Common use of Overdue Payment Clause in Contracts

Overdue Payment. | If Cutover has not received payment by the due date of any validly issued and undisputed invoice to Customer in connection with this Agreement, without prejudice to any other rights and remedies available to it, provided Cutover has communicated the late payment to Customer (“Overdue Payment Notice”) and given not less than seven (7) days from the date of the Overdue Payment Notice for Customer to make payment in full of such outstanding amounts: (a) Cutover may, without liability to Customer, disable Customer’s access to the Subscription Service and Cutover shall be under no obligation to provide any or all of the Cutover Services while the invoice(s) concerned remain unpaid but shall immediately reinstate access on full payment of the overdue amounts; and (b) interest shall accrue on a daily basis on such overdue amounts at an annual rate equal to one and a half percent (1.5%) or the legal maximum amount (whichever is lower), commencing on the due date and continuing until fully paid, whether before or after judgment.