Common use of Payment and Default Clause in Contracts

Payment and Default. 9.1. Unless the Customer has an account with the Seller, Goods will only be released when payment terms in 3.6 are met. Unless otherwise agreed in writing, account holders must pay their invoice in full within 30 days of delivery of the Goods. 9.2. The Seller reserves the right to charge interest on any overdue amount at a rate of 2.5% per month from the due date until payment is made in full. 9.3. If: (a) the Customer defaults on any payments or is unable or states that it is unable to pay its debts as and when they fall due: (b) (where the Customer is an individual) the Customer commits an act of bankruptcy or has a controller or trustee appointed in respect of its estate or any part of its property or assets; (c) (where the Customer is a company) the Customer passes a resolution for the winding up or enters into liquidation or has an application for winding up filed against it; (d) a receiver, receiver and manager, controller or voluntary administrator is appointed over any part of the Customer's property or assets; (e) the Customer experiences any analogous event having substantially similar effect to any of the events specified in this clause, then the Seller may, at its option , withhold further deliveries or cancel any Order without notice and without prejudice to any other action or remedy. In such circumstances, all moneys owning and outstanding to the Seller on any invoice, irrespective of whether the due date on the invoice has occurred or passed shall become immediately due and payable, and additionally, the Seller reserves the right to charge the Customer all reasonable expenses incurred by it in order to recover the outstanding monies owed pursuant to this clause.