Common use of Overdue Payment Clause in Contracts

Overdue Payment. 5.3.1 If the Member fails to make any payment of a Member Statement by the Payment Date, then without prejudice to any other right or remedy available, Fram Farmers shall, upon notice to the Member be entitled to reject any future Orders of that Member and notify the Suppliers of the same until any default by the Member is remedied. In respect of any unpaid amounts, Fram Farmers may (without prejudice to any other right or claim), charge interest in accordance with section 5.3.2.‌ 5.3.2 If the Member fails to make payment of the Annual Membership Fee, then without prejudice to any other right or remedy available, Fram Farmers shall, upon notice to the Member, be entitled to reject any future Orders of that Member and notify the Suppliers of the same until any default by the Member is remedied. In respect of any unpaid amounts, Fram Farmers may (without prejudice to any other right or claim), in respect of any unpaid amounts charge interest at the following rates per month (or at such other rate as may be advised by Fram Farmers from time to time) accruing on a daily basis from the due date for payment to the date of actual payment:‌ 5.3.2.1 provided the Member notifies Fram Farmers on or before the date that is 3 (three) days before the due date, £100 plus VAT administration fee plus: (i) a 12% per annum interest charge; or (ii) £100 interest charge, whichever is greater; or 5.3.2.2 provided the Member fails to notify Fram Farmers on or before the date that is 3 (three) days before the due date, £300 plus VAT administration fee plus: (i) a 12% per annum interest charge; or (ii) £100 interest charge, whichever is greater. 5.3.3 If the Member fails to comply with the notice sent by Fram Farmers in accordance with sections 5.3.1 or 5.3.2 to settle the amount outstanding under the said invoices, then Fram Farmers shall be entitled to pass a resolution to terminate the Member’s membership in accordance with rule 12 (Cessation) of the Rules without further liability to the Member and without prejudice to any other right or remedy that Fram Farmers may have under the Contract.

Overdue Payment. 5.3.1 If the Member fails to make any payment of a Member Statement by the Payment Date, then without prejudice to any other right or remedy available, Fram Farmers shall, upon notice to the Member be entitled to reject any future Orders of that Member and notify the Suppliers of the same until any default by the Member is remedied. In respect of any unpaid amounts, Fram Farmers may (without prejudice to any other right or claim), charge interest in accordance with section 5.3.2.‌ 5.3.2 If the Member fails to make payment of the Annual Membership Fee, then without prejudice to any other right or remedy available, Fram Farmers shall, upon notice to the Member, be entitled to reject any future Orders of that Member and notify the Suppliers of the same until any default by the Member is remedied. In respect of any unpaid amounts, Fram Farmers may (without prejudice to any other right or claim), in respect of any unpaid amounts charge interest at the following rates per month (or at such other rate as may be advised by Fram Farmers from time to time) accruing on a daily basis from the due date for payment to the date of actual payment:‌ 5.3.2.1 provided the Member notifies Fram Farmers on or before the date that is 3 (three) days before the due date, £100 plus VAT administration fee plus: (i) a 12% per annum interest charge; or (ii) £100 interest charge, whichever is greater; or 5.3.2.2 provided the Member fails to notify Fram Farmers on or before the date that is 3 (three) days before the due date, £300 200 plus VAT administration fee plus: (i) a 12% per annum interest charge; or (ii) £100 interest charge, whichever is greater. 5.3.3 If the Member fails to comply with the notice sent by Fram Farmers in accordance with sections 5.3.1 or 5.3.2 to settle the amount outstanding under the said invoices, then Fram Farmers shall be entitled to pass a resolution to terminate the Member’s membership in accordance with rule 12 (Cessation) of the Rules without further liability to the Member and without prejudice to any other right or remedy that Fram Farmers may have under the Contract.