Recurring Late Payments Sample Clauses
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Recurring Late Payments. If three (3) monthly statements submitted pursuant to Section 11.1 in a Contract Year are not paid when due, then, in addition to the remedies provided in Section 11.6 any late payment thereafter shall bear a charge equal to two percent (2%) of the unpaid amount thereof in lieu of interest at the Base Rate as provided in Section 11.4(c).
Recurring Late Payments. ▇▇▇▇▇▇▇ understands that there may be very infrequent instances when Producer will experience a late payment. Late payments, however, result in significant expense to ▇▇▇▇▇▇▇ in both processing and mailing costs. Producer will be provided notification should recurring instances of late payments result in undue expense to ▇▇▇▇▇▇▇. Following proper notice and Producer’s failure to correct the recurrence of late payments, ▇▇▇▇▇▇▇ reserves the right to charge a handling fee to process any additional late payments on Producer’s behalf.