No Interest for Delayed Payment Sample Clauses
The "No Interest for Delayed Payment" clause establishes that no interest charges will accrue on payments that are made after their due date. In practice, this means that if a party fails to pay an invoice or other amount on time, the payee cannot impose additional interest fees on the overdue sum. This clause is commonly used to provide flexibility to the paying party and to avoid penalizing late payments with extra financial burdens. Its core function is to protect the payer from incurring extra costs due to payment delays, thereby fostering a more cooperative and less punitive business relationship.
No Interest for Delayed Payment. Because the Performing Party is not a vendor of goods and services within the meaning of Texas Government Code Chapter 2251, no interest is applicable in the case of late payments.
No Interest for Delayed Payment. Because the SUBRECIPIENT is not a vendor of goods and services within the meaning of Texas Government Code Chapter 2251, no interest is applicable in the case of late payments.
No Interest for Delayed Payment. Because the Grantee is not a vendor of goods and services within the meaning of Texas Government Code Chapter 2251, no interest is applicable in the case of late payments.