Common use of Interest on Overdue Payments Clause in Contracts

Interest on Overdue Payments. (a) Each Party shall be entitled, without prejudice to any other right or remedy, to receive interest on any payment not duly made by the other Party pursuant to the terms of this Project Agreement on the due date, calculated from day to day at a rate per annum equal to the Default Interest Rate from the day after the date on which payment was due up to and including the date of payment. (b) Interest shall apply at the rate and in the manner prescribed by Section 4.14(a) on the amount of any claim for which Project Co is thereafter entitled to payment, either pursuant to Schedule 14 – Dispute Resolution Procedure, or otherwise, from the date the amount would have been due and payable under this Project Agreement, had it not been in dispute, until the date it is paid. For the purposes of this Project Agreement, payments made by electronic transfer shall be deemed to have been made on the day and at the time the electronic transfer is initiated, as confirmed by the initiating bank by a confirmation setting out the transfer number and the other details of the transfer.

Interest on Overdue Payments. (a) Each Party shall be entitled, without prejudice to any other right or remedy, to receive interest on any payment not duly made by the other Party pursuant to the terms of this Project Agreement on the due date, calculated from day to day at a rate per annum equal to the Default Interest Rate from the day after the date on which payment was due up to and including the date of payment. (b) Interest shall apply at the rate and in the manner prescribed by Section 4.14(a4.12(a) on the amount of any claim for which Project Co is thereafter entitled to payment, either pursuant to Schedule 14 – Dispute Resolution Procedure, or otherwise, from the date the amount would have been due and payable under this Project Agreement, had it not been in dispute, until the date it is paid. For the purposes of this Project Agreement, payments made by electronic transfer shall be deemed to have been made on the day and at the time the electronic transfer is initiated, as confirmed by the initiating bank by a confirmation setting out the transfer number and the other details of the transfer.

Interest on Overdue Payments. (a) Each Party shall be entitled, without prejudice to any other right or remedy, to receive interest on any payment not duly made by the other Party pursuant to the terms of this Project Agreement on the due date, calculated from day to day at a rate per annum equal to the Default Interest Rate from the day after the date on which payment was due up to and including the date of payment. (b) Interest shall apply at the rate and in the manner prescribed by Section 4.14(a4.12(a) on the onthe amount of any claim for which Project Co is thereafter entitled to payment, either pursuant to Schedule 14 – Dispute Resolution Procedure, or otherwise, from the date the amount would have been due and payable under this Project Agreement, had it not been in dispute, until the date it is paid. For the purposes of this Project Agreement, payments made by electronic transfer shall be deemed to have been made on the day and at the time the electronic transfer is initiated, as confirmed by the initiating bank by a confirmation setting out the transfer number and the other details of the transfer.