Common use of Penalties for Late Payment Clause in Contracts

Penalties for Late Payment. 7.1 If the Client fails to pay any sum due in respect of the Charges, Amulet will be entitled forthwith to suspend provision of the Services until such time as all outstanding payments have been made and without prejudice to any other rights or remedies Amulet may have under this Agreement. 7.2 During the period of any suspension pursuant to Clause 7.1, the Charges will continue to accrue and be due to Amulet as if the Services had not been suspended. 7.3 Amulet reserves the right to charge interest on late payments at 4% above bank base rate.