Additional Fee on Late Payments Sample Clauses
The 'Additional Fee on Late Payments' clause establishes that a penalty or extra charge will be imposed if payments are not made by their due date. Typically, this clause specifies the amount or percentage of the late fee and the timeframe after which it applies, such as a fixed dollar amount or a percentage of the overdue balance for each day or month the payment remains unpaid. Its core practical function is to incentivize timely payments and compensate the payee for the inconvenience or financial impact of delayed funds.
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Additional Fee on Late Payments. For any payments thirty (30) calendar days or more overdue under this Agreement, Registry Operator shall pay an additional fee on late payments at the rate of 1.5% per month or, if less, the maximum rate permitted by applicable law.
Additional Fee on Late Payments. For any payments thirty (30) calendar days or more overdue under this Agreement, ICANN shall pay an additional fee on late payments at the rate of 1.5% per month or, if less, the maximum rate permitted by applicable law.
Additional Fee on Late Payments. For any payments thirty (30) calendar days or more overdue under this Agreement, ▇▇▇▇▇ shall pay an additional fee on late payments at the rate of 1.5% per month or, if less, the maximum rate permitted by applicable law.