Delay or Failure to Settle Clause Samples
The "Delay or Failure to Settle" clause defines the parties' rights and obligations if a payment or settlement due under the contract is not made on time or is not completed at all. Typically, this clause outlines the consequences of late payment, such as the accrual of interest, additional fees, or the right for the non-defaulting party to take remedial action. For example, if one party fails to pay an invoice by the agreed deadline, the clause may allow the other party to suspend services or seek compensation. Its core function is to incentivize timely settlement of obligations and provide a clear framework for addressing delays or non-payment, thereby reducing uncertainty and potential disputes.
Delay or Failure to Settle. (a) If settlement is delayed or cancelled because:
(i) Global Prime has not received the relevant payment from Client, Global Prime may enforce payment by Client, which may also involve Client paying Global Prime:
(A) interest on the outstanding amount, calculated daily; and
(B) a late settlement fee to be determined by Global Prime, to cover Global Prime’s reasonable costs and expenses arising from Client’s delay or failure to settle; or
(ii) Client has not provided Global Prime with the relevant documents, information or instructions by the settlement date, Client must pay Global Prime:
(A) fees and charges levied by the Exchange in respect of Client’s transactions; and
(B) a late settlement fee to be determined by Global Prime, to cover Global Prime’s reasonable costs and expenses arising from Client’s delay or failure to settle and Securities borrowing costs.
(b) If Client has not provided Global Prime with the relevant documents, information or instructions for settlement, or payment due after a demand by Global Prime or the Exchange, then Client:
(i) authorises Global Prime to sell, at Global Prime’s sole discretion, any of Client’s Property in Global Prime’s control or possession;
(ii) indemnifies Global Prime for all claims, damages, costs and expenses arising out of Client’s delay or failure to settle;
(iii) authorises Global Prime to set-off any outstanding payment against a credit balance in the Account; and
(iv) agree, if any Property is registered in Client’s name, to transfer all of Client’s interest in that Property to Global Prime.
(c) Client grants Global Prime and each of Global Prime’s directors, company secretaries and principal executive officers and each employee (which employee’s title of office includes the word “Manager” or "Head") severally as Client’s attorney at any time and from time to time Global Prime an irrevocable power of attorney to take such actions and sign such documents as are necessary to register the relevant Property in Global Prime’s name or as Global Prime directs if Client does not pay as required under this agreement.
Delay or Failure to Settle. 9.1 If settlement is delayed or cancelled because:
a. we have not received the relevant payment from Client, then we may enforce payment by Client, which may also involve Client paying us:
i. interest on the outstanding amount, calculated and accruing daily; and
ii. a late settlement fee to be determined by us, to cover our reasonable costs and expenses arising from Client’s delay or failure to settle; or
b. Client has not provided us with the relevant documents, information or instructions by the settlement date, then Client must pay us:
i. fees and charges levied by a Facility provider or other related service provider in respect of Client’s transactions; and
ii. a late settlement fee to be determined by us, to cover our reasonable costs and expenses arising from Client’s delay or failure to settle including any Financial Products borrowing costs (even if from another client of us) or compensation to the other party to Client’s transaction.
9.2 If Client has not provided us with the relevant documents, information or instructions for settlement, or payment due after a demand by us or by the Facility provider or other related service provider to us or to Client, then Client by this agreement:
a. authorises us to sell, at our sole discretion, any of Client’s Property in our control or possession;
b. indemnifies us for all claims, damages, costs and expenses arising out of Client’s delay or failure to settle;
c. authorises us to set-off any outstanding payment against a credit balance in Client’s Account; and
d. authorises us to transfer any Property held for Client to us, in any combination of the above, but only to the extent necessary to discharge some or all of Client’s obligations.
9.3 For the good consideration which we provide to Client by way of agreeing to and making the agreement, in addition to all other authorities and powers Client grants us, Client expressly grants us and each of our directors, company secretaries and principal executive officers and each employee (which employee’s title of office includes the word “Manager” or “Head”) (each a “grantee”) severally as Client’s attorney at any time and from time to time an irrevocable power of attorney to take such actions and to sign such documents as the grantee decides is necessary or prudent to register the relevant Property in our name or as we direct if Client does not pay as required under this agreement. A grantee who is not a party to the agreement with Client may rely on this clause an...
Delay or Failure to Settle foreign exchange (spot or forward) and other derivatives; (a) If settlement is delayed or cancelled
Delay or Failure to Settle a） If settlement is delayed or cancelled because:
(i) MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd has not received the relevant payment from Client, MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd may enforce payment by Client, which may also involve Client paying MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd:
(A) interest on the outstanding amount, calculated daily; and
(B) a late settlement fee to be determined by MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd, to cover MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd’s reasonable costs and expenses arising from Client’s delay or failure to settle; or
(ii) Client has not provided MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd with the relevant documents, information or instructions by the settlement date, Client must pay MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd:
(A) fees and charges levied by the Exchange in respect of Client’s transactions; and
(B) a late settlement fee to be determined by MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd, to cover MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd’s reasonable costs and expenses arising from Client’s delay or failure to settle and Securities borrowing costs.