Common use of Effect of Non-Payment Clause in Contracts

Effect of Non-Payment. 7.2.1 In the event of non-payment of an invoice by the stipulated Due Date, without prejudice to any other rights that Bioniq has in terms of this Agreement or in law, Bioniq reserves the right to hold the Subscriber liable for the total amount due pursuant to such invoice. 7.2.2 All arrear payments shall attract interest at the rate of the prime lending rate of First Rand Bank Limited as it may be from time to time, calculated from due date to date of payment. 7.2.3 Bioniq may stop the supply of new services to the Subscriber and/or terminate current services held by the Subscriber if payment of any invoice is not made by the Due Date, or if an application for business rescue proceedings or liquidation is filed by or against the customer, or if the customer goes out of business or announces intention to do so. 7.2.4 Should the service be suspended for non-payment the Subscriber is still liable for all charges as stated in clause 6.1. 7.2.4.1 The Subscriber will still be charged for services if the service is suspended. 7.2.5 Bioniq shall be entitled to apply the deposit as per clause 6.1.4 or any portion thereof towards any monies which are owing by the Subscriber. The Subscriber shall upon demand reinstate the deposit. 7.2.6 If the supply of new services is stopped or the existing services are terminated in accordance with clause 6, the full outstanding balance becomes due and payable immediately. 7.2.7 If the Subscriber pay the amount due in full, the Subscriber may have their existing services re-activated and purchase new services. 7.2.8 If the Subscriber neglect to pay the amount due in full, Bioniq will submit the full delinquent amount for Collections. In the event of the account being handed over to an outside collection agency, any costs incurred as such will be for the Subscriber’s account.