Common use of Penalty and Interest Clause in Contracts

Penalty and Interest. Both a penalty and interest will be imposed for, but not limited to, late payments, improper or partial payments, and violation of any covenant of this Lease. Penalty and interest and fee schedules, as adopted by the Board, are effective immediately after approval. A current Penalty and Interest schedule is available on-line at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇.▇▇.▇▇ and through any office of the State Board of Land Commissioners.