Non-payment of our Charges. Payment of our charges by the due date for payment is essential to us. If you do not pay an invoice by the due date for payment, in addition to any other legal rights available to us particularly our right in clause 12 we may: ▪ charge you interest on the unpaid amount from the due date for payment until you pay it. The interest rate will be the base rate charged to us by our bank on the due date for payment, plus a margin of [5%] on this rate; ▪ stop accepting fee paying transactions from you; ▪ call up any letter of credit given to us by you; ▪ apply any funds held by us on your behalf towards payment of any sum of money owing by you to us; charge you any reasonable costs we have to pay in collecting any money you owe us including the cost to us of exercising our legal rights.
Appears in 1 contract
Sources: Connection Agreement
Non-payment of our Charges. Payment of our charges by the due date for payment is essential to us. If you do not pay an invoice by the due date for payment, in addition to any other legal rights available to us particularly our right in clause 12 15 we may: ▪ • charge you interest on the unpaid amount from the due date for payment until you pay it. The interest rate will be the base rate charged to us by our bank on the due date for payment, plus a margin of [5%] % per annum on this rate; ▪ • stop accepting fee paying transactions from you; ▪ • call up any letter of credit given to us by you; ▪ • apply any funds held by us on your behalf towards payment of any sum of money owing by you to us; • charge you any reasonable costs we have to pay in collecting any money you owe us including the cost to us of exercising our legal rights.
Appears in 1 contract
Sources: Connection Agreement