Purchaser has been notified in writing by the Seller or the Conveyancers as being in xxxx, to the date upon which the Purchaser has ceased to be in xxxx.

Penalty Interest. 12.1 15.1 In the event of there being any delay in connection with the registration of transfer for which the Purchaser is responsible, the Purchaser, in addition to any other payment which may be due in terms of this Agreement, shall pay a penalty interest calculated at the rate of 10% (Ten percent) per annum on the purchase price calculated from the date that Purchaser has been notified in writing by the Seller or the Conveyancers as being in xxxx, to the date upon which the Purchaser has ceased to be in xxxx.