Common use of Default and Consequences of Default Clause in Contracts

Default and Consequences of Default. 8.1 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 Liveli’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 8.2 If the Client owes Liveli any money the Client shall indemnify Liveli from and against all costs and disbursements incurred by Liveli in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, Liveli’s contract default fee, and bank dishonour fees). 8.3 Without prejudice to any other remedies Liveli may have, if at any time the Client is in breach of any obligation (including those relating to payment) under these terms and conditions Liveli may suspend or terminate or restrict the supply of Product to the Client. Liveli will not be liable to the Client for any loss or damage the Client suffers because Liveli has exercised its rights under this clause. 8.4 Without prejudice to Liveli’s other remedies at law Liveli shall be entitled to cancel the Agreement and all amounts owing to Liveli shall, whether or not due for payment, become immediately payable if: (a) any money payable to Liveli becomes overdue, or in Liveli’s opinion the Client will be unable to make a payment when it falls due; (b) the Client becomes insolvent or bankrupt, 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 Client or any asset of the Client.

Default and Consequences of Default. 8.1 15.1 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 LiveliL.I’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 8.2 15.2 If the Client owes Liveli L.I any money the Client shall indemnify Liveli L.I from and against all costs and disbursements incurred by Liveli L.I in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, LiveliL.I’s contract default fee, and bank dishonour fees). 8.3 15.3 Further to any other rights or remedies L.I may have under this Contract, if a Client has made payment to L.I, and the transaction is subsequently reversed, the Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by L.I under this clause 15 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Client’s obligations under this Contract. 15.4 Without prejudice to any other remedies Liveli may have, if at any time the Client is in breach of any obligation (including those relating to payment) under these terms and conditions Liveli may suspend or terminate or restrict the supply of Product to the Client. Liveli will not be liable to the Client for any loss or damage the Client suffers because Liveli has exercised its rights under this clause. 8.4 Without prejudice to LiveliL.I’s other remedies at law Liveli L.I shall be entitled to cancel all or any part of any order of the Agreement Client which remains unfulfilled and all amounts owing to Liveli L.I shall, whether or not due for payment, become immediately payable if: (a) any money payable to Liveli L.I becomes overdue, or in LiveliL.I’s opinion the Client will be unable to make a payment when it falls due; (b) the Client has exceeded any applicable credit limit provided by L.I; (c) the Client becomes insolvent or bankruptinsolvent, 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 (cd) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Client or any asset of the Client.