Common use of Delayed Payments Clause in Contracts

Delayed Payments. Each party shall provide the other with written notice that a payment is overdue. Written notice will be provided as soon as reasonably practicable. For purposes of Paragraph 4 above, if there is a delayed settlement of a payment due, there will be an interest penalty, at the Delayed Payment Rate, described in Paragraph 8 below, for the period that the amount is overdue. For purposes of this Paragraph, a payment will be considered overdue fifteen (15) days after the date such payment is due.

Delayed Payments. Each As soon as reasonably practicable, each party hereto shall provide the other with written notice that a payment is overdue. Written notice will be provided as soon as reasonably practicable. For purposes of Paragraph 4 above, if there is a delayed settlement of a payment due, there will be an interest penalty, penalty at the Delayed Payment Rate, described Rate defined in Paragraph 8 below, below shall be due for the period that for which the amount is overdue. For purposes of this Paragraphparagraph, a payment will be considered overdue fifteen (15) days after the date such payment is due.