Common use of Default and Consequences of Default Clause in Contracts

Default and Consequences of Default. 21.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at the School’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 21.2 If the Parent owes the School any money the Parent shall indemnify the School from and against all costs and disbursements incurred by the School in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, the School’s collection agency costs, and bank dishonour fees). 21.3 Without prejudice to any other remedies the School may have, if at any time the Parent is in breach of any obligation (including those relating to payment) under these terms and conditions the School may suspend or terminate the enrolment of Student at the School. The School will not be liable to the Parent for any loss or damage the Parent suffers because the School has exercised its rights under this clause. 21.4 Without prejudice to the School’s other remedies at law the School shall be entitled to cancel all or any part of any order of the Parent which remains unfulfilled and all amounts owing to the School shall, whether or not due for payment, become immediately payable if: (a) any money payable to the School becomes overdue, or in the School’s opinion the Parent will be unable to make a payment when it falls due; (b) the Parent becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Parent or any asset of the Parent.