Common use of DEFAULT OF PAYMENT Clause in Contracts

DEFAULT OF PAYMENT. If User does not pay the invoices issued by Famic on their respective due dates, Famic may, at its sole discretion and without penalty, damage or fine to Famic, suspend the HS and its professional services until User settles its account with Famic. Famic may apply interest fees to unpaid balance, as stipulated on Famic’s proposal. If legal services are necessary to collect unpaid balances, User agrees to pay the cost of the said legal services to Famic upon receiving the corresponding invoice(s) from Famic.