Common use of Lump Sum Late Fees Clause in Contracts

Lump Sum Late Fees. If the Program does not receive payment within 15 days of the due date, a Late Fee for Lump Sum Purchase will be applied (see Program Fee Chart). Forty-five days after the due date, a penalty of 1 percent of the total amount due, including the amount of all outstanding fees and penalties imposed pursuant to the contract, will be imposed for each period of 30 days or portion thereof that passes until: ▪ The total amount due is paid; or ▪ The contract is terminated at the discretion of the Program Administrator, whichever occurs first. The Program will then return to the purchaser the amount paid by the purchaser (without interest), less the enrollment fee and termination fee (see Program Fee Chart).

Lump Sum Late Fees. If the Program does not receive payment within 15 days of the due date, a Late Fee for Lump Sum Purchase will be applied (see Program Fee Chart). Forty-five days after the due date, a penalty of 1 percent of the total amount due, including the amount of all outstanding fees and penalties imposed pursuant to the contract, will be imposed for each period of 30 days or portion thereof that passes until: ▪  The total amount due is paid; or ▪  The contract is terminated at the discretion of the Program Administrator, whichever occurs first. The Program will then return to the purchaser the amount paid by the purchaser (without interest), less the enrollment fee and termination fee (see Program Fee Chart).