Common use of Past Due Account Clause in Contracts

Past Due Account. Retailer agrees to reimburse the Lottery for all costs and fees, including attorneys’ fees, that the Lottery incurs in the collection of a past-due account. Retailer agrees to pay interest on any balances 30 days past due at the rate of 1% above the Pooled Money Investment Account daily rate on June 30th of the prior fiscal year, not to exceed a rate of 15%. Retailer may be required to remit a security deposit, in an amount to be determined by the Lottery, prior to future Lottery purchases. Retailers with past-due accounts are subject to immediate Contract suspension or termination.